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Show r 0 iGiiiuLna 1 Liu. v i t 1 0 1 8 CO I I 'Jct ttwA J tyAt c oh4 HUning Wwt4 fyHi$caHce in Sail Lake City, Utah, Friday, Vol. 28; No. 29 I 10 Cer 3, 1957 C Convention Talks Good, Bad News Presented 1 Leaders of the domestic mining industry received some disturbing and some encouraging information from two members of the powerful House Ways and Means Committee at a tax session of the American Mining Congress convention in the Newhouse Hotel. The congressmen one a Democrat and one a Republican told them that the industrys percents depletion , allowance is in danger unless an effective effort is made to educate the public and some members of Congress as to the reasons and justification for the depletion allowance. I 1 VI .! v. the which reciprocal trade program, he described as a cornerstone of foreign policy of both parties, or let the whole thing go down the drain. I doubt, he continued that the Reciprocal Trade Act will be continued unless the Tariff Commission gives relief to lead-zin- c. decide whether to continue And I am hopeful that lief will be given to other rein- dustries. The threat to the industrys percentage depletion allowance, both congressmen pointed out, likely will be posed when the House Note Ways and Means CommitEncouraging The encouraging note sounded tee opens hearings Jan. 7 on a by the same two speakers Rep. technical tax bill designed to corand rect existing inequities in the Howard H. Baker was 1954 code. Rep. Frank Ikard lead-zithe prediction that the Many members of Congress, industry, and other segments of Rep. Baker said, are not symindustry suffering from exces- pathetic to the percentage deplesive imports, will get some pro- tion. It is incumbent upon you tection either through the Tariff of the industry to educate the Comission and the President and public as to its purpose and its s. justification. Baker the told Rep. Ikard said no other proRep. delegates vision of the tax code is so genof domestic that supporters the misunderstood as depletion votes erally mining industry have the on the Ways and Means Commit- allowance. He declared that there tee. to report out favorably in is no valid argument against it if the next session of Congress a it is understood as a means of rebill providing an excise tax on covering capital or of replacing lead-ziimports if adequate re- inventories. But he agreed with lief is not obtained from the his House colleague that an ef- Tariff Commission and the Presi( Continued on page 2) dent under the escape clause procedure provided by the Reses ciprocal Trade Act. Strong Case Rep. Ikard advised the lead zinc industry to make its request for relief as broad as possible. He declared that the case for protection is a strong one and that it will be watched by other industries suffering from heavy The Westminster Corporation imports as a test. told stockholders in a recent news He expressed confidence that letter that 'had purchased the relief will be granted under the leases of it12 uranium escape clause. But if it is not, claims in the Slick Rock mining Mining he added, Congress will have to District of Montrose County, Colorado from the Mining Company of Dove Creek, (R-Ten- n.) (D-Te- x) nc . through-Congres- f ; nc Among those at the mining meet in Salt Lake City are (from left) Julian D. Conover, executive vice president and secretary of AMC; L. F. Pett, Salt Lake City, chairman, western divis ion; Charles A. Steen, . Moab, arrangements; committee, and A. II. .Shoemaker, .national program committee chairman. (Deseret News At AMC Meet Schwab Announces Relief Petition U-Lea- Bought By Westminster In Colorado Area presented to the commission. Following the hearing, the Tariff the lead-ziindustry will be Commission then would make its presented to the Tariff Commisrecommendations to the Presision before Oct. 1, Charles E. dent, who is empowered to grant Schwab, chairman of the Emertariff relief if he desires. Committee said gency Lead-Zin- c Mr. Schwab indicated that the Tuesday. petition is being prepared now, Mr. Schwab, of Kellogg, Ida., and will be written in detail Amerithe of attended meetings sometime before Oct. 1. adHe can Mining Congress. It is being submitted now since dressed Congress delegates TuesNotice of drilling of six new failed to enact legislaCongress day and announced the petition. test wells in the Paradox formatariffs tion for raising lead-ziOur petition will ask for the tion of San Juan Countys Aneth before adjournment last month. maximum relief that the Tariff Field was filed Monday with the Mr. Commission can grant, Utah State Oil and Gas CommisSchwab indicated. sion. The petition will seek relief Shell plans to drill Burton 34-1under the escape clause of the located In the southwest quarter Trades Agreement of the southeast quarter. Section Reciprocal Act 12, Township 40 South, Range 23 to a depth of 5,864 feet. East, The developed by National Lead Co. MOAB, Grand County Its Burton 3 in the northlargest independent uranium con- at Grand Junction, Colo., in con- east quarter of the northwest centrator in the nation will be cert with the Atomic Energy quarter, Section 13, Township 40 dedicated by industry, govern- Commission. 