OCR Text |
Show U OF U LIBRARY CITY 1 METAL PRICES Lfe6d . f . . v Multi-Millio- n $ Project so-call- ed Protection For li T 3 1 Si s . ; ; -- ? :A I 5t U. S. Mining Industry Is Need If Utahs mining industry is to prosper, it needs a national administration that will protect it from cheap foreign competi tion and promote domestic policies that will encourage expansion and development That was the message Senator Arthur V. Watkins gave to a Re publican gathering at Eureika. Senator Watkins said, I favor depletion allowances, for the mining industry. The government should adopt procurement policies that emphasize the use of domestic minerals first, and a fair and equitable tax program for the mining in dustry would vastly encourage exploration and development work, he said. As another aid to the industry, Senator Watkins advocated stockpiling of strategic and critical materials and advocated Special premium incentives for domestic exploration and development. There should be a full and orderly program for the development and conservation of all of our natural resources, he said. . 83.25c One Year $2JS0 another promising new vein in its property on Big Creek in the silver belt, General Manager R. D. Deisk informed the Miner this regulations curities have been adopted by the securities and exchange commission to take affect on October 27, SEC Chairman Donald C. Cook announced last week. They permit brokers to publish complete identifying statements describing' new security issues shortly after regitration of the stock with the commission. Present regulations permit such publicity only after the security has been cleared by the commission and then only in such limited form that the statements have become known in the industry as tombstone ads. more Undtr the new sei-u- p can statements be pubcomplete lished in newspapers or maileu or handed out and they will blank which a tain a tear-of-f prospective buyer can mail in, thus enabling the broker to determine who. is interested in the new offering. Those who return the blank can be sent a red herring prospectus, because of the red ink statement on it that the security has not yet been cleared by the SEC for public sale. Cook termed the adoption oi the new rules a step of majoi importance in the administration of the securities act of 1933 which should result ii substantial benefits both to the investing public and to those who participate in the distribution of securities registered with the commission. The changes were proposed by the commission in July and comments received since then by the agency have been generally favorable, he stated. 14 lb.) Sunshine Mining. Discovers New Ore Showing Promising WALLACE, Idaho Sunshine Mining Company has opened In Rocks! For Offerings New rules and permitting greater freedom in publicizing new public offerings of mining stocks and other se- . new mined Salt. Lake City, October 17, 1952 SEC Adopts New Rules ii - Silver (per oz.) Features Mining, Oil, Financial VoL 23, No. 43 & pf r oz.).$34.9125 24.2c J Zinc (jpr is 16c (per lb.) Copper...- Va t $vr Gold week. The new structure was unexpectedly encountered about ten days ago in the northeasterly crosscut which is being drivlevel staen from the 3700-fo4 tion of the No. winze toward the extensive unexplored area of the Silver Syndicate vein between the East and West Ram-b- o La Florecita Mining Company areas, he said. of Salt Lake City has taken a It is a strong siderite struc- two year lease and bond on the ture with good tetrahedrite (sil- Turtle mining property in the ver ore) mineralization, he re- Bayhorse district of Custer ported. Where first intersected County, the Mackay Miner reit was about six feet wide with ports. The purchase price set interesting ore showings mainly at 5200,000. 25 of along the footwall side. The claims, which extend In the TMt, rocky and underdeveloped wilderness Quebec, An east drift has been started across the face of Bald Mounmiles from nearest town, an army of 3,000 men work to complete new 270, on the vein and is now in ap- tain, are owned by Leo D. Ivie project that will harness waters of area for conversion into proximately 125 feet from the and Elray Kimball. Ivie acelectric, energy needed to produce aluminum for free world. crosscut. It has revealed a nar- quired the property in 1934 and concrete from one side of river to After 21 months of blasting, exd interrowing of the structure with sold Kimball a another a distance equal to alcavating and pouring enough conof ore the in grade improvement est last year. most twice the height of New crete to build a standard on its easterly strike, Leisk Yorks. Empire State building. Intensive development work highway 258 miles lon$, newest stated. dam and powerhouse, privately fiDuring the winter months, merhas been underway at the prop-- , nanced by the Aluminum Co. of cury often dipped to 40 degrees beAll development muck is erty since last year when a vein Canada, on Peribonka River, ia below zero, but work, including ore. for was discovered which yielded taken ing slated for completion by yeara cement pouring, continued night 500 lies about new vein The and day. end. samples assaying 37 per cent is crane to or the Foil horsepower capacity, supfeet in the footwall, lead and 58 ounces of silver per (center) Huge gantry men to install used and five turbines generators by Sunshine ton. A crosscut, driven north, of the big main Slied by will equal enough electric each capable of producing 54,000 or to gain depth on the structure, vein, he said. It is more energy to light well over a million horsepower. In background to the has which vein a blind less