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Show i ilHlIKU OF U LIBR fykt ITY 1 .'f V I Features Mining , Oil , Financial Published TfieeJdyiy VNlVlWhf ( VOL. 25, NO. 13. ' Salt Lake City, Utah, March 26, 1954 New Discoveries" Accelerate Uranium Industry Activity with of new uranium ore sources together Discovery Independence Held Vital development factors motivating the rapid growth of the uranium industry in the four corner' area, in the opinion of AEC. The vast region, known as the Colorado Plateau and taking in portions of Utah, Colorado, Arizona and New Mexico is now center of one of the greatest mineral development programs yet seen in the world. , anywhere Distinct mining areas lying in each of the four states and extendResumption of lead and zinc ing miles back into the desolate inof scores have their all stockpiling by the federal govern terrain, wide.nent is virtually assured, it was This dividual companies. from Washington this announced and developspread exploration week. ment activity is continuously givAn official announcement of the ing new information on the area ' extent! and value of the extensive proposed action may be expected regions potential uranium pro- by the end of this week, he said. Officials of the executive .departduction. ment are understood to have in of is the While much activity upon stockpiling as tempoagreed of the first its early stages, some to provide immediate stopgap rary mines to start operation are noyr x lead-zin- c minto stricken the relief being conducted on an efficient Meanwhile the presie basis. Outstand- ing industry. and mining-wiswill ing among these is Charlie Steens dents cabinet level, committee outline to efforts with its Mi Vida mine, in San Juan Coun- proceed long-rang- e program for the in- ty, Utah, where high grade ore a , . was first discovered in the sum-- , dustry. ' nirt report-duce- d was this connection ln it mer of 1952 hp since proa bill is being drafted to i e(t that millions in new wealth. establish quotas on lead Recently, Mr. Steen invited and zinc. import members of the Junior Chamber of Obviously stockpiling will not Commerce of several cities and if some steps are not taken others interested in mining, to take help to prevent th? dumping offoreign a look at his mine. minerals on the domestic market, It is the most amazing mine I he pointed out. ever saw, one of the group stated Many mining men have blamet in describing the tour. the increase in imports during the Down in the mine the amazed-visitortwo years for the heavy suppast found drifts measuring of the metals now available plies roughly 20 feet wide and 15 feet With large stocks' on hand, prices high. Virgil' Bilyou, the minne su- have sunk to such levels that perintendent, explained that at the large number of domestic mines present time they were busy driv- have been forced to close down ing drifts in every direction as far and many others have been forcet back into the ore body as they can to curtail production. Many have the continued to get to determine the extent-ooperate at a loss. Continued on Page Lead, Zinc Stockpiling Bill Looms s f 2-- - - New Mexico AS&R Makes Ranks Awards to School In OH High Dr. J. R. Van Pelt, President of Industry 5, . Wesself-sufficie- nt in minerals and metals o meet any emergency if proper explorations and development are carried out, testified Arthur B. Parsons before Senator Malones Subcommittee on Strategic Metals. Parsons, a mining engineer and economist, former editor of Min-h- g and Metallurgy and author of many technical and economic articles on the mining industry, recently has been serving as special consultant to General Services Administration. Parsons termed erroneous the assumption that domestic depos its of many vital metals and minerals are nearing exhaustion. . It is, true, he said, that the known commercial reserves may be limited, but the latent and undiscovered resources are extremely large. He also maintained there, is convincing geologic evidence of hidden deposits. In summary, Parsons testimony consisted of the following 13 points: 1. Metals and other minerals are of the peacetime the economy and the sinews of war. Lacking adequate mineral supplies, all industry is impotent. 2. Because of the parlous. international situation, minimum reliance "should be placed on supplies from overseas. .. 3. Sustained and adequate production depends on the constant maintenance of known and available reserves. 4. Domestic reserves (as contrasted with latent resources) are, in general, dangerously low. 5. Latent domestic resources are vast and widespread, principally in the form of concealed deposits. 6. Such concealed deposits are susceptible to discovery by scientific methods of exploration. 7. Because of the and limited life of every deposit, sustained and aggressive exploration is essentiaL 8. Exploration for most metals is, in fact, languishing. 9. Effective exploration and de velopment depend on the active participation of many hundreds of private enterprises, most of whom necessarily will be newly organized and will fall in the category of small. life-blo- od , - . Montana School of Mines, has announced that the American Smelting and Refining company, has awarded two scholarships to Montana School of Mines for the one to a student in year 1954-5and' the other to a student mining in metallurgy. As in the past, the stipends will 'amount to $500 for each recipient who will be selected between now and the close of the present school year. These awards have been announced each year, at ccmemncement time and are recognized as among the most significant honors open to students at the School of Mines. The United States and the Latest available information from Interstate Oil Compact Comi mission ranked New Mexico: Seventh in crude oil production among 25 states (Nov. figures! with a daily average output of 202,887 barrels, behind Texas, barrels daily; California 996,850; Louisiana, 683,897; Oakla-hom- a, 521,093; Kansas, 270,058, and West Virginia, 232,218. Sixth in number of rotary rigs in operation in 28 states Feb. 10. . Mining creates virgin with 107 in New Nexico and Wyoand in so doing, stimuwealth 358 in 981 in Texas, ming, behind emOklahoma, 288 in Louisiana, 157 in lates all industry; increases ployment; expands business; and California, and 144 in Kansas. generates new sources of tax revenue. 