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Show f r 4J OF U LI3RAR7 ! CITY i;. IV 1 SxLT LAKE CITY VOL. 25, NO. 23. One Year $3.00 Salt Lake City, Utah, June 4, 1954 SEES Moab, Utah BENEFITS PEACE-TIM- E Kentucky Utah Commonwealth To Explore Options Mine For Uranium Near Moab Latest Metal Boom Town Lead Mining Commonwealth week moving this was Company . The uranium MOAB, Utah boom has crowded Moab, Monti-cel- lo and Grand Junction with prospectors, miners, engineers and, construction workers. Motor courts are generally reserved for weeks in advance, hotels packed and trailer courts filled to capacity. In eighteen months, the population of Moab increased from 1,200 to more than 4,000 with a resulting housing shortage and building demand, A $3,000,000 building program is underway this summer in Moab, including construction of office buildings, remodeling projects and a sharp increase in home - Com-ssio- eonstuction. In addition, work is expected to get underway, this summer on the multimillion dollar Steen ore processing mill. The mill, which to 400 persons, will employ-30- 0 will be the largest ofits kind in the world. There are already more than 500 producing uranium mines in the Colorado plateau and officials of the Atomic Energy Commission say that the number is by an average of twenty & month. Many of the areas which have d been claimed have, not been as yet and: the AEC expects many of these to become producing mines. Not all of the mines in the. area are new ones. Several were old copper or vanadium mines which have switched to the production of uranium since the end of the war, ' The Happy Jack Mine at White Creek near the Natural Bridges National Monument, was a copper mine being operated on a small scale by Joe Cooper and Fletcher Bronson. Then the AEC discovered the uranium content of the ore far exceeded its value as a copper mine and Cooper and Bronson were told to ship the ore as uranium. The Happy Jack, like the bonanza Mi Vida Mine of Charles Steen, is reported in the multimillion dollar class and the full extent of the ore body has not been determined. The Georgeto Mine near Slick Rock, Colo., is another of the plateaus big producers. The mine, formerly a vanadium producer, is being operated by Jack Turner of Moab. Turner got an AEC lease at f Slick Bock two and direchis under and years ago tion, the mines output has stead-- ( Continued on page 2) . g -- core-drille- . . one-hal- BETTER LIVING for the entire world will eventually result uses and will from the conversion of atomic power to peace-tim- e develop into one of the greatest industries' yet known by man, according to Mr. J. Walters, Jr., shown in the above photo. Executive Visions Million Mar Uranium Industry The Nation focused unbelieving eyes on the uranium industry this week as an unparalleled wave of interest swept trading centers as millions of sharesof uranium shares-floweownership. Viewing the accelerating activ things that had held back progity with tolerant interest, one of ress of the industry was the fact the earliest pioneers of Ameri- that large, well financed compancas now great uranium boom ies had hesitated to enter the looked further into the future field and. it had been necessary than the stock trading flurry and for new, such companies, spialler visualized development of the as Uranium Oil & to piTrading greatest of all American indus- oneer development and productries. tion. Now, with companies such Uranium is the nudeous of as Homestake, Sunshine, Climax tomorrow, declared J. Walters, Molybdenum entering the field, Jr., veteran prospector,- miner, development would move along trader and mining executive and at a faster rate, he said, explainpresident of one of the first uran- ing that too, many smaller comium companies organized for op- panies that were in on the ground eration in the four corner area floor and secured claims would and the first uranium company consolidate with some of these to pay a dividend. larger companies. This uranium business repreopporExceptional sents the industry of the future tunities have speculative afare and been and will be a powerful motivat- forded in this new industry, Mr. ing factor in changing the habits Walters said, but cautioned that and mode of living of people investors should purchase those throughout the world, he said, stocks of companies with potenpredicting that conversion of the tial production possibilities and uranium industry to peace time, then give the management