OCR Text |
Show ; f : 'mJ i-Llh i tut i'it .7 4f ; u ;Ua T-- "a efe4 ctf VoL 28; No. 23 Oil and iHikiktf )f(cJt Significance Salt Lake City, UUh; fust Navajo Tribe to Sell Hoii Land Around Oil Area Lead, Paul' Jones, chairman of the time the claims apparently were Navajo Tribal Council at Window alive. Incidentally it also is apparent Rock, Ariz., annouced a public bonus-leathat some of the land, including sale of some acres of tribal lands sur- the disputed xtate titles, is prorounding various oil pools in San ductive in nature being on the southeast end of Aneth Pool. Juan County. Mr. Jones said that a much The cheif said Sept. 15 had been set tentatively for the honus larger acreage of tribal land origibidding at Window' Rock. The nally scheduled to be let for bid Tribal Council will lease the acre- in November, would now be set ages for oil and gas drilling to for bidding in early October This acreage is west of the prethe highest bidder. The council sent leased area of the Utah porretains a 12 per cent over-ridi: royalty and receives rental tion of the reservation Some of payments in addition to the bonus it. is relatively near the new ' Tohonadle Pool of the Shell Oil money. 'Mr. Jones confirmed that these Co. lands contain the disputed Utah state school sections, Nos. 2, 16, 32 and 36. These sections were eliminated at the last minute from the big bonus bidding last November. Mr. Jones said attorney for the Radorock Resources Inc. and Bureau of Indian Affairs were handling the defense of title Federal Uranium Corp., two affilagainst companies and individuals iated Salt Lake firms, have made substantial discovery of rel who leased these school sections Utah. state of Among high grade uranium ore atively from the Hills District of FreGas States in the Western the is these firms mont Lake Salt County, Wyo., it was reCity. Refining Co., lands the ported. It is understood that The find may pave the way for to be bid i upon will be in tract entrance of financier Floyd B. of 80 160 'and 320 acreas. arose Odlunj . into , ihe milling scene in Meanwhile,; a. newaRgle,. in the conflicts on the reservation. the district, where a number of Two appeals have been made firms are currently competing for to .the Secretary of Interior by Atomic Energy Commission apsfepdratcr parties to assert rights proval of mill proposals. C. Allen Elggren, Salt Lake tb uhpatented' mining claims filed as 1905 in 18804 later and atorney who is counsel for both in the' locations. Federal and Radorock and a legal oil and' old gold' placers These lands sire in the vicinity representative for Mr Oldum, conof' file McEbno Creek Fool, Aneth firmed that the two companies had- a substantial discopery of Pool and East Aneth Pool. The question is whether the ore on the claims of the Gas mining' claims did not revert to Hills Uranium Co. Radorock is operating on these the federal public domain rather near the Globe Mining the claims in the reservation to than at a ore Co.'s reservation body. The claims also are creation of that about a mile west and slightly south of the Lucky Me Uranium 7,-9- 00 se ng 5.-- . .r--c :i'j i . . - -- Solbn Back Hike On Tariff Plan Washington lead-zi- for the domestic Co's holdings. Mr. Elggren said that the discovery is now being evaluated by chemical analysis of core. The present estimates are based on spokesmen radio-metr- ic surveys . of holes nc indus- administration leaders, try mjnhng state' congressmen and mine operators Thursday askto save their tariffs ed higher industry. Demands for higher tariff came as the powerful and not always friendly House- Ways and Means Committee opened a hearing on the administration's minerals program, A key factor of ithe program is a sliding scale import excise lead-ar- id Isxf on . ioreign-produc- drilled. Discovery on these claims at this time indicates a deposit of about 200,000 tons which could be mined by open pit methods. Ore ranges around .35 U308, as againist about a .20 U308 average for the district as a whole. 