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Show v 2 Sunshine Shows Less Income Metal Prices. From Greater Production i Continued from Page 1 $192,078 for losses and abandonments. This represents a decline of nearly 30 per cent from the 1952 net of $1,224,916. Sunshine continued its participation in Alberta, B. C., oil exploration projects on a moderate scale during 1953 and one discovery of oil was made in the Viking sand near Minnehik in the area where two wet gas wells were drilled in the previous y ear, Hardy reports. Gross value of the 1953 production was $7,177,706, compared with a gross of $8,017,242 in the preceding year. Ore reserves at the year-en-d were estimated at 820,000 tons, against 997,000 tons at the end of .1952. Distribution of the reserves among the various areas was as follows: Sunshine, 146,000 tons; Omega, 218,000 tons; Rambo, 118,-00- 0 tons; Rotbart, 296,000 .tons; Snowstorm, 2000 tons; Suncon, tons and Yankee. Girl, 20,000 tons. Sunshines share of the total is estimated at 440,000 tons' ' Operating Costs Operating costs average $18.03 per ton last year, about 10 per cent above the $16.42 average in 1952. Reactivation of the antimony leaching plants during 1953 was an important factor in this increase. The plant was reactiviated and milling practices changed in order to improve the marketability of the mill concentrates, Leisk indicates. . 20,-00- 0. Treating of silver-copper-antimo- ny concentrates in the leaching plant was started on April 1 and during the balance of the 'year 749,000 pounds of cathode metal containing 722,800 pounds of antimony were recovered as a At the end of last year the com- by-prod- - $ Average metal prices as computed by E. & M, J. for the month of February were as follows: Copper, domestic, refinery.. 29.669 Copper, export, refinery...., 29.000 12.818 Lead, common, N. Y. . 12.618 Louis Lead, common, E. St. Lead, London, prompt (g).. 82.756 Lead, London (g).... 81.956 LOS ANGELES, CALIF. Shell Zinc, Prime Western, 9.875 Oil Co.fs Eagle Spring Unit No. 1, livered (h) desixty miles southwest of Ely in Zinc, Prime Western, ' 9.875 liered (h) Nye county and the first producing well in the state, is significant Zinc, London, prompt (g).. 72.225 70.681 (g) primarily because it proves that a Zinc, London, 85.250 oz N. BaY., Silver, per sedimentary basin, the Great sin, one of the largest in the U. Silver, London, per oz...... .73.750 281.292 Sterling Ex., checks S., has oil in it. 85.034 N. Straits Tin, Y., That was the statement made 84.034 N. 99 Y., here-bS. F. Bowlby, Shell vice Tin, . U. S. .$35,000 price. president for the Pacific Coast Gold, per oz.,N. Y., per Quicksilver, area. $188,000 flask, 76-l- b Mr. Bowlby said the well flowed boxed N. Y. , (d) . 31.970 Antimony, about 2,300 feet of gravdrillstem Antimony, bulk,f.o.b.Laredo25.500 ity crude on a four-hoAntimony, boxed, f.o.b, test at 6,453 to 6,533 feet; . 29.000 Laredo The oil bears a slight resemrefined, per oz... $90,000 blance in its blackness, sweetness, Platinum, 170.000 Cadmium (aj and high boiling point to that found Cadmium 172.500 in the Uintah basin further east, Cadmium (b) 175.000 (c) Mr. Bowlby said. Shell has holdings of a little more than 100,000 acres in the area, he said.. The nearest producing oil field is about t 200 miles away in the Uintah Basin. Continued from Page 1 Mr. Bowlby called the discovery a peculiar occurrence of oil, ex- der which Degan on January, 1954; plaining that we dont even know and are scheduled for completion jor sure the age of the sediments in 1958. International Nickel operated at in which the oil occurs. a peak production rate for the .successive year. Its total pany had current assets of. $5,094,-63- 4 fourth was at a new high, and mined ore and current liabilities of of ore mined from unthe amount, Fixed assets were listed likewise the largest was at a net figure of $323,789, which derground for any single year. At the same according to the firms auditor, is time, the company conducted its below present fair value. most extensive program of exploration in search of new sources of nickel, and its proven ore reserves were. the highest at the year-en-d in its history. Production In 1953, International Nickel mined 13,667,095 tons of ore, the highest ore production in its history, compared with 13,248,593 in the preceding year. Its ore production from underground, reflecting the progress of its program of underground mining expansion begun during World War H, was 1,095,199 tons, also a new Shell Makes More Tests At New Well o. o. 26-degr-ee ur . March 19, 054 Ilia Ifastera Mineral Survey, Salt Lake Gtty, Utah Nickel... . $1,-299,5- record. Sales Net Earnings Show Gain At CIpyton Silver mines net Clayton New Exploration Operations at the Highland Surprise Consolidated Mining company property on Pine creek during the fiscal year ended October 31, 1953, were directed largely toward completion of a $282,110 defense minerals exploration contract which has been in progress since August, 1951, according to toe firms annual report, released today. Company operations for the year resulted in a net loss of $130,991, after deduction of depreciation depletion and amortization, the report shows. This compares with a net profit of $13,461 in toe previous .. in- come last year was over per cent greater than in 1952 despite toe fact that low metal prices persisted throughout toe year and toe company sold none of its zinc