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Show I OF 0 ' CITY U LIBRARY SRNMNERA 1 N Features Mining , Oil, Financial Salt Lake City, Utah, VOL. 25, NO. 11 ' ' s - . , v u V; sjS4 '' v y ,, x Vv . '' , v 3:-"-- ' ' , & j& ''n f 4 A i A ,f V Y v ' .' . sv. , , : 4 :..3xv ...v.y-- - ; , ; , ,4 --- - v ;$ ?' 1 ' v v(, - - v V " ' av v x . .i . s , JN "v ' vs 'a ' X'V,MS ' A - : v: v V 'fr i f yv ' , x i ' s, iJ Li- One Year $3.00 - Uranium Miners Bonuses In Excess of S3 Million Uranium miners are receiving production bonus payments at the $175,000 a month, Sheldon Wimpfen, manager of the atomic energy commissions Grand Junction, Colo., operations office, reported last week. More than $3,000,000 has been containing over 100,000 tons were 15 deposits of paid on production horn eligible known, there are known such today, and magnitude properties since the bonus proto doubt no reason is said there, gram was started on March 1, further exploration will re1951, he said. The program which that of like size or larger. others was established to encourage pri- veal Another AEC speaker at the vate industry to locate new deAIME to of uranium ore and meeting, Philip W. Simmons -help posits defray part of the high initial cost of the Grand Junction mining diof putting a mine into production, vision, reported that the Colorado Plateau is mining boom rivaling will extend to February 28, 1957. Bonus payments double the base the most colorful days of the early west. He expressed the opinion, price for the first 10,000 pounds of contained uranium oxide produced however, that the era of the pick and sold from any new property. and shovel uranium miner is To. date 50 new properties have largely over, and the industry is a period where exploraproduced more than the initial 10,-0- entering exceed the small mans tion may pounds. The amount of the bonus pay- means, yet be well within the ments have ranged front $15,000 to reach of moderate capital. $35,000 depending on the grade of the ore. AEC officials, however, do not consider the bonus program as sufficient incentive for the growing uranium mining industry. In New Yonk last week at the annual meeting of the American Institute of Mining and Metallurgical EngiUranium ore of exceptional richneers, Gordon Dean, former chairness was shipped recently by Uraman of the AEC, said that the gov nium, Inc. from the Georgetoe emment should grant a three-yemoratorium on income taxes for mine, located at Slick Rock, Colodomestic uranium mining ventures rado, according to returns receivand a depletion allowance equal to ed at the companys office in Salt Lake. that of the petroleum industry Fifteen tons of the high grade 27V4 per cent ore . delivered .to the milling plant, - He illustrated the growth of the 11.5 per cent, Mr. Jack assayed domestic industry by stating that lessee Turner, reported, stating while in 1950 only four, ore bodies that the one shipment would return around $15,000. The assay was so high that, pending further checks, payment Week Ending March 6, 1954 was held up, Mr. Turner stated. BINGHAM DISTRICT, UTAH He was called to the mill in conU. S. Smelting, Ref. & Mng. Co., nection with the shipment. 7,313 tons. The Georgeto mine is one of the Combined Metals Reduction Co. districts more consistent shippers, 50 tons. with a reported production record Utah Copper ( Kennecott) 829 of $500,000. 85-tcars daily average. At present, shipments aggregatPARK CITY DISTRICT, UTAH ing in excess of 400 tons per month New Park Mining Co. 1,781 Continued on Page 2 tons. EUREKA DISTRICT, UTAH: Chief Consolidated 45 cars. . Iron Blossom 1 car. R. L. Garity 3 cars. Dragon Consolidated 24 cars. Bullion Beck 1 car. Stocks PIOCHE DISTRICT, NEVADA: Combined : Metals Reduction-Per- lite rate of approximately x- A , ,. 4. , v t - :t :v -- i . t :.: V t '' ; av;k T . , th' " - , . - ' ' t - , v , s .. 4C v.- v ' vJ' ' ' :.:'. .. jrrr: f f i,W ,! 