11. The business of mining has distinctive characteristics including extraordinary financial risks that differentiate it from other kinds of business; and warrant Common Stock special tax treatment in various . URANIUM. INC. . Sold Bought particulars. The prospect of financial reward in the mining business is too slim, today, to attract needed venture capital; but modification of tax laws and procedures would greatly brighten this prospect 13. Only a dynamic industry constituted Of sound going enterprises can be relied upon to meet demands imposed by an adequate program for national security .FromPay Dirt. 12. I INFORMATION FREE UPON REQUEST Please send me a report on Uranium, Inc, .7 Name Address Mail To CAYIAS CO. BROKERAGE I caught my boy friend Member Salt Lake Stock Exchange 39 Exchange Building Salt Lake City, Utah I caught mine that way, too. I I 4 One Year $3.C Chief Consolidated Mining .Company continued its aggressive de- Exploration Is Need tern Hemisphere should be rrtrr -- (MeLLkxu9 Engaged In Huge Mine Development Progam U. S. Mineral of known ore bearing deposits into production stage are the two major v velopment program throughout 1953 at properties in the; Tintic Mining District Utah, according to information contained in the companys annual report to stockholders. During the period, a total of 5,- -i 317 feet of raising and drifting and nr 13,117 feet of diamond drilling were completed. During the period from 1909 through 1953, a total of I I 478,937 feet of drifts; 125,860 feet . of raises; 19,083 feet of winzes and L of of a shafts or total 6,509 feet IVllTlPPn I I 119.4 miles have been projected at the famous property. During I Mineral activities on lands ad-th-is same period prospect drilling ministered by the Bureau of Land I totaled 189,540 feet. Management resulted in a record revenue during the last half of Huge Output The report contains an interest- - 1953, reported Secretary of Interior ing summary of production, for I Douglas McKay. As a result nearly the forty-od- d year period, showing $9,500,000 will be distributed to the total Net From Smelters of $45,-- 1 22 states and Alaska. Total enues from these lands paid to the reflecting profits of and dividend disbursements states for the first six months of of $3-- , 714, 184. 1953 amounted to $9,245,043.63. In reporting operating results for Revenues from oil and gas 1953, Mr. Cecil Fitch, president, leases represent a' major share collected by the Bureau Continued ou .Page 2 of Land Management for lands under its administration. Out of total receipts of $66,846,763 - from the various public land resource activities during the fiscal year 1953, $49,176,703 was derived from mineral leases and permits. Of the $9,500,000 to be returned to the states from mineral activities during the period July 1, 1953, to December 31, 1953, Arizona will Central Idaho placers have considerable potential for produc receive only $17,471.96. In contrast. will receive ac-- 1 New Mexico tion of radioactive mineral 169-OColorado $1,479,680.25, Utah to presented by California $376,619.36, $1,808,198.34, mSs foe bureau of recently be- - an Nevada $80,205.66. fore foe interior department sub-- 1 'committee of the house appropri-- 1 ations committee. Lucky Friday Director, of Lucky Friday with actlye jHver-LeaMines company last Fri-erationa recovering rare No, 7 f declmd minerals, thorium, uranium, co- - KeCOrQi itetliril U6nV6Q ilOlU .niirlfi UclllUB iT-LUldc- ll rev-787,60- 1, $8,-969,4- 77 s Radio Active Minerals In Idaho Placers $1,772,-enrHing- 1 - L SU-ducti- on. d d.J JgttdtaS 20, tantalum from. the Baamhoff-Marahri- l. War- - Inc.. ?,! S. JSarted I raising the companys total to Canadian Dredging company, are dividends payments deporitoi in working the Big in the spring if 1KL west VaUey county; Jordan CreekU haye ln made in each of the last three been Peratklg, and K. D. basin of 1 Mining company is in production 1 at Ruby Meadows in southern Idaho county. Six other deposits, listed by foe bureau as potential producers, are Bear Valley, in central Valley county, operated by Porter Brothers corporation, and Secesh Meadows, in Southern Idaho county, and Scott Valley, Horsethief basin, Pearsol Creek and Corral creek, in western Valley county, all owned by Yuba Consolidated Gold Fields. The bureau listed an additional 18 properties which have been investigated and drilled between 1949 and 1953 and said that a preliminary examination had been made of many, others, but only 24 of them were listed. 1 Hecla Mining Hecla Mining company this week listed as estimated first-quartnet profit of $78,560, compared with $214,989 in foe corresponding period of 1952, in a report mailed to stockholders with checks in payment of dividend No. 309, for 5 cents a share. Polaris Mining company, a Hecla subsidiary, also distributed dividend checks but left out foe customary quarterly earnings report, announcing that in foe future such reports will be on a semi-annubasis. The dividend was foe companys 37th and it amounted to $114,850, or 5 cents a share. er al Cromer Co. Brokerage Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Salto No. 439 Exchange Place Salt Lake City, Utah Latest reports on Sun Uranium and Federal Uranium will be mailed free upon request. Fhoae 17 Teletype SU 180 |