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Show 'Pockets Full' Seagull Says Floyd Odium, Movie Magnate To Join? M Each of a series of uranium pockets, on the rim of a channel of the Waterfall claims of Seagull Uranium Corp., Is estimated to contain from 2,000 to 5,000 tons of .25 per cent uranium ore, according to a report by Roger Conreaux, engineer and superintendent of the mine. By O. D. Quinlan Atlas Corporation, $84,000,000 holding company of Floyd B. Odium, may prove the most attractive medium through which to maintain an invested interest in the uranium industry, if and when a proposed merger of Howard Hughes RKO Pictures Corp., Wasatch Chemical, Air- fleets, San Diego Corp., Albuquerque Associated Oil Co. and Australian Uranium Corp. is consummated with Adas. of the stock of Lisbon Between them, San Diego, Airfleets and Wasatch own that Lisbon Uranium Uranium Corp. It is within the realm of reasonable speculation could ultimately be included in the huge merger program now in the making. Hidden Splendor Mining Company, is already a 100 per cent owned subsidiary of Atlas. two-thir- The report was submitted to Wallace B. Kelly, Seagull president. Occasionally, high grade ore averaging up to .37 per cent uranium is encountered along the sides of the channel, Conreaux ds Edward W. Dumke, partner in the securities firm of ,thorim aniJ bodies of Homestake Mining Possibilities Company. Dumke & Light, members of the on ? ?u8rter York Stock has New Exchange, raulm.jaf In August 1955 Atlas also obeag" directed our attention to the poJIon tained options on stock of Ken-madiscovered" thorium. sibility that one third of the as.wrlter! Chibouganmau Mines Ltd., sets of Atlas Corp., will even- - Standard & Poor Corp., finan- - under which Atlas is supplying tually be Invested in the uranium cial statisticians, recently com-- funds for exploratory work. mented that Atlas at present industry. Practically all of the is a real discount from . As a holding company, Dumke Prices of marketable securities assei vaiue pointed to the fact Atlas Corp. at the 1955 r were would fall heir to a tax free A news letter by a prominent equities. The largest single holdcredit of $30,000,000 as a result brokerage house doing a nation- - ing was 1,000,000 shares of RKO of merger with RKO, plus tax wide business In commented Pictures Corp., shares, whose credits from other corporations upon the discount from asset principal asset in cash. Plans for that are scheduled to participate value contained in the present expansion of the company are in the merger plan. price of Atlas, stock saying: currently being discussed. Other important marketable interests No date has been fixed for if uranium is worthless action on the merger proposal, this discount will take care of are Walt Disney Productions and Atlas stock on the N. Y. Stock a large part of the customer's Electric Bond & Share. OperatExchange pays an annual $3 divl- - losses; but, if uranium and fls- - ing expenses in the first half of dend and is selling at about $39.75 sion are for our life time and 1955 exceeded income by $375,-11- 2 a share. fission for posterity one can or .22c a share. Security real profits. If fusion comes The agreement to merge or reap to a amounted $2.33 profits then Atlas ha8 consolidate Atlas Corp., and RKO foot ln the door H share. Pictures has been reached ten- ever deslred t0 ln tative by Odium and Hughes. ,, he Atlas possibilities. The proposed exchange con- - study Detector Indicates one of share templates giving & Poor .tatiatical standard the present Atlas stock for 5 !enrtce ta a recent Big Bend Ore shares of RKO Pictures Corp. durlng tbe first one-haIndications of another big ore 1955 uranium holdings ot vote his Hughes had agreed to on property of Big Bend 1.262.000 shares of RKO stock in Atlas were increased through body acquisition of approximately 30 Uranium Co., 15 miles south of favor of such a merger. per cent (1,350,000 shares) of the Green River, were brought to In addition, Atlas Corp , owns outstanding stock, of Australian light recently as the result of 907,100 shares of RKO stock. Uranium Corporation. The shares This combined with Hughes 1,- - are carried at a market value use of a machine known as a sulphide detector. 