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Show Vol. Salt Lake City. Utah. February ,1. 1955 26; No. One Year $3.00 17 Seagull Ships 400 Mart anium Janaury ms Public Faith Tons In Total shipments of Pending Consolidation To 60,000 Acres uranium ore estimated from 375 to 400 tons, were shipped by Seagull Uranium Company during January, according to a report received from the mine yesterday by officials of the company here. -The stepped-u- p activity is reflected in the action of Seagull stock By O. D. Quinlan on the local Feature Editor market Survey where the issue ran up 3 to 4 cents in brisk tradfrom The' public s confidence in the future of the uranium indusing Monday. try was confirmed the past week when a number of issues on Boston Broker Reports Huge Stock Turn Over over-the-count- the unlisted, board practically doubled their asking prices. Volume likewise doubled over the previous week. There are definite signs the public is acquiring a discriminating knowledge of values in the respective issues and have schooled themselves in analyzing statements in propectus of the companies. Organizations that have solely depended upon promotion, with- - uranium companies, the latter out an actual ore reserve in the but recently opening up a new ground are finding it difficult to ore body. keep pace with the stepped up Increased of those that activity with the companies progress own good ore bodies, of profit- Eastern markets, has naturally able dimensions or large stock- increased the local brokerage of the Bowman Compiles of blocked out ore reserves. turn-ove-r Several companies are attempt- pany. Jack Bowman reported ing to improve their properties that the companys Boston corwhile they are shipping ore. An respondent, A1 Willard, of Mcexample in point may be cited Coy & Willard, had a substantial in that group of companies to be increase in underwritings last merged into Uranium Corpora- week, disposing of more stock in tion of America. Production has new issues during the week than been achieved by the Lost Dutch- he1 had sold in the entire month man, Fortune and Chief Ute (Continued on page 6) over-the-count- The proposed consolidation of thirteen uranium companies, whose combined resources would total $1,000,000 cash, with only as prob5,000,000 shares of stock outstanding, and Utah-Vernable parent company of a new underwriting, became known at when plans were discussed for sending out notices the week-ento stockholders of the respective companies, for approval of the deal. It was learned that a preof opinion liminary check-upoints to approval of the merger by the companies involved. In a week or 10 days, formal approval is expected. Included in the merger pro- er al d, er Horseshoe Bend Plans New Stock Issue at $2 Horseshoe Bend Uranium will issue 150,000 shares of common stock at $2 per share, it was announced by Ramon N. Bowman, spokesman for the Ned J. Bowman Company, one of a group of firms underwriting the issue. Bowman said the Company has entered into an underwriting agreement with the James Anthony Company, New York City, the Lawrence Hays Brokerage Company, Rochester, N. Y. and the Bowman Company, as joint underwriters. .Horseshoe Bend, according to Bowman, has conducted a drilling program which has uncovered an ore body valued at approximately $80,000, on two of the drill holes. He said a contract has been entered into with the Ouray Mining Company to drive a tunnel approximately 200 feet into the ore body. Officials of the Company have been assured of production by March 1, Bowman said. Officers of Horseshoe Bend are Thomas Skidmore, President, currently head of Uranium Ore Producers Association; Ramon N. Bowman, Secretary and Lawrence Hays, Treasurer. R. N. Usher, President of the Citizens State Bank, Cortes, Colorado, is chairman of the Board of Directors. Bowman said the James Anthony Company has completed two successful underwritings, those of Century Uranium Company and Cavendish Uranium Company with holdings in Canada. Bowman said both issues have doubled in price since underwritten three months ago. Horseshoe Bend Uranium holds (Continued on page 6) p l, .. ... i&v j a ,w Adrian W. Cannon, President of Alpine Uranium Corporation, (right.) and I. L Sendon, company engineer, (left) scan a settlement sheet o! American Smelting & Befitting' Co's returns to Alpine on its first shipment of concentrates. Both expressed optimism fro Alpine, that the mill at Fraitland, Wash, is highly successful in phasiring that the mill at Fraitland, Wash., is highly successful in years supply of ore. lit . vi: A " em-sizi- ng $14,000 Profit Seen At Alpine's Turk Reports were current today that the respective Boards of Directors of Lisbon Uranium Company and Gateway Uranium Company are nearing a merger agreement whereby Gateway would be merged into Lisbon Uranium on a