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Show Salt Lake City, Utah, August VoL 25; No. 33 Comstock 'Big Bonanza' May Enter Uranium Field Consolidated Virginia Mining Corporation obtained leases recently on 120 claims at Temple Mountain, Hite and Green River, upon which the company plans a "cautious investigation of the possibilities of getting into uranium, according to Homer Black, President of die mining firm. Going into the uranium field built on money derived from marks the first outside venture Consolidated Virginia holdings. by the famous pioneer gold and The late Clarence E. Mackay, of silver corporation of Virginia Postal Telegraph fame obtained City, Nevada. basis of his fortune at Virthe Consolidated Virginia, also ginia City. referred to as the Big Bonanza of the Comstock Lode has produced gold and silver since 1868. The company paid out $72,000,-00- 0 in dividends during the 10 years from 1870 to 1880 when it groseed $250,000,000 for the period. Stock of the company sold 'as high as $500 per share at one time. It is now quoted around seven cents. , The Comstock Lode has been known all over the world since 1868. It was one of the most famous of the pioneer producers of the west in gold and silver. In 1870 Virginia City, site of the famed Lode, had a population of 40,000 people, some 10,000 more than San Francisco. The principal newspapers were operated by Mark Twain and Daniel Quill. One half of the tremendous growth of San Francisco was Swedes Uranium I Cleared Through USSC One Year $3.00 Malone Measure Passes; New Mope Seen For Mines Sen. George W. Malone last week won in beSwedes Uranium Corporation half of the mining industry a fight he had conducted for months received clearance this week when the Malone amendment permitting a 23 percent depletion through the Utah State Securi- allowance for 32 critical minerals became a part of the internal ties Commission to sell 4,500,000 revenue laws. shares common stock on public The Malone amendment was passed by the Senate reoffering, 5 cents per share. cently, having already been pass- The newly organized company ed by the House and the conferMinerals, Materials and Fuels, boasts a list of veteran mining ees, and is now ready for the of which Sen. Malone is chairmen as officers, most of which Presidents signature. man was issued, other senators have had some 30 years experUnder it the depletion allow- were forced to recognize the ience in the mining 'field. In- ance is permitted for lead, zinc, situation that1 exists. cluded are J. L. Larsen and uranium, manganese and 27 other The report made it fully dear G. W. held who the which Neilsen, some had of that the United States has be; minerals, claims initial later come a allowed .been purchased hitherto by only dependent for its critical Lisbon. token depletion allowance as low materials on foreign sources which would be immediately cut President of the company, Mr. as five percent. the off from it in the event of war. The effect of The nations miners received depletion Hyte S. Loveless, was the first allowance is to opthe The impact of that report was a special salute when the Balpermit man in the United States to find erator of 4a mine producing terrific. lantine Brewery dedicated its uranium, a discovery that took Not only senators, but other radio and television broadcasts any of the metals a 23 percent place 65 years ago. deduction in his annual net inof a New York Yankee basehigh government officials were ball game to the men who supcome. to recognize the desperate forced Six claims held by the com' Mavast the a time situation requireSenator that confronts this naFor countrys ply long pany are in the Blue Chief Mesa metals. minerals and of ments, area, Grahd County, Utah, and are lone conducted what amounted tion through the staknation of its During the broadcasts fight to own mining industry. comprised of Sunrise Nos. 1 and 2, almost to a The Malone amendment imsportcaster, Mel AlLookout, Sand Flat, Lands End, get this benefit for the miners. which had len, described the miners as and Red Chief. They lie north of The have-no- t mediately began to gain suptheory the hardest-workigroup of the LaSal Mountains on the created belief that the natural port which resulted in its final men in the country." Dolores River, and 27 miles resources of the United States passage. Furthermore, there is Allen also told of the many South of Cisco. were virtually exhausted, with reason to believe that is only conveniences that Other claims held by the com- the resultant policy of buying all the first step in a program that are all dependent on the minare located in Emery, and such materials abroad while may presently see American ers and their important role in pany leaving our own in the ground, mining restored to its full imthe economy of the United Grand counties, with 12some of was threatening to wreck the portance in the national econthe claims situated miles States. northwest of Moab, Utah, now American mining industry and omy. The Malone subcommittee has the uranium capitol of the causing many mines to shut been down. continued, with instructions world. to were minerals probring in recommendations as Imported Offering circulars are available to how a on the United States together to the public at the Western Em- duced by miners working scale which was only a with the Western Hemisphere, e wage pire Brokerage Co., 303-In the fractional part of the American can become Bldg., Salt Lake City, Utah. were of American critical mines materials scale and production see important uranium "discover- The offering is limited to resiunable to compete, resulting in and eliminate its reliance on the ies that must necessarily have a dents of the State of Utah. loss of Jobs for thousands of Old World. favorable effect upon a number American miners. Opposition will come from the of offerings of the was to situation Added that strongly entrenched free, tradmarket which ought to stimudid not the tax law, which give ers and from government departlate activities. full recognition to the fact every ments steeped in the belief the The copper sulfate producing ton of It is the better mines that will ore taken from a mine re- future of the United States debe going into production soon, industry operated at a reduced duced its future life. Mines were pends on its continuing to make rate in June, as compared with unable to in the opinion of Mr. Smith, the workers of other nations both compete against these mines will provide the May, according to the Bureau of those a for fact that prosperous, regardless of what handicaps, market, with the spark that it Mines, United States Department a long time was recognized only happens to its own. The Malone needs to resume former activity. of the Interior. Production Sen. Malone, the only engin- subcommittee report, however, Vhile on a visit dropped 9 percent and was less by eer who has ever served hi the together with the next report Conceding some mines will not than shipments which declined Senate. due in January, are expected to come up to required production 11 percent. Stocks on June 30 of make drastic changes in the when the report Recently, levels, Smith said the production were 3 percent less than at the the Senate Subcommittee on present mining picture. record of the better companies is beginning of the month and at going to provide the answer to the June rate of shipments were the immediate future of the ura- sufficient for about a month's nium industry. (R-Nev- .) Ballantine Co. Salutes Nation's Miners l . Bal-lanti- nes one-ma- n ng day-to-d- ay . . Green River Uranium Co. Opens Prospective Mine at Moneta, Wyo. Green River Uranium Company is opening up some interesting mines at Moneta, in Freemont County, Wyoming, according to Austin B. Smith, Atlas Bldg., Salt Lake City, Utah, who said the company has sent all new equipment to Moneta where a camp is being set up. We have plenty to keep us busy for a long time with 29 claims plus an option, said Mr. Smith. He added that a recent average shipment showed .75 uranium, which is considerably more than the average and with the bonus should be worth $140 per ton or better. Within the next few months, Smith predicted the public will I ' 6, 1954 7 New-hous- self-sufficie- nt - over-the-count- er Copper Sulphate Subscribe Now Western Mineral Survey Salt Lake City, Utah 421 Church SL Published Once Each Week Late Newt, Quotations, Information Service, ou Mining, OiL Financial KEEP POSTED ON THE GREAT URANIUM ROOM $5.00 Two Tears $3.00 One Tear Circulation Dept. 22tt East 1st South 0 Subscription Order Enclosed find $. Mineral Survey for Name View showing two typical uranium mining and development operations in Utah. With man outfits competing for production, the area has become nationally important. Address. for which send me Western |