production. Net earnings in 1953 totaled $62,-74after taxes, according to the annual report mailed to stockholders this week. This compares with $45,259 in 1952. Furthermore, company officials anticipate another profitable year in 1954, President W. M. Yeaman says in his report to stockholders. Operations are continuing to show a small profit and plans have been formulated to protect this margin as mining costs are Increased by the development program on toe new 550 level. Mining and milling at the companys property in the Bayhorse district of Custer county continued steadily throughout 1953, uninterrupted by toe labor difficulties which plagued operations during toe two previous years, Yeaman reports. Production totaled 34,094 tons of ore, a 65 per cent increase over the 20,518 tons produced in 1953. About 75 per cent of toe 1953 output came from toe 400 North end, 23 per cent from the 400 South end, and the balance from miscellaneous work on toe 300. The mill produced 1526 tons of lead-silvconcentrates and 490 tons of zinc concentrates, compared with 942 tons of lead and 413 tons of zinc concentrates in 1952. None of the zirfc product was sold last year, however, the report says. SO 2, year. WESTERN MINERAL ' SURVEY ' u second class matter at Balt Entered Lake City, Utah, under Act of March 3 1879 Subscription Rates: $5.00 for two years $3.00 for one year. Please mention Western Mineral Bar vey when writing to advertisers. Advertising rates on application. L. M. HILL. Business , $6,-084,7- 42 Manager. All the. news of the development of the Intermountain Section, published by The Western Mineral Survey. All news appearing In the Western Mineral Survey Is obtained from sources believed to be reliable but., no responsiis assumed for acuracy of statebility ments. . Legal Notices . The Western Mineral Survey is qualified as a newspaper to publish Legal Notices, having been approved in th Third District Court of Salt Lake County, State of Utah. Probate & Guardianship Notices' For Further Information Consult toe Clerk of the District Court or Respective Signers. 260.000 NOTICE TO CREDITORS 21.500 Alumium, Estate of ARTHUR PRIESTLEY, de27.000 i ceased. Magnesium, ignot Creditors will present eitlan with Nickel (f) 60.000 vouchers to' the undersigned at 720 Building, 8 alt Lake city, Utah, on Bismuth, per lb. ...,$2.25 or before the 22nd day of July, A.D.71954. (a) Average based on producers, GORDON BURT AFPLECK as Executor, of the Last Will and Testament of quotation, (b) Average of produPRXE8TLEY, deceased. cers and platers quotation, (c) ARTHUR Date of first publication March 19th. 1954. i AJ)., Average of quotation on spedal PAUL E. REXMANN, Attorney. shapes to platers, (d) Domestic, 5 tons or more but less than carload Estate of EMMA L. IVERSON, deceased. Creditors will present eiaiwf with lot, boxed, (e) Price for tin con- vouchers to the undersigned at 627 Contained. (f) F.o.b. Port Cdlbome, tinental Bank Bldg., Salt Lake City,' Utah includes U. S. duty, (g) Average on or before the 5th day of May, AJ)., of daily mean of bid and ask quota- J. GRANT IVERSON;. Administrator of the btate ofEMMA i. IVERSON, deceased. Date of first publication tions, per long ton, at morning sesFebruary 26, 1954s AD sion of London Metal exchange, J. GRANT IVERSON. (h) Delivered where freight from Attorney for Administrator. grade graded ..... 99 1 New-hou- se . -- . i Continued on page 3 K . Subscribe Now " i ar Because of many strict trade barriers In foreign countries, the United States has become the world's dumping ground for surplus production. This has already caused mine shutdowns and decreased wool production In Utah. It Is a dangerous threat to farmers, ranchers and other raw material ' producers. . 45 Net sales in 1953 amounted to $338,579,995, a new high, compared E. St. Louis exceeds 0.5c. with $314,228,747. Deliveries of nickel in all forms amounted to 251,417,772 pounds, bringing to more than one billion pounds the companys total deliveries to the free world for toe four-yeperiod beginning in 1950. Deliveries of nickel in 1952 were 249,017,358 pounds.' Copper deliveries were 234,349,415 pounds, almost exactly toe same as in 1952, while 270,562 ounces of toe platinum metals were delivered, compared with 287,135 ounces in 1952. Nickel Demand Demand for nickel continued at a high level, toe report stated. There was some falling off in military requirements at midyear, but the supply remaining for civilian use was still far short of the need. Following relaxation of government controls over the civilian use of nickel, it was evident that industry desired to return to former spedfiactions of materials whose nickel content had been reduced by emergency conservation practices. Nickel users could not do so, however, except on a limited scale because of the continued drain on the regular supply by military and stockpile requirements. In 1953, toe company, spent in search for new sources of nickel, which it believes is the largest expenditure for exploration in any year by any .mining company in Canada. . East 1st South or Telephone: 22-2- 4 er Cobalt, 97 J Western Mineral Survey 22 Vi East 1st South Salt Lake City, Utah PUBLISHED ONCE EACH WEEK ) Late News, Quotations, Information Service, on Mining, Oil, Financial ' KEEP POSTED ON THE GREAT URANIUM BOOM $3.00 One Year , $5.00 Two Years Subscription Order Enclosed find $ for which send me Western Mineral Survey foy. ' Name , ' Address r f f |