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Show May 28, 1954 Hie Western Mineral Survey, Salt Lake City, Utah FIRST TIME IN New Ore Discovery Made At Grand Deposit Property Continued from page one tdium mine is said to be the richest uranium mine in the United States. A shaft has been sunk on the Blacky Claims to a depth of 100 feet, and it is expected that it will be deepened in the next few weeks; no commercial ore has been encountered yet, but radioactivity has been increasing with depth. In addition to the Blacky claims, Grand Deposit Mining Company owns seven uranium claims in San Juan and Grand Counties. These claims are undeveloped at present. Grand Deposit Mining Company has substantial interests in some promising oil and gas leases in Wyoming, Utah and Arizona. over The company owns a 1 in Goff Lease the riding royalty in Glenrock, Wyoming, which lease is being drilled by Heep Oil Co. of Texas. This lease is in one of the largest oil fields in Wyoming and is surrounded by large producing wells, so that it is not a The company owns wildcat. 40 interest in 400 acres on the Wyoming Anticline; an option on this lease was sold recently to Continental Oil Co., reserving a 2 Vi overriding royalty. The cominterest in a 1350-acpany owns 40 lease at Crooks Gap, Wyoming in Freemont County; it also owns interests in several other oil and gas leases in Wyoming. Deep Wells Cost Huge Sum Of Money Federal Tells wells drilled but numbered about feet cost a total wells those Of New according to a survey lished by Petroleum Engineer. Stock Plan fields in the United States below feet, have below Oil only of 80 YEARS 15,000 100, $60,000,-00- 0, pub- Six 15,000 production times in the iliree said, magazine Federal Uranium Co., at a twice 1953 the depth production meeting of the board of directors most and Oil Shell Company Tuesday afternoon, has agreed to by Richfield. inrecently by take all royalty and working wells more than 15,-0Twenty-fiv- e terests into the company, accordfeet deep were drilled in 1953 ing to Reed Brinton, company and they cost an average of more president. .. About half of Mr. Brinton said that' claims than $500,000 each. are comp wells have been reduced one half, all such super-deemost at but as producers, leaving only 7 per cent royalty pleted feet. levels above 15,000 claims against the company. California holds the worlds recHe .said that stock will be isord for drilling and deep prosued to the royalty and working duction. deep Richfields North Coles claimants. He said the drilling firm Levee A with oil sand at 17,895 and others have agreed to the feet, is the deepest producer. plan. The deep drilling record is held The plan also includes raising Ohio Oil Companys Palermo the par value of the stock from by now well, fishing at 21,842 feet. 1 cent to 5 cents which will reTxruisiana leads the 10 states duce outstanding shares to about having wells below 15,000 feet with 3,600,000. 38 super-dee- p tests, 21 of which Mr. Brinton said all details will are producing. It has two deep be presented at a stockholders producing fields, Cote Blanche and meeting to be held within 60 days Weeks Island. Weeks .Island field and if the plan is approved it will is the most important deep field go into effect. in the world; it has nine. wells He said the directors are purproducing below 15,000 feet. suing a program to increase drillTexas is second in number of ing activities on the companys wells below 15,00 feet. Of its 29 uranium claims. wells, 11 were drilled last He added that prior to the stock deep more than double any other year, plan, one half interest in the com- state. pany had been given up as a workThe only production in Texas ing interest, but stock will replace below 15,000 feet is in the Pucthe interest in the company. Pecos county. kett field-iWyoming has four wells below 15,000 feet and one deep field in the West Poison Spider field in Natrona county. Production was started by Pure Oil at 16,00 feet. Six other states have wells beGreat expansion is seen for the low 15,000 feet, some producing metal . mining industry in the nafrom shallower sands. Oklahoma tion as a new era of prospecting has six wells with two producers, and expanded research in all MinMississippi three with no producWallace, Idaho Hypotheek phases of metal production enters New Mexico two with two new horizons. The great mining ing and Milling companys No. 1 ers, ' prop- producers, and Alabama, Colorabooms of past years are now over- test drill hole on its do and Florida each has one well shadowed by the immensity of the erty in the Coyote Wash area of Juan county, Utah, has pass- deeper than 15,000 feet Only great uranium excitement now San 300-fois a producer. the ed mark in depth, acsweeping the nation.. Technical exto a received Foreign operators have drilled by report perts are workiny over old mines cording officials four wells below 15,000 feet, only from yesterday of a former day and are finding a company in all Venezuela. Shell Oil drilled at the engineering representative wealth of minerals not known or to 17,537 feet in 1953 to set the Moab. thought to exist when they were All present evidence indicates record for foreign drilling depths. centers of gold, silver, lead, copthe hole is still in the upper that per and zinc excitements of the member of the Morrison formapast. Old dumps, at these former known as the Brushy Basin producers, are being tested for tion, no radioactivity has been denew minerals now in the spotlight and and under this program new tected in the core as yet, he said. Operations of Titanium Metals wealth is being recovered that How deep it will have to go to memof America at Henderson, or Salt the reach lower, ash, Corp. was not thought to exist in former of the Morrison' is still a mat- Nev., are now in high gear after ber days. he added. Two a lot of trouble, Clark W. King, ter of Old mine dumps all over the miles toconjecture, the