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Show OFU CITY' 1 01- - i r. & LIBRARY 1 .J.vr.r t f ' y & TIT METAL PRICES 19c Lead (per lb.) Gold (per oz.).. ..$34.9125 .24.2c Copper 19.5c Zinc (per lb.) Silver (per oz.) -- 'vsstf i 1 s 4 i i : , i .. Union Chief Acquires Oil Holdings Stockholders of Union Chief Utah Oil Reserves On Upswing f . i i Utahs proved reserves of petroleum increased some 8,054,-00- 0 barrels during 1951 despite production of 1,346,000 barrels during the year the American Petroleum Institute announced Wednseday. Tlhe API lists Utah proved reserves of Dec. 1, 1950 as 21,- 629.000 barrels compared with! reserves of Dec. 1, 1951, of 29,- 683.000 barrels. The study lists an increase of 3,000,000 barrels of reserves due to extension of known fields 'and revisions during the year and lists Utah reserves in new fields and in new pools in old fields as 6,400,000 barrels. Nationally, the study shows that proved reserves of liquid petroleum an natural gas reached new all-tipeaks as of Dec. 31, 1951, with the nations oil and gas men finding or developing two new barrels of oil or two new cubic feet of natural gas for every barrel of oil or cubic foot of gas withdrawn during the year. The report listed an etsimated 44,500 new wells drilled in the United States during the year. "Of these, however, only 26,500 wells wer productive of either oil or gas or both. Mining Company will meet in Salt Lake City on March 29th ,o decide whether or not to change the name of the comOil & Min-n- g pany to Trans-Unio- n Company. Some time ago, a sale was made of Union Chiefs Merrimack mining claims located in Nevada to George W. Snyder of Salt Lake City for a reported price of $250,000, payable on a royalty basis. Mr. Snyder has . j j I ,90.16c One Year $2.50 Salt Lake llty, March 21, 1932 VOL. NO. 23, NO. 12 V new mined Features Mining, Oil, Financial 0 reported that during 1951, was spent in core drilling, $25,-00- engineering work and development of these claims. One of the exploration holes, drilled to a depth of around 250 feet, is reported to have disclosed a copper, large body of silver and iron ore. Engineers have advised additional rotary drilling for further exploration purposes preparatory to placing the property into production. This work is under the direction of Combined Metals Reduction Company. Union Chief Mining Company has recently acquired GovernMillions of tons of copper, in addition to other metals vital to the nations economy, have ment oil and gas leases containopen- - pit mine at Bingham Canyon since the above been produced from Utahs world-famoexcessof 10,000 acres of in ing land situated in Utah, Arizona, picture was taken. Now operated by Kennecot t Copper Corp., the operation not only provides California and Colorado. About employment for thousands of workers, but hag been one of the larger contributors to the genof these leases are located in. state. of the eral development Uintah .Basin, Utah. Negotiations are said to be now in process with several majors whereby Union "will receive acreage bonus and overriding royalties. Chief Mining Company Kennecott Copper Corporation produced 1,202,866,900 pounds Union Trading on the Spokane Stock Is listed on the Salt Lake Stock of copper during 1951, it was announced Tuesday by Charles R. Exchange and Samuel Bernexchange during February was down sharply from January Cox, corporation president stein of Salt Lake is president of of over the that levels, Brokerage Information increased preProduction 50,800,940 pounds the will have Silver Mines company. Clayton service reports this week. Feb- several vious year, which totaled 1,152,065,960, according to the annual of operprofitable years 0 ruary transactions totaled ation on present ore reserves if report issued by Mr. Cox. Accidents Preventable of half the about shares, : which prevailed The U. S. Bureau of Mines 998,493-sha- re volume of the pre- the conditions Virtually all of the 109 fatali1951 continue, President has estimated the increase in ties caused by haulage accidents vious month. Dollar volume was during M. Yeaman, Yakima, states production of new copper in in the nations coal mines durdown about 43 per cent from W. the United States to be 38,466,-00- 0 his annual report to stock- in 1951 could been prehave to In $458,138 $801,064 January holders this week. pounds last year. Kenne-cott- s ing the Inteof vented, last month. Secretary increase of 24,126,244 rior Oscar L. said toIn February of last year, 1,026,-86- 1 Metal sales last year totaled Chapman pounds in domestic production day in releasing a Bureau of A shares valued at $549,866 $510,762, the