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Show i:-- KEEP POSTED ON uranium K ,J)or fteuA cfi 'it ' 0 Vol. 27; No. 33 SEC Propose" Securities fyhificaHce in The OH and Hthiing WoAd Friday. October 12, 1956 THE WESTERN MINERAL SURVEY Lisbon Discovers New Ore Deposit se .-iri- ditional exploration and develop- and interests in about 300 contigment will determine the latitude uous claims in the Little Mountain of the or ebodies, shipments and area. Development has been rap--d as the ore body is only about work to date indicate the potendale theory, was first tials of a major addition to com- 35 feet underground and east enThe Securities and Exchan,, trance was possible via incline in 1935 as an explanatory Big Horn county, Wyo., it is an- pany assets. Commission has under considera-tio133 note in one of the commissions nounced by A. P. Kibbe, Lisbon a proposal to revise Rule During the last three months which was in ore from the porthe company has acquired through tal. under the Securities early registration forms, Form president. and form That form was rescinded in Mr. Kibbe said that while ad- - purchase or acquisition options Act of 1933. This rule, which is in The ore is being shipped to the the form of a definition of the 1947 as a part of the commissions Riverton, Wyo., buying station, offer to over-al- l form revision program. terms sale, offer, some where restrictions in pursell" and offer for sale, serves From then until the adoption of chases have been evident pending to make the registration and pros- Rule 133 in 1951, the Commission establishment mills in Wyoof e adtheory pectus requirements of the Act in- followed the ming. applicable to certain mergers, ministratively in applying section consolidations, reclassifications of 5 of the Act. In the meantime Lisbon is drivsecurities and transfers of assets ahead with its Ike shaft in ing The Commission has never felt, between corporations. Indian district in San the AlbuBig The emlimitations oil federal of tices the acreage industry in The effect of the proposed re- however, that the principle Utah. It is anticipatJuan county, on oil leases and gas and options querque. necessarily apvision of Rule 133 would be to bodied in this rule will ed be finished by Decemit contexts under the on public domain land probably It seems now that neither the rescind the existing rule and to plies in other Production ber. is expected to inAct or under any of the will be dropped. U.S. Sen. Clinton Department of Interior or the substitute therefor a rule which Securities tons reach 6,000 per month by states. statutes administered by the P. Anderson dustry think much of the acreage would define the terms offer, other April. These limitations on public limitations and its evident theyre dffer for Commission. offer to sell and domain land have goverened the not being enforced or followed, Form is used, generally sale to include the solicitation Anderson stated. corof industry since 1920. of a vote, conent or authorization speaking, for. capitalstock stateSen. Anderson made rechis Testimony during the hearing, Kaiser-Haml- in of stockholders of a corporation porations which do not have a week-lonment Anderson a after not succeedconducting said, made it apparent in favor of such mergers, consoli- ord of earnings, have investiSenate dozens of devices are emthat and subcommittee dations, reclassifications of securi- ed to other going businesses subof lease and option prac- ployed by the industry to get gation ties and transfers of assets. The do not have any important used The form is sidiaries. around the purpose of the laws. only a that would revised rule provide to sold securities are be where the Moreover, by giving the industo occur when is deemed sale Uranium and vanadium producnot available for is cash for and the right to unitize an oil to try stockholders of the approval from the tion field and take that producing the merger, consolidation, reclas- insurance, investment, or mining mine the North Salt Wash of hr acreage off the allotted limitation, Utahs sification or transfer is obtained. companies. Mountains will be Henry it would seem that Congress does Purpose of Revision Promulgated in 1935 as a result resumed immediately not feel strongly about the limits, The subtance of existing Rule The purpose of the proposed reCurrent for methods contracts of taxing completed by the Eu133, commonly referred to as the vision Is to bring the items and in- school house construction were the senator added. Co. of reka Mining Hamburg structions of the form Representatives of major oil Oakland, Calif., and Grand Develcriticized this week sharply by and in line with the items and in- a top official of the U S Office of and gas producing firms in the Beehive-Standar- d of Salt Lake structions of other forms... A copy Education. U.S. urged that the limits be drop- opment Company ... City. of the proposed revision is atped while testifying at the hearat tached hereto. the annual meeting ing. Speaking According to Sid Wheat, secreAll interested persons are invit- of the National Council for Its a case of either dropping tary of Eureka Hamburg, Grand Beehive Uranium Corporation ed to submit their views and com- Schoolhouse Construction, Wayne the limitations or putting some Development Co. will begin a Uranium Beehive Corporation ments on the proposed form in R. Reed, assistant commissioner of muscle into them seeing that drilling program to block out ore and Standard Uranium Company writing, to the Securities and Ex- education, charged that many they are enforced, Anderson said. reserves in addition to the conhave struck a natural gas field of change Commission, Washington school districts are tied to an Everyone Congress, the in- siderable body from which shiptremendous potential on Beehive 25, D. C., on or before November archaic pattern of taxation. the dustry, Department of Inter- ments at the initial rate of 100 The convention was held in ior uranium propertries near Loma, 5, 1956. Except where it is reseem to agree that the tons per week will starl at once. Production will be stepped up Colo., which is near the Utah state quested that such communications Denver this week. acreage shouldnt be limited. not be disclosed, they will be to 800 tons per month soon. line. to I wanted two establish There is little wrong with our Multimillionaire