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Show ij 'ir,ui V17. v I r o ALT LAKE SHELTER VALLEY KICKS TMS MS SILVER (par M. mw LEAD, M tM coffee GOLD UWO Features Mining, Oil, Financial VOL. 18. NO. 9. Salt Lake City, February 28, 1947 A newly organized mining firm has announced intentions of undertaking a development program on properties obtained under lease from Mountain Mines Company of Salt Lake Left is a view upper tunnel at the Big City. of-th- e Cot- tonwood, Utah, property and lower is shown the lower main S. L. Valley Mill Capacity Custom milling capacity of the .concentration' mills in the . Salt Lake Valley remained at about 3,900 tons of ore per day ' during 1946 with less than half of this amount, being utilized, : according to information released by the United States Bureau , of Mines. The largest custom mill in the conarea, the Midvale 1,700-to- n centrator of the United States Smelting, Refining it Mining Co., treated largely zinc-lea- d ore, most of which came from - company-owne- d properties in the West Mountain (Bingham) -rwas --closed district.1; The . during , the. labor' strike "from late January to late June. The . concentrator of the In- ternational Smelting it Refining Co. at Tooele operated at such time: during the year as w . New Firm to. Develop Big Cottonwood Property . ore was available. The milling bulk - of the ore continued to come from custom sources; the Park Utah Consolidated. Mines - Co. at Park City supplied most ore. The 700-tof the: zinc-leconcentrator of the . Combined Metals Reduction Co. at Bauer operated throughout the year, principally on zinc-lea- d or opore from company-owne- d erated mines in Utah and Idaho. The Silver King. Coalition 800-to- h concentrator at Park City was active throughout the year and treated only ore from the company mine. The 1,500-to- n tailings plant of the Pacific Bridge Co. at. Park City operated only in the last third of the year. The Garfield copper smelter and the Murray lead smelter the American operated by Smelting it - Refining Co., and the Midvale lead smelter of the United States Smelting, Refining it Mining Co. all were closed during the extended strike period, and the Tooele copper smelter of the International Smelting it Refining Co. remained idle throughout the year. The Garfield plant continued to operate largely on output from the Utah Copper Co.; the Tooele lead plant of the International Smelting St Refining Co. operated in conjunction with the company plant and ores and old treated zinc-le- ad er slag, yres, lead concentrates, and zinc ores from company-owne- d operations as well as from custom sources; the ' Murray plant treated lead concentrates, lead ores, and siliceous ores chiefly from mines in Utah and Idaho; and the Midvale riant lead . concentrates, Iead treated ores, and siliceous ores mostly from its company-owne- d properties in Utah. The Tooele on ad - : zinc-lead-sil- ver , slag-fumi- ng zinc-copp- plant treated a to- 178,000 tons of hot current slag, cold slag, and crude ore in 1946 compared with 175,-5tons in 1945; the resulting zinc fume (20,000 tons) averaged 72.7 per cent zinc and was shipped to the National Zinc Co. at Bartlesville, Okla., and the lead fume (2,545 tons) averaged 47.4 per cent lead and at the Tooele was lead smelter. tal of about (Mr IN) 1MM One Year $2.50 Strikes Drop Utah Silver Production to 66 Year Low Utahs silver production during 1946 dropped to the lowest to since estimated reports released by the 1880, according figure Salt Lake Office of the Bureau of Mines, United States Department of Interior. .The slump of some 2,387,000 ounces from the 1945 output of 6,106,545 ounces dropped the states total to the 66 year low. Losses were particularly pronounced at the properties of the Utah Copper Co. and the United States Smelting, Refining it Mining Co. in the West Mountain (Bingham) district and at the Tintic Standard Mining Co. f properties in the Tintic district. Silver output in the Park City region held up well largely because of the increase of 100,000 ounces from the property of the WASHINGTON, D. C. Senator New Park Mining Co., although Johnson of Colorado asked the this gain was offset by a slight atomic commission to find out decline at the Park Utah Con- why prospector-mine- rs who dig solidated Mines Co. and a pro- the worlds most minprecious nounced decrease at Silver King eral not paid are uranium Coalition Mines Co. The Utah for that material. Copper Co. and the United States Johnson, a member of the conand Lark property remained in atomic committee, exgressional first and second place, respecthat uranium is a bytively, among state silver pro- plained of refinement of vanaproduct ducers, although output at the two properties was only half of dium, for which miners are not by the three companies to. that in 1945. Other important sil- paid which they deliver it. ver producers in 1946 in order Johnson said the three vanaof output were