1954 3 v y. ' ' ' , (Sfc March 12, V f j ? Published Weekly '"'X4 00 f, 4 4 ' 4 Development operations being projected by uranium companies throughout the four corner area are getting results as evidenced by continued reports of new ore. strikes. The once barren stretches of this now rich region is a hive of activity and from all indications will continue to be so. Shown above is a typical portion of the type of terrain involved in the Nations greatest boom. High Value Uranium Ore At Green Vein Mine Openeduranium at High' grade bearing ore has been discovered properties controlled by Uranium, Oil & Trading Co. and Aladdin Uranium Corp., it was announced in Salt Lake today by Mr. J. Walters, Jr., president of the two firms. The new discovery was made on which is situated about two miles what is known as the Green Vein, from the Green Vein. Development located in the San Rafael District, work on this property is being proEmery County, Utah and is situ- jected on three faces of ore with ated about four miles from the showings up to 18 feet wide, Mr. town of Greenriver, Utah. Walters reports, stating that these The property is being operated shipments are running from $65 to by Glenny and Cutler, veteran $110 per ton in uranium values. Business offices of the two comuranium mining organization. are located in the Beason panies Two truck loads of the ore shipped to the Colorado Plateau Building, Salt Lake City. Uranium Ore Project, American Smeltinjf & Refining Co., agents for the Atomic Energy Commisf Due to a proof readers oversight sion, Monticello, Utah, assayed around 114 percent U308 or ap- possibly a new word has been proximately $250 per ton, Mr. Walt- coined in the field of mineralogical ers said. expression. In last weeks issue of Mineral Survey in the adWestern Exploratory drilling of the propof Absaraka Uranium, vertisement erty was conducted under the direction of the Atomic Energy Com- Inc., appearing on page 3, the turned out as word Uranium mission. This should mean In addition to the Green Vein Utahium. Aladdin Uranium and and property, perhaps the slight something Oil &. Trading company are also over-sigwill find itself being making regular shipments of ura- construed as a sign pointing into nium ore from the Hertz property, the future. . . Utahium . . ht Nevada Mine TurnsEfforts To Tungsten Winne-mucc- a EV. Mines Mountain Company that has been developing its gold WINNEMUCCA, Uranium Inc. Ships High Grade Ore ar Ore Shipments property near here has recently expanded its operations into the tungsten production field through the purchase of the Star tungsten mining property in El Dorado Canyon in Pershing county. The Star property is in the same general area as the Nevada, Mass., tungsten mine probably the deepest tunsten mine in the U. S. and one of the nations greatest tungsten producers. The company has revamped its n tungsten gold mill into a plant and by adding more tables will be able to mill 75 tons of tungsten ore per day. This ore can be delivered to the mill by truck 6 cars. q distance of 52 miles. The comPioche Manganese, Mang. Nopany has been developing its tungwinze dules 5 cars. sten ore through a Bristol Silver lead ore 1 car. at 180 feet in the tunnel. Drifting Pioche Mines Cons. Mang. ore north and south from the bottom 1 car. of the winze, the two faces are ELY DISTRICT, NEVADA: said to show six feet of two per cent ore in the south drift and five Kennecott Copper & Consolidatfeet of one and a half per cent ore ed Coppermines, combined 1,833 in the north. The management re- cars, n average. J. A. Hogle Mining Dept. ports that it will be in steady, production in a couple of months. on 50-to- , UNLISTED URANIUM 65-fo- ot . 80-to- URANIUM, INC. . Huge Amount Spent By For Oil Research Operators million by Shell in Weeks Is operators spent Common Stock Sold Bought Oil INFORMATION FREE UPON REQUEST Please send me a report' on Uranium, Inc. .. Name - , k j . Address 1953 wells. Mail To CAYIAS . BROKERAGE COi Member Salt Lake Stock Exchange 39 Exchange' Building $60 for about 100 wells drilled wells below 15,000 feet. Twenty-fiv- e cost 1953 an drilled in average of more than $5d0,000 each. Costs ranged from $280,000 to $2.7 million a well and deep wildcat costs more than deep field average 40 in Salt Lake City,. Utah 1 ' These figures are cited in a deep well survey by the magazine The Petroleum Engineer. Six fields in the U. S. have production below 15,000 feet. Three times in 1953 the production depth record was bro-- ken twice, land and last by Richfield. About' half of all these giant ventures were completed as' producers, most of them above 15,000 feet, the magazine said.'- California holds the world record for deep drilling and deep production. Richfields North Coles Levee A, with oil sand at 17,895 feet, is the deepest producer. Deep drilling record is Ohio Oil Co.s Palermo well, now being finished at 21,482 feet. s. Cromer Brokerage Co. Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place Salt Lake City, Utah Reports on the above issues will be mailed free upon request. Phone Teletype SU 180 |