Charles A. available for public inspection. with these one, hearings school plant programs that ade- things Past ore shipments from the Steen is president of Standard lease that holders were making fiand Mine have averquate planning adequate and Dr. J. P. Riggs Sr. of Grand a mockery of the limitation law; not will said ton and asays from $45 correct, nancing aged per Junction is president of Beehive. dis- two, what kind of legislation ore in place currently average too Reed. that Claiming many In a telegram today to Bob tricts depend upon property taxes should be in effect to aid the 0.277 uer cent uranium and 2.41 Bernick, mining and financial in the public Interest. per cent vanadium. Arrangeprimarily as a source of capital industry editor of the Salt Lake Tribune, Gov. John Simms has designat- ments have been made with Vitro outlay funds, he agreed with Dr. Riggs announces another big ed the of Oct. week as Oil Uranium Company of Salt Lake Beardsley Ruml, the national tax gas discovery in Behive Federal U. Week in New Mexico. Progress expert, that school officials will City for purchase of the ore at the No. 3 well. In his proclamation, Gov. to look have of sources for other mine property. Unauthorized and erroneous Simms invites the attention of civilA successful for funds their for program capital outlay announcements have been ramMines in the immediate vicinity our citizens to the many and ian applications of atomic energy, construction purposes. pant during the past two weeks n the of in Garfield varied contributions of our oil must Frankly, one of the most imsince well No. 1 came in with an particularly atomic power, are National and to County modern Pennell, involve solution of the problem of portant decisions the American industry living. initial flow of 20 million cubic cost Vitro. and continuity of supply of people must make is to determine feet per day, Dr. Riggs advises. uraium, according to Dr. Lauch-li- the relative obligations of and the W. H. Orchard, vice president Form New Company C. Currie, vice president of procedures to be followed and general manager of Beehive by the Union Nuclear Carbide Company. local, state, and federal governMountain Mesa Corp. Uranium, estimates that Beehive in all ment in providing for school plant Ruth L. Reynolds, former presFederal No. 3 well will produce Union Carbide is engaged energy from ura- facilities needed for increasing ident of R. Reynolds & Co., and Hearing Postponed in excess of 12 million cubic feet phases of atomic nium mining to application. loads and to replace existing fa- Virginia Cromer, who has been per day and that Beehive No. 2 connected with the brokerage Hearing for temporary injuncone of the leaders cilities, the speaker said. and No. 4 are almost certain to be iiiDr. Currie, resources business in Salt Lake tion in Mountain Mesa Uranium City for the the energy field, who producers. ten have a formed past years, gen- Corporations suit against RiverReThis will undoubtedly prove, will speak at the Energy Oceral stock brokerage company to ton Uranium Corporation, origisources Conference in Denver 50 Seeking Applicant? says Dr. Riggs, that the proper- tober as be known Salt Lake Securities, nally scheduled for last week was points out that uraties held by Beehive Uranium and located in Suite 631, Judge postponed until November 14, Dam Inc., Business Area in which Standard Uranium has a nium supply toapparently has 1956. Salt Lake Bldg., City. reached a satisfy military More 50 have than joint venture interest, will be one demand. point applications It is a primary thesis, been received H. O. English, president of of the greatest gas producing by Paul Jones, sufDr. Currie that there be says, Mountain west. areas in the Mesa, said delay in the chairman of the Nava- Harold Buck ficient uranium for Appointed was a least three Mr. Orchard says hearing granted by Federal jo Tribal Council, for leases to T. Kerr, following more wells will be drilled within programs in atomic energy. It is operate businesses on the Indian Distributor for Ewing Judge to to continue the miners role ex90 the next request from Riverton Uranium lands adjacent to the Glen Can- Porto Power days and that in meet demand the Company officials. of cess of 30 million cubic feet yon dam project on the Colorado is that expected. gas with a BTU of approximately Harold Buck of Bucks War Coal miners, too, holds big river. Mountain Mesa Uranium, a one thousand will be available for has just been appointed trailer Surplus restaurants, Motels, sites, world in stakes future the energy Wyoming corporation, filed suit distribution within the next three merchandise stores, ga- western states distrbiutor for the in Federal Court at Cheyenne, general advances Rapid requirements. months. have been made in methods of rages, and machine shops are Porto Power Manufacturing com- against Riverton Uranium to quiet processing liquid fuels from coals. among th epotential businesses pany of Burlington, Wis., manu- title on valuable claims located In Next Week's Issue Dr. W. C. Schroeder, professor listed in the applications, he re- facturers of power and light in the Gas Hills and Crooks plants, compressers, welders, Gap areas of Fremont County. Important news on Black Hawk and consulting engineer from the ported. steam and cleaners. to pumps decouncil the new said transaction Jones property plans University of Maryland, will coming, Principal stockholders in RiverOffice and display room is a ton Uranium are Charles M. Colein Nevada watch for details in scribe to the Conference the eco- wait until approach roads to the next weeks issue. Stock now trad- nomic possibilities for liquid' fuels project are completed before it 46 South State Street, Clearfield, man and Albert Dilling, both of Utah. acts on the applications. from coal and oil shale. iy4. Chicago. ing at A new area of uranium deposits is believed to have been discovered by Lisbon Uranium Corporation. The deposit was located in the Little Mountain district in a 1933 prom-.gate- d n S-- 2 E-1- 7. U.S. to Drop Limits On no-sal- Oil, Gas, Leases Soon (D-N- S-- 2 to g Resume Operation Taxing Methods Kaiser-Hamli- n Termed Archaic up-to-da- te Taps Gas Field Kaiser-Hamli- Miners Hold Key To Increasing Ore Demand 14-2- n 0 Kaiser-Hamli- n 29-3- 1, Win-dowroc- k, non-militar-y ever-increasin- g ; -- ' |