OCR Text |
Show Page Two The Western Mineral Sumy. July 1. July 1. 1955 1S53 WESTERN MINERAL EDITORIAL . . . SURVEY Assessment Failures Pose Threat to Some New . Advertiainr Circulation Phone Church Street Salt Lake City,; Utah 421 Entered as eecond clan matter at Salt Lake City. Utah, under Act of March 3, 1819. A large number of thinly financed uranium companies of Subscription rates: for one year. Utah are said to have failed to achieve the required assessment work. There is a possibility some may face the prospect of folding up in the not distant future. The unhappy situation arising from failure to do legally required assessment work is regarded by some uranium specialists to be one of the factors that has contributed to depressed uranium stock market. prices in the The County Recorders office in each county wherein claims are located, is charged with the responsibility of determining that required assessment work is accomplished. Assesment work does not commence until the July following the date of filing a claim. Individuals who may locate and file claims after July 1, 1955 will not be called upon to report as to their assessment work until July 1956. Over-The-Count- HABRT B. MILLER Publisher Editor GAIL FELTCH O. D. QUINLAN Feature Editor FRANCES JENKINS Adv. Manafer L. M. HILL Contrlbutinr Editor The above photograph shows the famons Goose Necks al Dead Hone Point, 30 miles southwest of Moab. where nranium exploration by many companies is going ahead on a broad scale. Depicted in aerial photographs are the various formations in which uranium is found: Contact oi the ground is very similar and includes Dakota, Shinammp and Morrison formations. National Confirms (Continued from Page 1) ing properties, in addition to much equipment and cash reserves. Survey Denver Bureau Atlas Uranium Corp. has been one of the stronger publicly-finance- d Stockholders in Pioneer Uranium Corp. were DENVER mining companies operinformed this week a merger with British Western America Ura- ating in the Moab area. It was ornium Corp. is being considered. ganized about 18 months ago, and since then has established a repA special stockholders meeting to consider the merger pro- utation for its able and conservaposal has been called for Aug. 1, Pioneer President Dan OLaurie tive management. said. Paramount completed sale of lay. its stock issue in May. British Western America, acPresident Dan OLaurie of Both companies are producing cording to information available Pioneer was one of the founders here, is an organization largely of Charles Steens Utex Explora- ore. Atlas has been shipping financed with British capital. Its tion Co. from its Last Chance mine, San offices are in Denver. Properties Juan County, Utah, since Febinclude 142 claims in the Gas ruary and ore shipments plus Hills area of Wyoming, on Wray income from custom drilling Mesa in Colorado, and near Mon-ticellhave paid for all company op(Continued from Page 1) erations for several months. to the Atlas Corp. According British Western American is- by Paramount currently is develthe same channel field sued 298,400 shares of common of oreengineers, that is on the Pick Delta oping eight San Juan county stock to the public at $1 per mine will be encountered on this claims known as the Pinch group share. property. Drifting is now under- which show exceptional promise. Under the merger proposal, way and mill shipments are exPioneer stockholders will receive pected within the next 30 days, one share of British Western according to Nationals field America for each four shares of manager. Lashers report told of a new Pioneer held. ore strike on the companys "Future plans are to bring in Daisy June 1, 5, 6, 7 which shows other companies as satisfactory ore valued at approximately $60 negotiations can be worked out, per ton drawn by open pit minthe letter to Pioneer stockhold- ing methods. ers said. Both companies are now Announcement was also made for of the election of I. D. Spiegel of agreenegotiating drilling ments on properties whereby the Sutro Brothers Co., members of property will be drilled for an the N. Y. Stock, Exchange, to Royal Uranium Corp. has 1200 interest and without a cash out the board of directors. tons of high grade ore stockpiled at the site of what has been described as a "bonanza. o. BUREAU DENVER see 722 Circulation Denver, Colo. Bureau Chief LEVINE For the news of most sUnlficanee in the mining and oil world. All news appearing in the Western Mineral Survey Is obtained from souroes believed to be reliable hut no responsibility is assumed for accuracy of Here Comes the Circus Reproduction of any material from thia publication must have written permlatlon from the publisher. Men who work in the nations oil fields have a language all their own. So if an oil man tells you that the circus is coming to town, dont start looking for elephants or tightrope walkers; its just 'his way of saying that the engineers are arriving on the job. There are many kinds of engineers in the oil industry chemical, civil, petroleum and they all fill key positions. For instance the production engineers job is getting the crude oil out of the ground after the bit strikes the CORRECTION Alpine and Triumph Uranium companies, operating jointly, shipped two carloads of copper concentrates valued at over $4000 per carload recently. Due to a typographical error in the June 24 Survey, the shipment was mentioned as $400 a carload. zone. oil-beari- Paramount 'Bonanza' Ore News - Advertising Kitteredge Bldg. NORMAN I Merger Looms With Pioneer, British Western U of Denver for two years; Please mention Western Mineral Survey when wrltinr to advertisers. Advertising rates on application. er VOTE DUE AUG. $5.00 $3.00 J. A. HOGLE Member Salt & CO. York Stock Exchanges Lake-Spokane-N- ew We Specialize In Mining Stocks Leans Made on Listed Mining Securities 132 Main Street . 2380 Washington Blvd. SALT LAKE CITY .OGDEN 523 West Sprague Ave., SPOKANE 35 North University, PB0V0 Claimed By Royal Uranium Chemical assays average one per cent, George Patterson, president, said today. It . will be necessary to obtain some lower grade ore to sweeten the one per cent material, he added. UTAH UNLISTED MAHKETS A. P. KIBBE & CO 42 WEST BROADWAY Industrials Municipals Oils Uraniums SALT LAKE CITY Phone 11 1 TWZ SU560 Correspondent JOSEPH McMANUS & CO. Private Wire System to Leading Cities KANE CREEK URANIUM CORPORATON A MIKING & EXPLORATION COHFOHATION IN THE EXFIOMTION STAGE The company's properties are located in Summit Canyon, San Miguel County, Colorado, and in the Kane Creek area in Grand and San Juan Counties, Utah. 5c Pax Value Shipping is to start in a few days, he said. It is planned to ship 40 tons to Monticello, which will permit a checkup on the lime content and vanadium content. The ore contains very little 5c Public Offemg Price 6,000,000 share common capital stock Non-assessa- lime. Royal claims are in Indian Creek, San Juan county, directly adjoining Moki Uranium Co. claims, which likewise are described as in the bonanza class. said the monthly meeting of stockholders will be held Wednesday July 8, when a report is to be submitted. Patterson, Royal has 3,000,000 shares outstanding, all ground paid for, no royalties involved and a substantial amount ofmoney in the treasury, Patterson said. ble Offering Circulars may be obtained from the underwriters: Securities Inc. of Utah P. 0. Box 96 26 W. Broadway Salt Lake City, Utah Ph. Mid-Americ- an 22-07- 01 Melvin G. Flegal & Co. 26 West Broadway Salt Lake City - Ph. 19 Please send me a copy of the eifering circular relating to Kane Creek Uranium Corp. Nam St. and No City and State. |