262.000 shares totals 2,961,921 of $1,917,000. shares or 73 per cent of the stock. Geologist Don Quigley operatThere is some opposition to the J Thrcmgji its 100 per cent subsidiary Hidden Splendor ed the machine on the property. from holders of lesser Mining Co., Atlas also acquired Geologist Leland Davis, on be amounts of RKO stock. half of Big Bend, said there are ?tioa ta buy all the Currently, assets of RKO Pic- of Almar Minerals, stock consist of $17,000,-definite indications of a big ore Corp., 51 per cent inter-taowns wblch a 000 in cash, and a capital loss, est an the operator of a body beyond the one that Big carry forward of about $30,-Bend uncovered several weeks S1jf orf body located ln 000,000, due to losses incurred. The exchange offer places an Utah adjacent to certain ore ago. estimated value of about $7.87 a share on the RKO common stock. Since cash on hand is equal to $6.00 a share, some minority shareholders contend the exchange ratio gives a value of only $1.87 to the $30,000,-00tax credit. Several have asserted the tax credit has a value of $10 per share. A prominent Los Angeles brokerage house in a recent current letter to stockholders declared At last a uranium stock for Mrs. Jones: Atlas Corp., Is a KIBBE & great investment company. It now has 30 per cent of its assets 42 WEST BB0ADWAT in the uranium business. Along with RKO Pictures, it SALT LAKE CITY 1 is proposed to merge Airfleets, I , said. r -- Page Three The Western Mineral Survey, Salt Labe City. Utah October 21, 1955 MuirJ1,10",? f1 The Waterfall group is in the Big Indian District of San Juan County, five imles from Charles c Steens properties and approximately parallel to claims of Continental Uranium Corp. According to Kelly, operations are going ahead on the channel shaft, where good ore has been encountered. Some bodies, he said, have also been drilled on the rim of the channel, half a mlie away from the shaft. Ore on the rim has been proven out and Indicates the channel may be half a mile wide, Kelly said. The rim tapers off steeply into the canyon below. It is planned to proceed from the edge of the rim into the pockets, mine out the ore, and drop it by means of chutes, into trucks in the canyon below. This plan, according to Conreaux, is less expensive than to mine from the top which would involve drifting half a mile. President Kelly announced an an important meeting of Seagull directors will be held In Salt Lake City on Oct. 28. $26,-965,0- FLOYD ODLUM an eye on the future mid-yea- , HOWARD HUGHES . . Screening merger HARMON CITY Utah's Largest, Finest One Stop Shopping Center 4000 WEST 3500 SOUTH 4,. eent lf own-merg- er out-tur- es 1 x Drags and Prescriptions - Hardvan - Hunting and Ticking Dept. Bed Goose Shoes - Clothing and Ready-to-WeMeat Department - Bed Goose Shoes - Clothing and Ready-teMat eDpartment - Corn Fed Grade A Beef - Grocery Trait and Vegetable Department Make it a Habit to Shope at this One Big Fine Shopping Center ar o. 7 A. M. OPEN 7 DAYS A WEEK JACK HARMON, to 10 P. M. Proprietor 0 SPECIAL NOTICE Because of recent favorable developments the officers of Gunsife Butte Uranium Corp. urge all purchasers of Gunsite Butte Uranium Corp. stock to demand immediate delivery of their stock. For farther information: PHONE DA 2-07- 01 OR IN 7-12- 72 . The Officers . of Gunsite Butte Uranium Corp. Inc., San Diego Corp Albuquerque Associated Oil Company and Wasatch Corporation with Atlas. All are among producing and oil properties as well as having investments in Lisbon Uranium Corp. Some of the four compales are partners in various corporations such as uranium holding groups, and Important benefits would flow non-produci- WE ABE PROUD OF THE PABT WE DO IN SERVING THE PIONEERS OP THE URANIUM INDUSTRY INTERMOUNTAIN STAMP WORK 242 East 2nd South Phone Elgin 04 CO A. P. from bringing them together under the same ownership and management, according to 'a statement by Odium. Odium recently pointedly explained that Atlas uranium hold: ings could be weeded out before government guarantees expire in March 1962; that Atlas had ex Phone 11 TWX SU560 Correspondent JOSEPH McMANUS & CO. Private Wire System to Leading Cities 00 |