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Show mi m jt nia.ii.,r.THPAHY. V .! OP cm u LIBRARY i , , , r METAL PRICES I 10c Lead (per lb.) Gold (per oz.)..$34.9125 .24.2c Copper. 19.5c Zinc (per lb.) Silver (per oz.) 90.16c new mined , u :' Features Alining, Oil, Financial VOL. NO 23, NO. 11 zr this week reported net income of $813,678 for to 54c per share. The net compares with $897,-91- 6 the for the previous year, which was equal to 59c per share. The net income dropped-slightl- y Oil Co. year 1951, equal Equity Nickel Mines, Ltd., Toronto, Canada, DMPA Administrator Jess Larson announced today. Purchase of up to pounds of cobalt is also included in the contract. Additional options in the contract provide for possible sale of 25,000,000 pounds 'of copper and an additional 25,000,000 pounds of nickel during the life of the agreement The company has agreed that uiitil the .end of 1956 not less than 40 per cent of its entire production of nickel and cobalt will be offered to the American market The contract involves a gov ernment advance of $6,000,000 to the Canadian firm for expansion of its production capacity. This amount will be absorbed as the company fulfills its commitment to step up production. The ore will be taken from the companys mine's in the Sudbury District of Ontario, including the McKim and Hardy mines. After smelting in the . One Year $2.50 Equity Reports Profit From Oil Activities Fifty million pounds of nickel from Canadian mines will be bought by the government over ' the next nine years under the terms of a contract entered into Proby the Defense Materials Falcon-bridge curement Agency with I r. Salt Lake City, March 14, 1952 Purcliase Of Nickel Announced : Cv Falconbridge Canadian smelter, the resulting matte will be shipped for refining to the companys Norwegian refinery at Kristiansand, which is the point of delivery to the United States. Basic price to be paid for the nickel is 56.66 per pound f.o.b, vessel, Kristiansand, which may be varied up or down in the event of future fluctuations in the quoted market price. Cobalt will be bought at $1.80 per pound or the current quotation, whichever Is higher. Sale of electrolytic copper in cathode form, if tendered, will be at 19 cents per pound. The Falconbridge contract is the first negotiated by DMPA to obtain vitally needed nickel from sources outside the con tinental United States. However, the General Services Administration on February 6 announced that the United States-owne- d Nicaro nickel plant in Cuba, one of the worlds larg-- . est, was back in production. Silver Dollar because of the program of greatly increased exploration for new oil reserves undertaken last year, J. L. Dougan, president, informed stockholders at their annual meeting here Wednesday afternoon. He noted that total gross income increased from $1,767,907 in 1950 to $2,046,026 last year. Production of crude oil jumped 109,191 bbls from 706,327 bbls. in 1950 to 818,518 bbls. in 1951. However, production and development expenses including cost: of drilling wildcat wells increased from $241,339 in 1950 In another move to step up the production of copper to meet the nations defense needs, the Defense Materials Procurement Agency today signed an agreement with the White Pine Copper Company, a subsidiary of Copper Range Company, to $582,603 last year. which, along with a recently our We doubled exploration announced loan of $57,185,000 costs, in the search for .oil, Mr. by the Reconstruction Finance Corporation, will increase the Dougan reported. enand annual domestic output of the Similarly, geological, hand metal by 36,000 tons. in gineering costs which go Jess Larson, Administrator of new for hand with the search $61,-06- 5 from increased DMPA, said the copper will be production 1951. in to 1950 in $144,333 produced from the companys Mr. DDougan told stockholders White Pine Mine located at that 1952 would see a continua- White Pine, Ontonagon County, tion of the firm's efforts to find Michigan. new production, Thus these costs The company will use the can be anticipated during this proceeds of the RFC loan to deyear. velop the ore body for mining The firm initiated four explor- and to build necessary faciliPLANS CONTINUE to progress for accelerated operations inat properties controlled by American Fork Consolidated Mines, ation projects during 1951, he re ties to produce the copper, town-sit- e, a ported. mill, smelter, cluding located in American Fork Canyon, Utah. Two of these were failures. railroad and power plant. The company was forced to cease operations several weeks included a 4961 ft. wildcat DMPA will guarantee the They ago due to the unusually- heavy snowfall in the canyon. In in which Equity had a 50 per company, a .price. jof . 25 . cents addition to preparations for resumption of mining operations, cent interest which was drillec per pound, f.o.b. Connecticut the company is negotiating with a group from the Pacific Coast in Cheyenne County. Neb., and River Valley, for 243,750 tons for treatment of the large tailings dump located on the propthe 8134-f- t. wildcat in the Green-riv- of the first 275,000 tons of copare of Emery County, per produced by the new faerty. Shown in the above photo is an- unusual underground Utah, which produced oil, but cilities, and has an option to picture of the Pacific vein, major production source at the not in sufficient quantities to purchase the entire output of property. meirt commercial completion. the project over to the contract The third prospect, the George period. The present ceiling Wall No. 1 wildcat in the Jensen price on Lake copper is 24 area of Uintah County, has been cents per pound. plugged back from a total depth DMPAs with the of 3421 ft. in the Weber