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Show J OF U LIBRARY urn I CITY ... ItSSJ . METAL TV VOL. 22, NO. 43. .19a Lead (per lb.) Gold (per oz.) . . .$31.9125 Copper ......24,2a Zlift (per lb.). 19.5a Silver (per oz.) 90.18c new mined V 'r nv Features Mining, Oil, Financial r tt' 4 ; Salt Lake City, November 2," 1951 H1 s PRICES One Year $2.50 L" ixi.ii JDMA Approves Loans For Development Work Contracts providing government assistance for 18 exploration projects for strategic and critical metals and minerals in nine states were signed and approved by the Defense Minerals Administration during the first half of October, Secretary of the Interior Oscar L. Chapman announced today, bringing the total number of projects approved since the start' of the financial assistant program in April of this year to 178. The contracts just consummated involve eight scarce commodities lead, zinc, cop- per, antimony, mica; asbestos. Beryl, and tungsten. The overall cost will be $373,624, of which the governments participation will be $230,983, or 61.82 per . cent. The projects are in Idaho, North Carolina, Wisconsin, Montana, South Dakota, Utah, Washington, Missouri, and Iowa. ' The exploration program was started in April. Under the provisions of the Defense Production Act of 1950, the DMA is ComMines Coalition Silver was Frofit from mining operations King reported today by empowered to render financial pany, for the year ending Sept. 30, 19 51 amounting to $231,415. The Kins is one of Utahs assistance for exploration projmore famous producers and this years net profit compares with a net loss, including shut- ects on a modified matching down costs, for a comparable period during 1950, of $251,486. Shown above is a portion of the basis, contributing 50, 75, or Silver King holdings and in the foreforeground is shown a part of the companys efficient 90 per cent of the cost,, demilling equipment pending on the mineral sought. Detailed investigations of applications for exploration project assistance precede any consideration and action by the DMA No "projects' requiring more than two years are con- Government Pushes Work At Leadville The LEADVILLE, Colo. course of the Leadville drainage unnel was changed today when ' underground crews swung di- rectly eastward toward Breece Till in starting the New Mikado ateral and the final 2000-foeg of the project, J. H. East Jr.v regional director of the U. S. . lureau of Mines, announced. With the funds remaining rom the current fiscal years ' 425,000 appropriation, East said that the Bureau of Mines topes to cut the Mikado and ron faults beyond the new Mik- ado shaft and open up addition- al areas of Leadvilles rich but . looded mining- district by re- easing the impounded water. Meanwhile,.1. work- was suspended in. the downtown later- - ? al" after a 300-fostub was sidered. that enable claim will provided Increased government assistance to small mine operators. The aggregate cost of the owners on the west to tap into the tunnel for , drainage and ft!S aSanvne?-1in developing and marketing their ores will soon be forth- DMA IS haulage purposes if develop-meLAS VEGAS Production of coming, Jess Larson, head of the defense materials procurement oy which the governments work' on that area- - ulti- - i titanium metal at the Henderson told the annual convention of the Idaho Small' Mine tribution is $5,641,331.94, or mately warrants it. Several : plantof.Titanium Metals. Corp. Operators and .Prospectors Association in Hailey last Saturday.! slightly . over- - 59.8 per r cent; stringers of ' good 'lead-zlnip- while private industrys invest silver ore were encountered in; of America is now actually unAddressing the .banquet two-dament is $3,783,538.68. y which concluded the the stub lateral that may indt- -; der way, it was announced. said Larson cate his substantial deposits above.-ogathering, Titanium Metals is owned to more to establish the side. East said. . agency plans jointly by the National Lead government purchasing depots Gold' Price on a meeting held recently in At Higher Company and the Allegheny-Ludlu- throughout the west and to Leadville, mine operators and. Frank Bureau Steel Corp., and the minerals wherever it can buy SPOKANE, Wash. be officials agreed that the Lake Exchange statist! announcement said the .cbm-. obtained to Spokane mining Lilly, armament the Mikado lateral would be; New keep SALT LAKE CITY October cian. has predicted committee of greater value to the district pany will expand output rapidly program rolling. . until an Initial production goal than continuation of the DownHe also promised to speed up wa.th. -o- nd best month pf ten tons per day is reached ,the town lateral. One of the major, processing of mineral ex- 1951 as far as business was con- rec0mmend a substantially factors late next year. It was pointed a influencing this decision loans, program cerned on the Salt Lake Stock higher, value' for gold as tons dally will ploration , out that the ten was the surface dips away, that which his agency is taking over the monthly market ing for currencies; be equivalent .to eight times the from the defense minerals adtunnel on the west, the from The committee, appointed to present world production of ministration but caution- review disclosed. foot' means