suffiendeavor would run into the bil- cient time to develop ore. Mr. lions. Walters is president of Uranium, In commenting on the length Oil & Trading and Aladdin Uranof time that would be necessary ium Corp., both of which control for. development to result in mineral lands in southeastern large scale production, Mr. Wal- Utah. ters stated that this, of course, would depend on the amount of funds available to push such work. He said that one of the into-publi- c d - - test at Angels Camp. Pete is being fed water impregnated with Uranium 235, and is both hopping mad and hopping madly. George Flach, Pres, of the Mining Exchange, figures that Uranium Pete can not lose, but warns Do not come too close to him. He might explode any minute. UNLISTED URANIUM I Road workers, and engineers are spending their weekends) climbing over the mountains and listening to Geiger Counters, but! haven't hit any uranium-typ- e pay ore yet, according to Harold L. Urban, Colo. Dept of Highways in Grand Junction. The uranium fever has surely struck Field District No. 3 hard, Urban reports, and enthusiasm remains high, even though all we The S. F. Mining Exchange have heard from those Geiger entered a frog named Uranium machines so fas has been April Fete in the Jumping Frog Con-- Fool Federal Lisbon Silver Buckle Timpco Utah Vernal Yellow Cat - .10 2.50 18 .19 .33 29 .07 ,09 06 Vb .09 .09 2.25 SUBSCBIBE TO Stocks Western Mineral Survey Published Weekly Specializing in Uranium and Oil Securites Member Salt Lake Stock Exchange P. 0. Box 1782, S. L. C $3.00 One Tear 22 Vi East 1st South UL J Cromer Brokerage Co. Member Salt Lake Stock Exchange Exchange Building, Salt Lake City 89 I Workers Spend Week-end- s in Try For Discovery "IT'S BOOM TIME IN THE B0CKIES" 67 lead-silv- op-th- P. G. Christopulos And Co. Phenes ith-Pou- las Jumping Uranium Recent Uranium Quotations .13 .12 Aladdin Uranium .14 .13 Apache Uranium .04 .03 Arrow .22 ......... .18 Atlas Vi .07 .05 Congo ......... .80 Cons. Uranium ... .78 Utah Mlning Company, from lu prop tteUle Nattonal Life Bldg, Salt District to Mining Lake City haa Mcured option to in aouth- lt ci,lro purchwe 70 p cmt of U rtock to bo ot Plateau Mining Company Lining utah preparatory exploratory drilling which owns or leases some 3,000 J. F. Featherstone, program, acres in what is known as the president announced in Yellow Circle area, 18 miles1 comply Salt Lake today. southeast of Moab, Utah. The uranium claims are located Plateau Mining Co. was formed some 25 miles southwest of the in April, 1952 by Vance and town of Moab in Grand and San Garth Thomberg and associates Juan Counties, Utah. The com- of Grand Junction, Colo. Under panys 35 claims are located Just "MM north of the Hideout mine which feet of drill holes have been put I has been ore for several down on a portion of the prop- months. producing Situated north of the erty, over half of the work was Commonwealth claims is the n done by the Atomic Energy Griff mine where a on the plateau has been a rich strike was made two weeks steady producer of ore over the ago. This strike was reported in last nine .months at a constantly Moab to comprise a substantial increasing rate until the present sized orebody averaging around output is at a rate of over 400 1 cent. Shipments were starttons per month, roughly provid- edper at that time and have been ing a gross income of $22,000 and continuing. a het operating profit of $8,000 Mr. Featherstone advised that per month. , the company intends to drill both Production from less than 10 the Chinle and Shinarump forper cent of the 3,300 acres has mations both of which are extotaled over 18,000 tons to May posed on the Big Draw claims. 15th,' dating back to World War He said it would be necessary I days. to go down 200 feet to the Chinle Terms of the agreement pro- and from 3 to 400 feet for the vide for the payment by Ken- latter. tucky Utah of $52,500 for option In addition to these uranium until July 10 and to. exercise the holdings, Commonwealth also has er option, payment to the Thorn- a property near Mel- bergs of $275,000 by July 10 and Montana, which Is an additional $222,500 by Urated by lessees. Stock being of Com-Ju- ly 10, 1955. Kentucky will monwealth Is listed on the Salt make a similar proposition to (Continued on page 2) $5.00 Twe Yean Salt Lake City, Utah Sail Lake Slock Exchange Bldg. Suite No. Exchange Place Sail Lake Cily, Utah 489 Report on Apache Uranium will be mailed upon request Phone 17 Teletype SU 180 en |