highest in the his- makes up 62 per cent of the Mines , The fatalities octory of the mine, and although fiflfilTl were traded. increase in copper pro- curred report total the taxes also were costs and 50 in bituminous Grandview Mines headed the duction in the country, the reThe following resume Of counties in 13 states. by the list in volume of shares traded highest yetnetexperienced amount- - ing activities in Utahs south- - port read. income last month with a total of veals. This compares with metal eastern oil fields wasSublished the nations copper is currently Could Sherman Name It? Idaho ' Roosevelt going into defense production to net the in week this We have no idea what SherEdeTSd or ?91y41 in and despite the increased pro- man would call the sort Standard: of war Metaline Mining and Leasing was less than last year. now supply on 1 between the UnitNo. showed ....Ute the Tribal C Tax great(located going expense third with 46,991 shares. be- ed Nations and1 Red China. were Total less mount-th- e in Roosevelt Pool in SW SW of supplies est increase, percentage In dollar volume Sidney had Crews drilling cause of a decrease in net imfrom $35,- - Sec. almost three-fol- d $74,turnover with greatest Investigating Committee ports of 315,590,000 pounds or 187 worth of shares changing 656 in 1950 to $102,079 last year, at 3861 feet. A congressional investigating 31 per cent, and because The immediate future suc- Ute Tribal B No. 1 (located about hands. It was followed by Bunk- committee is a body that keeps e of the strike. industry-wider Hill with $61,464, and Pend cess of the Clayton mine will near Roosevelt in NE SW, Sec. wastes (hours and In view of the existing emer- minutes, back total largely depend upon the difOreille with $59,675. Plugged taxpayers money. ference between controlled inei- - depth of 9838 feet. Total depth gency and the critical shortage of copper, Kennecott is preparTip to motorists: Keep your al prices on the one hand and 9954 feet Installing lease equiping for production the Deep 2 ment. Continued on Page tires up and your speed down. ore body located near 1 Rosemary Lloyd No. (Roose- Ruth it open-pthe operations of the (Week Ending March 15, 1952) velt Stepout well located in BINGHAM DISTRICT Pre- Corporation at Ruth, Nev., Mr. NW SW Sec. Combined Metals Reduction viously reported core between Cox also announced. Co. 660 tons. 10,948-11,0It is expected that ultimate feet recovered 53 U. S. Mines 8399 tons. feet A core at production of this mine will Utah Copper (Kennecott) feet recovered 126 feet. Crews amount to approximately 18,000 1020-8- 5 ton cars daily average. drilled from 11,127 to 11,135 tons of copper a year. In addi- PARK CITY DISTRICT, UTAH feet and are coring at 11,173 tion, . the corporation has exNew Park Mining Oo. 1539 feet. plored and is preparing for de- tons. Ute Tribal No. 3 (located in velopment a second and some Park Utah Co. 1528 tons, z Roosevelt Pool in SE NE Sec. what smaller ore body located EUREKA DISTRICT, UTAH Crews drilling at In the same are, ihe said. Chief 46 cars Consolidated The report also showed a to- ore. 3700 feet. Historians divide civilization this way: the stone H. A. Peterson No. 1 (located tal revenue increase of Dragon Consolidated 20 cars age, the bronze age, the iron age, and the steel age. in Roosevelt Pool in SW SW. during the year. Oper- clay. Crews are rig- ating expenses, taxes, depreci- PIOCHE Sec. Makes yon realize how important mining has been DISTRICT, NEVADA ation and other costs increased tools. up rotary ging Combined Metals Reduction for thousands of years. And to ns in Utah today, Willis Moon No. 1 (Duchesne $52,092,607. Total revenue for Co. 11 cars zinc concentrate, mining is still mighty important, because its responWildcat well No. 2 located in last year was $455,484,550 com- 4 cars lead 24 cars concentrate, A core pared to $312,044,790 for the SE SE Sec. sible, for benefits that reach every section of our perlite. 2 at feet, recovered 12 previous year. A. Hogle & Co.) state. 3903-39was Net income was reported at (Courtesy J. feet. A core at reported with no description. $91,347,153 or $8.15 per share amounted to $9.07 a share as Crews are drilling at 4080 feet in 1950. Provision for all taxes against $6.61 a share for 1950. j low-gra- de i me us Increase Records Kennecott Sales Metal Trading Slower On Spokane Mart Make Record In Production Of Copper At Clayton 504-04- j I i 'VU FI JLITllllllS I , coal-produci- ng .drill-compan- I 57,-31- XKi y, 6. ! I : 16-1S-1- E). : 20-1S-1- E). Ore Shipments Ml N E B! 24-1S-1- E). 01 10,001-11,1- 27 26-1S-1- E). $55,-331,4- 90 13-1S-1- 3611-363- 53 J i |