that which Trading in 1,685,406 shares of study the question of gold, will the Downtown lateralevery titanium metal. adwas ed miners not' to expect too stock with a dollar value of make its report before the end The Henderson project was much nearer the it would his this because vanced line put along $229,158.08 during last month of the year, Lilly predicted, announced.! Aug. 6, following less much that and drain surface He said this will .be the next agency 'was going into this pro- also was considerably better "the signing of a Letter of Intent gram oh a e basis. now that the international mineralized ground. same for business step the than by the General Services AdminOn the other hand, in heading fafund has admitted it cannot of Lack In month last year. October, istration, acting for the U. S. cilities, andreadye marketing d due east, the New Mikado latand slowshares of stock control gold sales on a government.' Leases were se- ness In the processing of loans 1950, 1,572,123 hands and the value wide basis. He referred to last eral will be driven deeper Into cured on major components of were two of the weeks action of the fund in a hillside and drain more potencomwas $190,497.12. principal the $150,000,000 former Basic ten lifting its ban against sale of tial ore - bearing formations expressed by miners Trading for the first Magnesium Inc., plant built by plaints the hearings In gold for industrial and artistic without the need for pumping which months of 1951 has resulted during the government during World were with 14,139,550 shares of stock with uses at more than $35 an ounce water from below tunnel level. held in War II. At that time 151,000,-00- 0 the convention.conjunction And it should not be long In resuming. work last WedThe hearings a dollar value of $2,069,948.98 ' kilowatts of power were al- were States now United until pro nesday (October 24) in the main held; by a special stra- trading hands. This compares located from Boulder and Davis also be will sell-ducers 1 permitted to tunel heading, then abreast of tegic minerals subcommittee of with the 13,199,233 shares the fact the the Robert Emmet shaft, crews of Dams, by the Colorado River the house committee on interior ing in the take of 1950, advantage to Is Commission. when the dollar volume was public willing pay a higher under the direction of Edward and insular affairs. It was pointed out that outprice for gold than the treasury Matsen, Bureau resident engithe $1,324,659.51. immediately following of increased stocks! will pay, he added, interest in oil standing physical properties neer, and Harry Greshuk, projKen Regan Chairmen hearings titanium base alloys have of Texas said oil ect manager for the Utah Conwith and companies mining an increase that destruction Company, passed the leases and the defense program brought about an urgent mark and continued 10,000-fowonder in federal purchasing facilities were credited with the business Ore Shipments mand for the 107 feet before turning 2 onward on Continued improvement.' Page BINGHAM DISTRICT UTAH: Continued on page 3 east. Combined Metals Reduction Their next objective is the Company, 220 tons; U. 3. SmeltWheeler-Kersha- w New Mikado shaft, 1088 feet New ing Company, 6727 tons; Utah Wheeler - Kershaw Co. has construction and industrial Copper (Kennecott), 1000 85 ahead, East said. This shaft, still In better condition than for the past 12 years. ton cars. been ' appointed Caterpillar equipment J. K. Wheeler, executive vice EUREKA DISTRICT UTAH: any other in the immediate area, Tractor Co. distributor in the Chief Consolidated, ore, 1 likely will be used in projected Salt Ldke City, Utah area it is president of the Wheeler-KershaCo., was associated with cars; Eureka Standard, orefive development work, Leadville MINING ENGINEER announced by J. J. Valentine, assistant director Caterpillars Salt Lake City dis- - carg. Empire Mines, ore, - one mine officials have indicated. Caterpillars is under to operate In Mexico of sales. tributorship from car; Dragon Consolidated, day, Exploration already way In the Hayden shaft, previWalter W. Kershaw, one of subsequenUy establishing an 33 carg Robison-KershaGood Salary plus bonus own. business his of UTAH DISTRICT the in CITY ously drained, and work is the principals equipment park as must speak Spanish. Co., former distributor . D. A. Robison, who hadJ New . Park Mlnfrfg Company planned on other properties at Salt Lake City, is president served as president of Robison-- 1 1353 tons; Park Utah Company, the water level' recedes. WMtora Writ QmtifiMliwM to Bx Water from the obstructed retired from 1036 tons; Silver' King Coali Minrl Surviy, MVfc bH 11 iwrtfc. Salt and general manager of the new Kershaw Co., has to devote his enthe 465 distributorship toft. firm. He has been actively Mi City, Utah. tion, concentrates, ' Continued on Fag S ; .qompunr.) (Court? J. A. H0(l gaged in the merchandising of time to other business interests. Production Government To Help Of Titanium Small Mines, Chief Soys Now Underway ' ot ! - - - ot t . M . I . con-agenc- y, - nt y . Stock Trading Gains Salt. . . ' - m r , . I I , I back-Exchang- e, . -- i- -f long-rang- - , world-change- red-tap- ten-month- s . ot so-call- ed Distributor WANTED . w I 1929-194- 3, w A. G ,r . 2 . M.V ? |