10 Cents 2, 1957 iroup Starts mc Hearings WASHINGTON, D. C., Aug. 1 The House Ways and Means Committee opened public hearings here at 10 aon. tomorrow (today) here at 10 a.m. Thursday on an Administration bill designed to protect U. S. lead and zinc producers from unequal foreign competition. The measure would impose a sliding scale ta xof from one to three cents a pound when the American price of lead should drop below 17 cents a pound and to two a levy of from one-hal- f cents a pound for zinc imports when the U. S. market for that cents a metal fell below 14 Two Firms Reach Rich U?Rody, Discovery Hints Odium Action . 100-1-4 as Lisbon Uranium, Rio De Oro Mining Co., etc., into and with Hidden Splendor Mining Co., a wholly owned subsidiary of Mr. Odium's Atlas Cprp. That firm also holds 30 per cent interest in Uranium Reduction Co., operators of the nations Company to Ruy NJL Oil Firm pound. The Administration bill would substitute for present tariffs and become effective when prices decline to levels that would threaten serious injury to domestic producers, according to Administration sponsors of the measure. Charles E. Schwab, of Kellogg, Idaho, chairman of the EmerCommittee gency Lead-Zin- c representing a major segment of the industry said the industry in ' substantial agreement bn .the base price at which the tariffs ' should become applicable, but urges that the sliding scale should be substantially higher to carry out the intent of the Administration bill. Schwab said the higher tariff should be imposed to enable American producers of the two metals to compete with foreign lead and zinc miners whose labor and operating costs are much lower than those incurred for the operatio nin the United States? Schwab is expected to be a principal industry witness at the Ways and Means hearings. A lead-zin- c bill similar to the one tip for House study is also under Senate consideration. The Senate Finance Committee held public., hearings orvJhe .jneasur e is . largest Independent uranium mill at Moab, Utah. It Js understood that .Radorock- -. Federal has sufficient ore re- last week. serves validated at present to present to present a mill proposal to the AEC. ' . California Sees Carter Completes Mineral Potential Mr. Henry Hefter, of Beverly Second Well Hills, California, President of Tar The Carter (Ml Company has completed its second well at Me Elmo Creek Pool, believed by some to be an extension of the Aneth Pool, San Juan, for flow of 420 barrels of 41.3 degree gravity oil per day. The production is from the B zone in the Paradox formation and through a one-ha- lf inch choke. Productive section is between 5,506 and 5,510 feet. Ihe company has a third test running in this sector and Thurso. day announced location if its Creek Navajo Tract 114 No. 4 well at 2,140 feet from the south line and 1,680 feet from the east line, Section 8, Township 41 South and Range 25 East. Mc-Elm- Federal Uranium Corp is. exercising its option to acquire 50 per cent interest in the Radorock holdings. Under the agreement between the two firms. Federal proposed to lend Radorock $50,-0to $100,000 to develop uranAt a special stockholders' meet, zinc. ium , properties Radorock had Charles E. Schwab, Kellogg, under contract in this area of ing of Sun Uranium Mining Company, held last week, the stockIdaho ,chairman of the emer-teh- Wyoming. elected. a Board of seven holders lead-zicommittee, and Federal could further earn a Directors and changed the name 50 per cent interest in the properRep. Henry A. Dixon to Sun Tide of the company adthan those called for in the ties by agreeing to put up to $300,-00- 0 offiThe following Corporation.. ministration bill. cash in development work. cers were elected: H. G. Metos, After this contributation, the Tom Costas, They urged a three to five cent operating-ownershwould President; B. N. P. rights Secrewhen Meldrum, on tariff imports per pound divided between the two firms. be P. S. cents Sid 17 a Treasurer; tary; Spencer, the price falls' below Federal controls 52 per cent Marthakis, and Jack.Tallas cents 14 for pound on lead and of the outstanding stock of Rado-roc- George Comarell were elected zinc. The administration program with firms main Directors. calls for a tariff of one to three is tfce Radon Mine in property the Big The President announced that cents a pound . Indian District, of San Juan the company ' had completed the Democratic members of the Couity. purchase of the assets of Walters Meanwhile, it has been general- Uranium Corporation, Baggs Uracommitte Thursday repeatedly broke into