basis- of 15 shares of Gateway for two shares of of Lisbon stock. If the deal is completed it will mark the first operation by Lisbon outside of the geographical location of the Big Indian area. Gateway properties are located - Colorado, whereas, Lisbon activities, thus far, have been confined to one square mile. If the merger goes through, Lisbon will e expand its operations for a of 90 miles to the east into an entirely new area. Gateway Uranium is reported to have an indicated ore body adjacent to the Lumsden mine in dis-atnc- southwestern Stock of Lisbon was recently quoted at $4.25 bid and $4.50 psked. Gateway was recently quoted at 46c bid and 49 cents. asked in Western on the Beaver Mesa the Beaver-Mes- a Colorado. im at Fruitland And Deer Trail Mines Approximately $14,000,000 profit from Alpine Uranium Company's, Turk and Deer Trail mines at Fruitland, Washington, is estimated by James Lower, company engineer, who reported the mill on the premises now operates on a 24 hour a day basis. If the deposit continues in the batholith formation, Lower said the income might well exceed his first estimate. Regular shipments of concentrates are being made to the American Smelting & Refining Company at Tacoma. In a letter to stockholders, President Adrian Cannon, of Alpine pointed out that the recent Montana-Wester- n announcement of a 10 per cent increase in copper price, is good news for Alpines present copper operation. He also reported the Leo R. Rogers, President of signing of an important purchase Montana-WesterOil & Gas Co., contract by Alpine with the announced today that proceeds interests, covering will reof his $500,000 properties containing 200,000 tons ceive from the company Marcy Mining and of copper and some uranium. W. T. Warren, former Ana- Exploration Company, will be conda Copper Engineer, estimates placed as it comes due, in escrow, a guarantee to protect the 10 Alpines new copper deposit as as cent par value of Hie stock. having a vastly greater potential Mr. Rogers said a Directors than the above computed 200,000 tons. meeting on January 17, decided Engineer Lower is assisted in the payments obtained from the the operation by Jack Pierson Marcy Company, after the conand a competent crew. An initial tract with the Shumways has assay of 27.25 per cent for Alpine been paid in full, shall be escrowshipments, represents among the ed, in a trust fund, until it highest grades of concentrates equals the par value of outstandthat the Tacoma mill receives. ing stock. The trust fund, he installapointed out, will guarantee the Alpine contemplates tion of a modem, large capacity, par value of stock outstanding filter. When it is installed, com- as of February 28. As the fund pany officials and engineers ex- grows, the proceeds, Rogers Indipect to boost output to 155 tons cated. will be used for loans to stockholders on a pro rata basis, of concentrates per day. with their stock as security. on page 4) UCOA Merger Awaits Feb. 15th Expiration Date The stipulated 20 days waiting period preceding the proposed merger of UCOA Corporation, with Fortune, Sierra Ancha, Chief Ute, and Lost Dutchman Uranium, will not expire until February 15. In the meantime engineers, acting for the Floyd B. Odium (Federal Uranium) syndicate, are reported to have evaluated the potentialities of the Uranium Corporation of America group of properties, with an idea of attempting to obtain a basis on which they might make an offer for the UCOA group, to be merged with Federal. It is reported the engineer evaluation has been completed. (Continued on page 5) Oil And Gas Co. Guarantees Par Value of Its Stock Gor-don-Tho- Agreement Near On Lisbon, Gateway Uranium Merger Republic, posal are Utah-VernaBuffalo Frontier, Comanche, Mineral Veins, Consolidated, Great Chief, La Floricitas, (Little Flower); and Frontier Uranium of Colorado. Four other uranium companies are expected to join the merger. Spokesmen were not at liberty to divulge their identities. However, it was said one of the four, has enjoyed an averagel gross on page 5 Presi-(Continu- rp ed n Mr. Rogers said contracts have been executed with the Marcy Mining and Exploration Co., and as far as he knows, Montana-Wester- n Oil & Gas, is the only mining company to guarantee par value of its stock. There are a little over 3,000,000 shares of Montana-Wester- n ing. He said stock outstandMontana-Wester- n is ne- gotiating with two major oil companies for sale of lease rights of Montana Western oil properties in Montana. His Company, he said owns in excess of 40,000 acres in the vicinity of Lewiston, Montana. If pending oil deals are successful, Rogers said it will provide treasury reserves for further exploration. Maps and geological reports, he said, have been submitted to prospective lessees, who are now evaluating the possibility of acquiring leases. |