sand- company agreement on December expires stone to the Shinerump forma- 31, 1961, or when the Removal of all Government restrictions on the use of lead just tion at 2630 company ft. This well will be has $28,665,000 recovered announced by the National Production Authority from substan- production-teste- d when weather through its operation of the tially increased supplies of the metal now available to American permits. Should a commercial project, whichever occurs soonconsumers, according to a statement issued by the Lead Industries discovery result, other Shiner- er. The new facilities are exAssociation. Lead is the first common metal with widespread in- ump wells will be drilled on pected to be in full production 2091 acres the firm has leased dustrial applications to be thus freed by the Government. end of 1954. the by This is the fifth major agreeTherefore, with the removal in the area. The fourth wildcat, the ment DMPA has. reached of N.P.A. restrictions, the assowith ciation said, consumers may Mounds No. 1 near Sunnyside, producers to step up the proto use all the lead Carbon County, Utah, is still duction of refined copper, and (Week Ending March 9, 1952) now proceed need for its regular appli- drilling. Should this well hit brings to 145,000 tons the total BINGHAM DISTRICT, UTAH they and may even employ production, some thought is be annual increase in domestic Combined Metals Reduction cations to relieve the strain on ma- ing given to further drilling in production of the metal resultit Co. 35Q tons ore. terials which are still scarce. In the Greenriver area of Emery ing from these .agreements. U. S. Mines 6854 tons ore. that way lead can help to main- County. The two areas are geoUtah Copper (Kennecott) 1020-8- 5 ton cars daily average. tain a more normal economy in logically similar, Mr. Dougan explained. New Uranium MiU PARK CITY DISTRICT, UTAH this country. The firm also plans to dirll an In 1951 supplies in the UnitNew. Park Mining Co. 1581 Boise, Idaho. A new unra-niued States were greatly reduced estimated 23 wells to the shallow tons. ' mill at the Thornton mine Park Utah Co. 1310 tons5re. by. the diversion of lead to for- Mancos at Rangley Field, Colo., on Wash creek near Garden 120 eign buyers because they were this year. Silver King Coalition Valley, will soon be in Mr. Dougan reported that in operation. Results of a steady tons concentrate. willing and able to pay prices recent EUREKA DISTRICT, UTAH in excess of the ceiling prices 1950, Equity and its associates test run of a few hundred pounds Chief Consolidated 57 cars to which domestic consumers completed 23 shallow wells at of ore waj? satisfactory, the were required to adhere by the Rangely, of which seven were owner stated. The mill was deore. government. Imports in 1951 producers and 16 dry. Twelve signed and constructed by Lewis Dragon 25 cars clay. A. ft J. were only 267,000 tons, less than additional wells were deepened Hogle Company) (Courteij formerly of the Comehalf the 550,000 tons imported of which six were producers and Truger, back mine. siv dry. India Silver Refinery in 1950. However, having purPlans are to operate the new beThe firm currently has 35 shal- plant on a three-shi- ft Calcutta.India. Indias silver chased heavily in 1951 anddiffibasis if faced with currency low producing wells at Rangely; the water supply does not freeze refinery, the first in Asia, will ing foreign buyers no shares in production of 125 wells up. There is an abundance of go into production late in 1953. culties now, are willing or able to in main Weber pool at Rangely uranium-bearin- g The officed in charge of the longer ore as well as high prices for lead. The and has nine oil wells and two feldspar, mica and related rare project will shortly tour Europe pay nmarket has receded to nnatural gas wells at Ashley earths to purchase machinery for the foreig ,in the area, the manager a point where large quantities Valey Uintah County, Utah. states. 450,000 pound project. The relead are now availof All directors were renamed at finery, on which work is due ableforeign to United the for export stockholders meeting. They the to start in the spring, will be States. The uranium mine area of the Mr. Dougan, Mrs. Helen include built at Alipore in the suburbs Congo has been fenced In addition, the association H. Toursen, E. S. Holt, V. E Belgian of Calcutta. When completed it off and posted as a military zone. will undertake extraction work said, the import duty on lead Peterson and Wallace W. Dansle. Feb. . Officers renamed at a direc- Dansie, secretary-treasureA. for Burma and China' and may was suspended, effective two-prithe Mr. tors L. were 12, eliminating assistant Dougan, silver meeting flow Stenberg, of treasurer, Indian the. affect to refineries in Germany, the system which had worked, a president and general manager, and B. W. Fisher, assistant sec Mr retary. Continued on Page 2 Mr. Peterson, U.K. and the U.S. . er - Government Restriction On Lead Use Removed k 4 : Ore Shipments . m Dollar 'Mining companys net income from January production from the Rotbart area of the Sunshine mine will be approximately $87770 after payment of the regular lease royalty to Lincoln Mining company, W. T. Anderson, secretary-treasurof the Silver Dollar firm, reported this week. The December net was $83,257. January output from this rich area of the Chester vein totaled 7112 dry tons of ore averaging 63.01 ounces of silver and 2.47 per cent lead per ton, for' an estimated gross value of $435, 847. December production of 7516 tons had an estimated gross value of $399,133. Net proceeds from operations in the Rotbart area. are shared equally by Silver Dollar, Polaris and Sunshine Mining Silver er r; ce , vice-preside- nt; V. |