testimony of witness- ly Reported in financial circles nium Corporation, Lucky Star es to imply lead and zinc were in Salt Lake City that considera- Uranium Company and Elaterite Sun receiving preferential treatment tion was being given to merging Basin' Uranium Company, the to for such is two be and stock firms these exchanged others, from the administration. Baby Mining Company, was a recent visitor in Salt Lake City. During his stay Mr. Hafter inspected the' Tar Baby claims in Cottonwood Canyon and Bigpicked up a sample of ore from a vein exposed in the Tar Baby tunnel. Out of curiosity he had this sample assayed with the fol lowing- results: gold 1.6 ounces; silver 74.8 ounces; lead 47 and copper 2.5. At todays metal prices such ore would yield over 00 ed cy (R-Uta- h) : Vice-Presiden- ip kj ! t; m, Democrat Takes No Mineral Risk v) Rep. Walter Baring is taking no chances that there will not be alternatives for in(D-Ne- dustry and administration sponsoring import duty- legislation on lead, zinc and other minerals. Among a list of bills introduced in the House by the Nevadan are those calling for a direct - sub-chorm- ite, mica, antimony, lead, zinc cobalt, copper, tin, asbestos, beryl and columbium-tantaluHe also introduced with other the administration-sponsore- d lead zinc bill. m. Another bill calls for import - . - nc Warren Approves Company Change Sun Uranium Co. Elects Directors, Changes Title to Sun Tide Corp. nc Westminister Corporation (formerly Warren Oil & Uranium Mining Cjy Inc.) announced that negotiations for the purchase of Uran-LeuInc., of Albuquerque, New Mexico, have been completed giving the company its start in the oil industry. are The assets of Uran-Leu- m ten of wells comprised producing in Shackelford County, Texas pumping from 462,000 barrels of reserves with 14 undrilled locations, and approximately 12,500 acreas of oil leases in New Mexico. Also two Uranium mining leases were included in the purchase. These leases are in a favorable area as the Butler Brothers Co. have been producing from adjoining properties. duties which Mr. Baring said was drafted by industry representatives .He has another bill with seperate subsidies for lead and zinc. And he has presented the House with a bill which would regulate f e prices of lead and zinc by means of a quota similar to that enjoyed by producers and processors of sugar beets under the Sugar Act. Mr. Baring said his legislation ton. just might be a solution to lead-zi$200 per and other mineral problems. Mr. Hafter was optimistic over future prospects of Tar Baby, both as to its property holdings in Utah as well as in neighboring states. However, he felt that it is too early to comment in more detail. - long-rang- e In a letter to stockholders dated July 19, T. R. Llewellyn, Executive Vice President of the assets of these companies, which stock will be distributed after the companies are dissolved by court action and which procedure will take two to three months to complete. Mr. Metos told the stockholders that the company had filed and secured oil leases on over 30,00( acres in the southeastern part of Utah and that, together with At a recent special stockholders meeting Warren Oil Sc Uranium Mining Co., stockholders voted approval of a change for the Company to the Westminster Corporation according to a statement by T. R. Llewellyn, Executive Vice President. He further announced a change in par value of the stock from lc to $1.00 by a reverse stock split of 1 for 100, reducing the total number of authorized shares from 500,000,-00- 0 to 5,000,000 shares. Llewellyn said ithe change of name and par value of the stock is in line with the significant changes being brought about by the agressive policies of the new management installed earlies this year. He also revealed plans ent- its affiliates, has approximately 55,000 acres of potential oil He ground under its control. stated that he was negotiating with a Colorado independent to drill on a 16,000 acre block owned by the company in Township 21 ering allied fields in the future, South, Range 9 & 10 East. He including the mining of base stated that he expects the drill metals and rare earths, with coning operations to begin on this tinued emphasis being placed on block within 30 days. expansion into the oil industry. |