23 East, will go ment and civic leaders here SatMity (management, under di- South, Range to down a depth of 5,716 feet. rection of American Zinc, report urday. 31-1- 3 Burton will have a depth of success in utilization of RIP equal It is the mill of Uranium feet. It is located in the 5,628 Federal Oil Co. of Salt Lake the dream 'of or better to other systems for northwest Qo. quarter of the northCity reports an oil show in the Charles A. Steen, a prospector reduction of uranium ores. east quarter, Section 13, Town-shi- p Mississippian formation above whose discovery of ore at the Mi-Vi- da Jesee addressed will be 40 by They South, Range 23 East. 7,470 feet in its wildcat on the Mine in San Juan County Johnson, head of AECs raw maThe Texas Co. schedules a Bowknot Bend structure west of launched the largest mining boom terials U.S. branch; procurement depth of 5,600 feet for its Navajo Moab, Grand County. in the recent history of the world. Sen. Arthur V. Watkins F-- 5 well in the northwest quarter The West Texas petroleum Utah Republican Congressman of the southwest varare a that reports quarter in SecIndustry his William A. Dawson and ied degree of saturation was found geologist, who now makes Henry tion 3, Township 40 South, Range in coring of some 154 feet of the home in Moab, shares ownership Aldous Dixon and Gov. George 25 East. formation. Casing has been order- in the mill with American Zinc D. Clyde of Utah. Navajo L--5 will have a proposed ed for setting in a completion and Smelting Co. and financier The mill grinds up 540,000 tons depth of 5,506' feetin the northeffort. Meanwhile, the well is be- Floyd B. Odiums Hidden Splenore annually from Utahs Big west quarter of the northeast of of Co. affiliate dor (an Mining ing deepened. There apparently uranium mining district quarter of Section 20, Township Indian other and was no free flow of crude to the Atfas Corpl) busiand in the mining produces some 3,750,000 40 South, Range 24 East. Well surface. The well is potted in 5 will be driven 5,880 feet in ness. pounds of yellowcake (uranium about the northwest quarter of dol25 million at nortwest valued one of also is the oxide) the This mill quarter of the souththe southeast quarter of Section east lars. in October, quarter, Section 24, Town-Shi- p Operations began 30, Township 25 South and Range first and largest in the country resin-in-pu40 1956. lp South, Range 24 East. to use the 18 East. process A petition seeking relief for nc This clause provides that when prices of products produced by domestic industries- reach certain low points in competition with foreign imports, the industry may then seek tariff considerations to bolster prices. When the petition is presented to the Tariff Commission, the commission will consider whether or not a hearing should be held, Mr. Schwab said. If a hearing is scheduled, then all phases of the problem will be - More Wells Seen For Aneth Field nc Large Independent To be Dedicated Saturday in Moab U-Concen- trator 2, 21-1- Federal Reports Show of Oil Re-ducti- cfn (R-Ut- .); . . inde-Jpende- nts C-1- ( F. J I Fritz-Erickso- n Colorado. The new properties are situated in the southern end of the Mineral Belt in an area of U-rav- an heavy uranium mining activity with the Vanadium Corporation of Americas Hangover Mine located on adjoining property. Also in the immediate vicinity are the Legion Group operated by the Skidmore Mining Company and the famous Falcon Mine. The letter further states that three ore horizons have been located on the property, two of which are blocked-ou- t ore bodies. Development is underway with an incline tunnel being driven into the larger body. According to Westminster's statement the Hangover Mine ore body, which has produced millions of dollars to date, extends to the Westminster property line. Company engineers assert that they believe this ore body continues onto the leases; however, the extent has not been determined. A survey by Nuclear Thermal Surveys, Inc. of Golden, Colorado has detected a number of other high anomalies on the claims. A trending anomaly of excellent magnitude, by their theory, extends one of the ore bodies by several times. If test drilling that is in program proves this theory, the value of this property will likewise be Fritz-Erickso- north-easterl- y n |