has disclosed a large deposit of tt bulbs. Engineers say that right is sluice section that will not with identified been in case of overflow any milling ore. It also intersected a the power required to produce one take rivers e side on floods. on levels above tetrahedrite site far The structure of sufficient alone aluminum known vein is ton of camp - to meet all the electrical require- of river is a miniature town in itdevelof. lies north since it the. (silver ore) carrying 12 per cent, ments of the average U.S. home self complete with general stcre, on these high copper and 600 ounces of silver opment openings recreation center, barber shop and for 10 years! to the ton. A carload of ore er horizons. Overhead cableway transports police station. No evidence of its presence from this vein is now being loadwas found in. cores from the ed for shipment. James OReilly of Salt Lake single diamond drill hole which was drilled into that north area City has been sent up by the t level station La Florecita company to take from the of the No. 3 shaft in explora- charge of the work which is extory testing of the Silver Sundi-cat- e pected to continue on a two-shibasis throughout the winvein on that leveL Neither State tax revenues from mineral lands would be seriously ter. Installation of a mill is affected if changes in the public land and mining laws proposed has any noticeable evidence of by the presidents materials policy commission are put into effect, its .westerly 'extension been planned. Kimball will be mine foreSenator Arthur V. Watkins told the American Mining found in crosscuts from the man for the operation and Ivie Jewell shaft, Leisk stated, but, congress at its recent convention in Denver. been has retained to take care is not he added, this surprising The commissions recommenof of a new comconstruction since the main Sunshine vein dation that mineral exploration house and new dwelsystem also fades out going pressor be stimulated by some basic mine west. lings for the employes. changes in the mineral laws, inThis is the second new ore cluding a government ownerdiscovery in the vast Sunshine ship clause of undetermined workings in less than a year. scope, s premised on the govLate in 1951 a crosscut in the ernments retaining ownership Continued on Page 2 of public lands permitting mulHecia Mining Companys tiple use of the surface by inearnings amountdividual citizens upon a royalty ed to $307,475 according to a reand rental basis, he said. A special meeting of stock- port submitted to stockholders holders of Andes Copper Min- with recent dividend checks. Such a change in the undering company has been called This compares with earnings of lying philosophy of our present for October 21 to consider a $313,928 in the second quarter would seriously mining laws affect the tax income from pubproposal to reduce the par value of this year and $309,009 in the of the companys capital stock third quarter of 1951. lic land states in all future from $20 to $14 a share, thereby Estimated earnings for the mining developments he points s first ed out. reducing capitalization by of 1952 toMin- taled $949,031, the Copper Apaconda To realize just what this report shows. owns 98 per cent Most of the companys .income ing Company conmean the in future, might of the Andes firm. is from dividends. In the first sider the tax income:the states If the proposal is approved, nine months of this year Hecia of Utah, Montana and A!rizona the capital surplus resulting has received $375,000 in diviare now receiving which they from the action, amounting to dends from Sullivan Mining probably would not receive if $6 per share, will be distributed Company, ownership of which ' these operations were , on a Copper Sulfate to stockholders. The payment Hecia shares with lease basis. Production and shipments of will be made on Oct. 31 to stock- and $379,350 from Bunker Hill, its subsidiary Under the proposed, changes, copper sulfate decreased 26 and holders of record Oct. 24. Polaris Mining Company. Other the government would own the 47 per cent, respectively, in Audividends totaled $25,445. land and merely lease it to the gust, according to the Bureau Net for the third quarprofits ore discoverer for development of Mines, United States Departafter deductions ter, of off local This would keep, it the ment of the Interior. Stocks American Smelting and Re- depreciation and taxes,expenses, was estax lists. rose 5 per cent and at the Au- fining Company last week de- timated at $238,863, for the and Under the old law a pros- gust rate of. shipments were clared a regular fourth quarter first three $741,-64at quarters, pector could go out, take a claim, sufficient for more than a dividend of 75 cents per common share, payable November develop it operate it and own months requirements. The dividend payment with 7. At the same time a dividend which the it, Representative Wesley A. report was mailed toDEwart of Montana, speaking velop according to his own ini- of $1.75 a share on preferred taled $250,000 raising the com-janat the panel discussion over tiative. Under this law we de- stock was authorized, payable total to date for the yar which Watkins presided, de- veloped the great mining in- Oct 30 to stock of record Oct to $750,000. It was the firms He could sell or de-- dustry. clared. 10. 303rd dividend. La Florecita Active At Idaho Mine ot round-the-clo- ck hydro-electr- ic one-thir- ne 600-fo- ot 100-wa- high-grad- Changes In Mineral Laws Would Curb Mining, Is Claim (R.-Uta- 3109-foo- ft h) Hecia Dividend Total Increases Andes Copper third-quart- er . $21,-494,27- 4. three-quarter- - AS&R Dividend 4. ys |