OCR Text |
Show 60 II. S. Has Ton fvUmem '9 ctf UbJt Vol. 27; No. 18 U-O- Reserve re Survey iHificaHce in The Oil ahtf iflinihg World" The Weitein Mineral Survey. Salt Lake City. Utah jldest9 May See Revival Soon U3SARY 7 ; j.i i ; Ti TTTTxr- - .June 29. 1956 . Johnson Says cm U-Production On Increase The United States is producing about 3 million tons of uranium per year, has 30 million tons of known uranium ore reserves and another 30 million tons of potential reserves. These top secret figures on the uranium ore industry were revealed this week by Jesse C. Johnson, director of the AEC division of raw materials, in an address to more than 250 leaders attending the Uranium and Atomic Industry Conference. Tintic District covers larre area in Utahs Juab and Utah counties. Johnson also predicted that the Colorado Plateau uranium ores may be unable. to supply the demands of the atomic power On Tintic Property plants by the end of this century. The figures were declassified by the government, according to Johnson, in order to assist private atomic industry leaders in intelligently planning for the future of their business. Johnson gave the first official appraisal of the growth of the uranium industry in his address. In 1948, he said, U. S. uranium ore mined totaled 70,000 tons. Production is now 3 million tons per year. In 1948, he adds, ore reserves were 1 million tons known reserves or a four months supply under current demands. Today the 30 million tons of known reserves represents a 10 year supply at current rates, Johnson adds. The AEC leader noted that reserves are due to multiply Bear Creek Asks 50 Year Lease Stockholders of Tintic Standard Mining Co. Friday voted on a leases and unit agreement which may spell the revival and development of the East Tintic Mining District located in Utah and Juab counties, Utah. Utahs oldest and one of the most productive mining districts comes into the limelight with the big move of Bear Creek Mining Sabre-Pino- n Wait Okeh m New Mexico Bureau Sabre-PinoUranium Co. and American Metals Co. are hoping for a favorable decision by Aug. 1 from the ABC on their application to construct a uranium processing mill near Grants, N.M., Richard D. Bokum of Sabre-Pino- n has said. Bokum said that negotiations now are in process with the Atomic Energy Commission. If the AEC decision is favorable, the firms hope to have a leaching mill costing between $8 and $10 million constructed and in operation by January 1958. Bokum said that seven banks have agreed to participate in the financing. He said that the firms have a site for a mill about three miles east of the Anaconda Co. mill near Grants. Sabre-Pinoand American Metals this spring announced an arrangement by which American Metals would acquire 25 per cent of Sabre-Pino- n and handle the a mill. such for operations n n Company, 15 per cent of net smelter returns after deducting operating and carryover costs during exploratory periods. The company will also pay 37 Vi per cent of net smelter returns after deducting such costs during subsequent mining operations. Exact terms of payment are as follows: Royalties from ores produced from Tintic groups are payable 66 23 per cent to Tintic and 33 13 per cent to Chief Con; ores from Chief Con land are payable 66 23 per cent to Chief Con and 33 13 per cent to the Tintic Group. All portions of royalties payable to the Tintic group are to be divided among the members thereof 32 per cent to Tintic Standard; 20 per cent to Eureka Standard; 14 per cent to Eureka Lilly and 34 per cent to South Standard. a Kennecott Copper on ores extracted of subsidiary, to lease hundreds of acres of mining properties. Four leading corporations known as the Tintic Group are proposing to lease and unitize properties to Bear Creek for a period of 50 years with option of renewal by Bear Creek for an additional 50 years. The Tintic group includes Chief Consolidated Mining Co. (Chief Con). Tintic Standard Mining Co., Eureka Standard Consolidated Mining Co., South Standard Min. ing Co. and Eureka Lilly Consolidated Mining Co. Under terms of the agreement, according to stockholders notice to Tintic Standard, Bear Creek agrees to spend substantial sums in exploration, development and mining of said properties. Bear Creek will pay to lessors, royalty Tintic District rapidly in the future. New areas are just being explored and some of these may become important sources of ore. There are large areas of this country geologically favorable that are yet to be explored, John- son said. The United States is the free worlds leading uranium producer, he said. Even, he adds, with the large expansion now underway in Canada, and further expansion in South Africa, domestic production during the next five years will continue to provide a large portion of our total uranium supply. Maintainence of this top position, he said, depends on the domestic and foreign developments and upon the world market for uranium. Johnson noted the rise of industrial uses of atomic energy in recent years. He said the development of more efficient atomic reactors is making such power more competitive. Nevada Dubbed Oil Nightmare A release from New Laguna Uranium Operation Report Ready For Perusal A preliminary report on the results of a recent geochemical prospecting study and a test drilling project in the Trixie area, East Tintic district, Utah, has been released for public inspec- v t V- - j t S- 4 f. V v- - v 11 1 if ' v f .4 . v ' - , i ... v'V,y , v, m, , . tion, the Geological Survey announced today. The Trixie area is approximately 1V6 miles southwest of the famous Tintic Standard mine in Utah County, Utah, and includes unexplored and undeveloped porn tions of such mining as Eureka Standard, properties South Standard, and Eureka Lilly Consolidated. well-know- Anaconda Increase McKinley Claims New Mexico Bureau Anaconda Copper Co. reportedly has filed 1800 mining claims in McKinley County, N. M., paying $3046 in filing fees. County Court officials at Gallup said it was the greatest number of claims at any one time in the county but could During the summer months of 1954 and 1955, nine exploration Anacondas Jackpile open pit uranium mine near Laguna, N. M holes were drilled for the Geohas intricate operation scheme. (See story, pictures on Page 3.) logical Survey, under contract, into near the Trixie prospect vestigate, the possible relations of Green Mt. Incorporates share firm ($1 per share) include: surface geochemical anomalies to Green Mountain Development W. M. Peek, F. P. Cranston and blind mineralized bodies connot immediately give the location cealed beneath unmineralized Corp. entered the general mining Katherine A. Quinn. Offices are located co Cranston and Arthur, business in Colorado this week. of the claims until recording work is completed. Incorporators of the 50,000 408 Equitable Bldg., Denver. (See TINTIC Page 2) , York City this 'week points out that major oil companies are giving up their search for oil in Nevada and are moving their drilling rigs into Utahs Duchesne and Grand Coun- ties. The Petroleum Week magazine said major oil companies have spent $10 million since 1946 exploring for oil in Nevada. Shell Oil was the only company to strike oil there. Contract Hassle Contract negotiations between seven Utah unions organized in a unity council and the. Utah Division, Kennecott Copper Corp. are continunig this week in Salt Lake City. Present contracts between Kennecott and the unions pire June ex- 30. Agreements have been signed between three of the big four companies in the nonfer-rou- s metals industry and the unions have been signed dur- ing the past few weeks. Signing companies include Anaconda, American Smelting and Fhelps-Dodg- e. |