the New Park Mining Co., Park Utah Consoli- dium refining companies have dated Mines Co., Chief Con- refused to share with the minsolidated Mining Co., Calumet, ers the value of uranium found Silver King Coalition Mines Co., in their ore. Tintic Standard Mining Co., ButThese men dig the most valterfield, and National Tunnel & uable minerals in the world. Mines Co. properties. These 10 They ought to be compensated properties supplied nearly 90 per for it. cent of the state total silver in Johnson told reporters after 1946. the meeting on Monday the min- -calcto preliminary According ers presently are being paid tor" ore, zinc ore, vanadium ulations, zinc-leores but that no price and lead ore furnished 55 per has been fived on uranium ores, cent of the state silver output, a byproduct silicopper ore 32 per cent, and ceous ore the remainder. ad Mountain Mines Grants Operating Lease To Protect Mining Organization of a new mining firm, known as Mineral Fork Mining Company, for the purpose of developing properties located in Mineral Fork of Big Cottonwood Canyon, Utah, was announced in Salt Lake today. The new firm has obtained two tunnels, to drive a raise a sixteen year lease from Moun- from Mountain Mines main tuntain Mines Company on the en- nel to the upper workings for tire upper portions of Mineral ventilation and transportation Fork Basin. The lease covers purposes. 6000 feet along the Silver King The Mineral Fork Company vein. George A. Rich is presiis providing its own road equipdent of the new Utah Corpora- ment for the purpose of improvtion with Earl B. Anderson ing the road into the operating vice president and Karl J. area and, according to reports, intends to fully equip its propersecretary. Leased Area ty with modem mining machin The lease comprises property ery. known as the upper workings Promising Areas of Mountain Mines holdings and Portions of the property under includes ground extending 325 lease to tVe new group have been feet below the old Regulator operated by lessees during past Johnson main tunnel. and considerable ore proIn addition to production op- years however, the developduced, erations, from known ore show- ment projects as now planned ings in these upper workings, are expected to open ore horipresent plans of the group call zons substantially below those for the driving of a development heretofore productive and betunnel from a point on the east tween development areas of the side of Mineral Fork Canyon older upper workings and those 325 feet below the Regulator being explored by Mountain Jonhson tunnel in an endeavor Mines through its main to undercut orebodies. formerly tunnel Company some 1000 feet lower opened above. down on the mountain. Tunnels Planned ' Thi lower tunnel encountered The groups lease provides for the Silver King veiif at a dis150 man shifts per month and tance just in excess of 3000 feet payment of a sliding royalty rate from the portal, following which on ore production of from 10 considerable development work to 25 per cent of net smelter has. been done both easterly and returns. A further stipulation westerly from the point of interprovides that Mountain Mines section. Mineralization is said to Company grant the lessee the (Continued on Page Four) right, upon completion of the Mc-Ka- in, J. A. HOGLE . Member . slag-fumi- ng ...... u.cts ........ HAIM . Goes Unused n h. NVt UA Payment for Uranium Ore Requested development tunnel. 1,500-to- (per1 1mS) Sail Lake-Ne- ar Cr CO- - Torb Stock Exchtraqe WE SPECIALIZE IN MINING STOCKS PRIVATE WIRES TO ALL MARKETS 131 MAIN SI DESEL Sail Lake : BLDflk Ogden Senator Pat McCarran of Nevada was unanimously elected chairman of a bipartisan bloc of 13 western senators, organized to protect the interests of the west with special scrutiny promised for any administration proposal to cut tariffs on products similar to those from their area. McCarran said that he feared interests of western farmers and miners were being made secondary to the welfare of foreign countries in development of foreign trade agreements. Sunshine Mining Wash. Directors SPOKANE, of the Sunshine Mining Co. declared a quarterly dividend of 10c a share, the same as the previous quarter, amounting to METAL MINING INDUSTRY 8148,882 for the 1,488,821 shares OF UTAH outstanding. FREE INFORMATION ON COMPANIES LISTED ON SALT LAKE STOCK EXCHANGE 18 YEAR HIGH LOW PRICES 1946 STOCK SUMMARY MANUAL -19- 46-47 An up to dote mop of the fomous Tintic Mining District, showing the location of many properties of listed companies. We will forward the above to you upon request, together with any additional information you desire FREE OF CHARGE., 62 , re-trea- ted H. E. HAVENOR fir CO. CROMER BROKERAGE CO. 619. NEWHOUSE BUILDING, SALT LAKE CITY, UTAH MEMBER SALT LAKE STOCK EXCHANGE MEMBER SALT LAKE STOCK EXCHANGE INFORMATION FURNISHED ON UTAH COMPANIES ORDERS EXECUTED ON ALL EXCHANGES MAIN FLOOR STOCK EXCHANGE BUILDING. Salt Lake City Telephone 57 . |