north Mineral Engi- executive vice president of Allewest are being examined with gei-ge- r company penetrated the gheny Ludlum Steel Corp., re- -' counters and mineralights and neeringmember for 520 feet before ported. upper where uranium and tungsten was Wash which has The Henderson unit now is prothe Salt unheard of in former days, there reaching been found to be one of the best ducing about six tons of titanium old dumps, thought valueless after a and will have a cahost rocks for uranium mineralizthe mihes ceased operations, are ation. This hole is still in the Salt sponge of day 10 tons pacity daily by July, again in the spotlight. It is not un- Wash at 700 feet, but no informa- Mr. King said. like the uranium discoveries made tion has been released Titanium Metals, owned jointly by the opin old gold mine dumps in far off erators on whether a of by Allegheny Ludlum and National anything South Africa where vast new radioactive nature has been en- Lead Co., should be able to operwlth is being recovered from the countered. ate at capacity all year because crushed rock from which tons of now venture is the The Hypotheek governments announced ingold have been extracted. looked upon as the pioneer test of tention of stockpiling all of the Large companies all over the the upper Coyote Wash area and metal produced not immediately United States are carrying on lease deals on nearby used by the aircraft industry, Mr. several at their properties seeking claims are being held in abey- King said. The government will overlooked riches before the ex-- r ance, it is understood, pending the buy up to 4,000 tons of surplus ti" led metal list responded to the completion of the drill test. tanium sponge and hold it for needs of industry. Every advance to manufacturers The drilling is progressing quite eventual in war equipment and in industry satisfactorily, it was reported. No of aircraft and other military places new demands upon the min- reaming or casing has been neces- equipment. ing industry to supply the new sary as yet, and aside from a connoals needed in ipt bombers, siderable water loss due to rock A canny Scot, was engaged in electrical equipment in the march absorption, no unusual difficul- an argument with the conductor of progress. as to wether the fare was to be ties have been encountered. 10 or fifteen cents. Finally the disThe growing uranium boom is Some peoples minds are open gusted conductor picked up the not confined to western Amer'ca ;but takes in the entire world. The like that of the woman who was Scots suitcase and tossed it off western uranium boom covers a board to say ns she started for a the train, just as they were cross-.in- g I am not a long bride.' It landed with grater territory than any previous political meeting: I am least. going a mighty splash. mining excitement in our history preludiced in the screamed Sandy. Hoot, Mon, :gnd affords the fortune seeker with an open and unbiased mind First you try to rob me and now an opportunity that comes only to listen to what I am conv'nced is pure rubbish. .about once in a lifetime. youve drowned my boy! , 00 ! event, Bob Hope as LOUISVILLE, KY, In a precedent-breakin- g Life Chairman for United Cerebral Palsy officially opens the 1954 Beacon of Hope at Churchill UCP campaign by lighting a Downs just before the Kentucky Derby. Never before had such an event taken place m the famous Winners Circle bn Derby day. turf authority, wb e With Bob is Bryan Field, cerebral palsied son is just graduating from college. The Beacon of Hope is the symbol of the UCP campaign, which this year seeks to 20-fo- ot world-renown- raise S8.500.000. LEGAL re . . n . 10-clai- m Col-orda- os ot Titanium Metals Is Producing , cents ($.05) per share. reduce file holdings of each individual shareholder in the proportion of one share of new stock for each four shares of 'existing stock, so as to create treasury stock in the amount of 500,000 shares which will be sold or otherwise disposed of by the Board of Directors to provide funds necessary for continuation of mine development and general purposes of : the corpora- 3. To . Mine Industry Hits Great Idaho Firm Growth Period Moves To Utah For Uranium . PLUMBIC MINES COMPANY NOTICE OF SPECIAL MEETING OF STOCKHOLDERS Pursuant to Article Xni of the Articles of Incorporation of Plumbic Mines Company, a corporation of Utah, notice is hereby given that a special meeting of stockholders of said corporation will be held at the office of the company, 39 Exchange. Place (room 28) in Salt Lake City, Utah, on Tuesday, June 15, 1954, at 2:00 oclock in the afternoon, for the purpose of considering and voting upon the following proposals: 1. To amend Article I of the Articles of Incorporation so as to change the corporate name to PIUTE URANIUM COMPANY, or such other name as might be suitable or available. 2. To amend Article VH of the Articles of Incorporation so as to decrease the authorized colhmon capital stock from shares of the par value of twenty cents ($.20) per share to one million (1,000,000) shares of the par value of five - tion. To accomplish the. purposes of this proposal, if adopted, , all shareholders will be required to surrender the stock certificates presently held by them in exchange for new certificates on the basis of one share for each .four shares now held. Details of such exchange will be announced later. 4. To consider such other matters of business as may properly come before the meeting. PLUMBIC MINES COMPANY By PAUL H. HUNT, President. 39 Exchange Place Salt Lake City 1, Utah. May 19, 1954. Subscribe Now Western Mineral Survey 22 Vi East 1st South Salt Lake City, Utah PUBLISHED ONCE EACH WEEK Late News, Quotations, Information Service, on Mining, 03, Financial re-ppir- ch re-sa- le KEEP POSTED ON THE GREAT URANIUM BOOM i $3.00 One Year - $5.00 Two Years . Subscription Order Enclosed find $ Mineral. Survey for. ! , . ed Nome Address ' for which send me Western |