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Show ' U OF u LIBRARY CITY 1 in METAL PRICES Lead (per lb.) Gold (per oz.) Copper. Zinc (per lb.) .Features Mining, Oil, Financial U1 Vol. 23, No. 41 Tba Information in thla UMt U derived from eourcea recorded oa reliable, not guaranteed, bat believed to be correct. Large Mining Deal Made On Tungsten Min Kearsarge Naildriver Nevada Monarch., Oil & Mg. New Park New Quincy North Lily No. Standard ELKO, Park Nelson . Park Premier Park Utah Plutus & Mng. Rico Argentine Royston Coaln Silver King West Silver Shield Sioux Mines So. Iron Blossom So. Standard Sundance Oil Co. Swansea Con. Tar Baby Tintic Central Tintie Lead Untie Standard Oil Trans-Unio- n Utah Con. Utah Ida. Sug. Corn- .Utah Ida. Sug. Pfd. .07 9000 8375 12300 .09 1.30 .07 l2 212 3.12 4000 .34 .10 1.35 .10 1.27 3.12 .09 ; Con. Oil Utah-Wy- o. .34 5o", .03 ,08 .07 7200 24150 .03 .08 .43 So 16400 So Victor Con. Western Alloys West Toledo - : . Wilbert Williston B. Oil Yankee Con. Zuma .03 Dollar Value $1704546 1,069,382 Indicates operating companies Work Planned Predictions of Paley Report The Ancient River Channel of geological investigation by Dr. F. W. Christiansen of Salt Lake City, has found that its mineral hills property in Marjte-val- e justifies the expenditure of some $50,000 for immediate exploration and development The necessary arrangements have been made to complete this The program of consists sinking: an program incline shaft intersecting the junction of the two major sheer zones present in their mineral hills property. The operation of the program is under the direct supervision of Rex F. Smith of Elsinore. The contract is in the hands of Chell Dalton, a prominent independent mining contractor of Marysvale. Present surface excavations will be done by the Sevier Exand Construction cavating Company of Richfield, of which Ellis Christensen and J. D. Sandberg are in charge. . The geological studies will remain in the hands of Dr. Christiansen who is getting a lot of cooperation from, the U. S. Atomic Energy Commission. . Mining men and proponents of a strong domestic mining industry leveled their guns with telling effect on the report of President Trumans materials policy commission in Denver last week at the annual convention of the western division of the American Mining Congress. e benefit of At a panel discussion presid- assumed This world. type of ed over by two members of the the but misguided effort commission, Arthur H. Bunker, at and private magovernment president of Climax Molybdenhas R. nipulation always proved a um company and George failure when attempted in the Brown, the report was sharply resolution added. Sithe criticized by industry leaders past, D. mon vice Strauss, president not only because of the quesAmerican of and ReSmelting of its tionable nature predictions voiced had Company fining needs regarding future materials Continued on Page 2 but also because of the basic conits philosophy underlying clusions and recommendations. In a resolution adopted at the (AVeek Ending, Sept. 27, 1952) conclusion of the session sev- BINGHAM DISTRICT, UTAH eral of the commissions recCombined Metals Reduction were soundly Co. 385 tons. ommendations scored and vigorously opposed, U. S. Mines 8609 tons. including government exploraUtah Copper (Kennecott) tion activities on private lands, 1058 n cars, daily average. revision of mining laws to pro- EUREKA DISTRICT, UTAH vide for a . leasing system on Chief Consolidated, cencen-trates- , mining claims, and use of Amer22 cars. ican taxpayers money to exMountain View 1 car. in lands foreign plore private Empire Mines 1 car. countries. Dragon Consolidated, clay-- 24 . ' cars. Suggestions for International limited PIOCHE DISTRICT, NEVADA '.buffer stockpiles, Combined Metals Reduction quota aranrgements and multilateral contracts were termed CO., zinc, concentrates 12 cars. "part and parcel of an interna- Lead concentrates, 4 cars. Pertional plan to manipulate prices, lite, 18 cars. Courtesy J. A. Hogle Co. production and exports for the long-rang- well-meanin- Ore Shipments 85-to- -- of the Sommers, well known mining operators of John Day, Oregon, signed a lease and option on the tungsten property developed by Knowles Brothers and Price Montrose on Tennessee Mountain in the Alder mining district east of Mountain City. While the exact figure was not released for publication, the deal involves payment of several millions of dollars if the option is exercised within the allotted time. A substantial cash payment was made to the owners. The leasers have already moved considerable heavy equipment onto the property, including bulldozer, graders, compressors,, etc., and have started work building roads, leveling camp sites and preparing the mill site. Culp and Summers have announced their intent of installing a mill on the property and expect to have it in shape and ready for cfperation by next, summer. The property has one of the most favorable tungsten depos- its unearthed here in many . Amal. Sugar, Pfd. Utah Fire Clay Utah P. & L. Com. Gold Mining Company of Las Vegas, Nev., after two years ne years, according to report, and a substantial showing of ore has been made as a result of development work carried on by the Knowles brothers,, who have been in charge. Unlisted Stocks Z. C. M. I Total Shares Traded NEVADAr-O- countys largest mining deals in many years was consummated here this week when Culp and Park Bingham Park City Con. Prosper Oil 83.25c One Year $150 Salt Lake City, October 3, 1952 Nev-Ta- h At Marysvale Utah Mine Silver (per oz.) new mined 71 'CL Salt Lake Stock Exchange September Transactions Mono SEPTEMBER, 1952 16c $34.9125 24.2c 14 g 4 t Fluorspar Shipped New Deal For Uranium Lands Seen Vast areas of Utah uranium bearing lands may- be reopened for prospecting and filing and title may be cleared on thousands of uranium claims which have been clouded heretofore by oil and gas leases. The Atomic Energy Commission said Monday that it hopes to solve various problems in the minerals leasing act by a use of its authority. The difficulties arose recently when the uranium miners of Southern Utah discovered that many of their mineral leases were on oil and gas leases. The Department of the Interior, acting under the 1920 - pre-existin-g top-file- d Mineral Leasing Act, held that a valid mineral claim cannot be taken on land covered by a lease. Since metallic and nonmetallic minerals were seldom found in the same place, the conflict did not create many problems. However, with the growth of pre-existin- g U. S. Steel company has started shipping flourspar ore from the property southeast of Darby, Mont, which it is operatlease from ing under a the owners R. D. Flightner Leste Thompson and A. O. Cumley all of Darby, it was reported last week. Gars are loaded at Darby for transport to the processing plant at Geneva, Uitah. Under terms of the lease, the ore shipments must be of metallurgical grade. Owners receive a royalty of $7.50 a ton of ore loaded at the shipping point 2680 acres to a lease. Uranium prospectors, restricted to leasing their lands in the comparatively small units of a mining claim, have been filing on the same land and extracting uranium ore. Actually, the uranium prospectors were not imposing on the rights of the oil lessor, for his lease is specifically restricted to oil and gas. However, the Department of the Interior, in its land decisions, has uniformly held that a valid mineral claim cannot be staked on land covered by a lease. Now, the AEC announces that it hopes to solve the difficulties by the use of its authority under the Atomic Energy Act 'as no immediate release seems possible under an interpretation of the The AEC says mining laws. a solution appears likely within 11-clai- m 99-ye- pre-existin- ar g the hunt for uranium and the search for oil conflicts between uranium prospectors and miners and oil men developed. Vast areas of Southern Utah have been covered with oil and gas leases, which can be secured the next 60 days.- - ' |