OCR Text |
Show f" ! r OF U LIBRARY CJ ctTY 1 V ' fV. i I MO V - vrv: hkui mm .1 1LjJ1 S il. j. Features Mining , Oil, Financial 'rxi'i S VOL. 25, NO. 12. .. A Published Weekly Salt Lake City, Utah. March 19, One Tear $3.00 1954 j American Sunshine Shows Less Income Atomic Energy vis. The Future There is hope and confidence, based on scientific knowledge, that Metals Joins. From Greater Production nas far served only as a eventually atomic energy, tive force,' can make an immeasurable contribution to the arts Results Sunshine Mining companys operations, disclosed electric power. peace, primarily as a source were the annual the in firms report, largely a repetition today Uranium Drive searchThe that work and question is whether the .enormous amount were realized net less in that earnings experience years must be done before this goal is approached will be previous v : which ' so destrucof of of American Metal "Mining Company, Salt Lake City, is one of the latest older established mining companies to turn its attention to the search of uranium ores. For a number of years AMMCO has been ...conducting ' activities in the Big Cottonwood District, Utah and al-t- o has a substantial share interest Mines Company in Index-Dale-y ; which is carrying on a compre- hensive development program at the Daley Mine, near Mountain Home, Idaho. I '.In advising stockholders of the uranium endeavor, Mr. Charles S. Woodward, president,, stated, Your officers have watched with interest the happenings in the new uranium developments in Southeastern Utah and Western Colorado. There is every evidence that the above locations offer marvel- ous opportunities for the develop--f ment of even larger and richer deposits than haye beenfound to After giving the matter date. careful consideration, we have determined that it would be a wise move to send a qualified prospector into the field fully equipped with the latest devises for detecting the presence of, uranium ore. 'As a 'result, the . company has entered into ' an ' agreement with James Versluis;: experienced'pros-pectort- o go into the field and secure for the company a group or mirieral locations. Mr: - Woodward stated ;'that the necessary equipment along with a truck' had been n purchased and the program placed underway. 1 - -- - of of re- , continued as an iron-cla- d government monopoly or whether the law will be amended to allow private enterprise with its vast human and financial resources and know how to participate. r Those who favor such amendments include the present chairman of the Atomic Energy Commission, Lewis L. Strauss; past chairman Gordon Dean and David Lilienthal, and such leading atomic scientists as Harold Urey. The amendments proposed would m no way weaken the governments ability to protect atomic secrets and to prevent misuse of this staggering force. Production of nuclear weapons would, of course, remain the province of the government alone. The role of private enterprise would simpty be to help bring a peacetime atomic age into being as soon as possible. Suppose that from . the very beginning the international combustion engine, which has literally transformed .the world, had been a monopoly : of government? Monopoly, whether governmental or private, always blocks and in some cases actually stifles progress. This is the fact we must not forget in deciding the future policy secrets. Salmon, Idaho Recorder toward the atom and its barely-know-n Herald. - . f. i. : ' . ' - ; . Net earnings of The International Nickel Company of Canada, Limited, and subsidiaries for the year ended December 31, 1953, were $53,694,526, third highest in the companys history, according to the annual report signed by John F. Thompson, Chairman, and Paul D. yesterday. Merica, President, and mailed to shareholders ' After preferred dividends, these earnings were equivalent to $3.54 per share of common stock. They compare with $58,891,282, or $3.90 . per common share, for the previous year. The decrease in net earnings despite a new sales rec' J. . Walters, JrT, president of ord, the report noted, was due to the generally higher Uranium, Oil & Trading Company principally of labor and materials, and and Aladdin Uranium Corporation cost will leave Salt Lake early next also to the increased provision for week for the purpose of discussing depredation. Output Gain r with eastern- banking interests posAs the year ended. International sibilities of construction of a nullincreased its annual ca Nickel ing plant to process uranium bearand production rate by ing ores from the Green Vein and parity ' pounds of nickel and 20, Hertz claims.' 000,000 pounds of copper, bringThese properties are controlled nickel producing j ca ' annual ' Aladdin - Uranium Corp. and ing by ' than 275,000,000 to more Uranium, Oil & Trading Company parity and are being- operated by Glenny pounds, through changes in oper& Cutler.- Location is in the San ations. These changes,- the. report Rafael District, Emery County, continued, were .made possible by Utah. ' Mr. Walters reports an a special mining program,, and by abundance of ore at the proper- a new process for the recovery of nickel from pyrrhotite in the com ties for milling purposes. with the simultaneous " He also reported that New Park panyg ores, high-grad- e a of iron ore. recovery 32 Mining Company was drilling constructhe To treat pyrrhotite, claims located in Section 16, San Juan County, Utah, which are con- tion was begun of a $16,000,000 trolled by Aladdin tanium Corp. plant as the first unit in an operation which wil ultimately recover 1,000,000 tons of Sulfate ore per year. iron Copper in sulfate of ; : At Peak Level copper Shipments over the 43 rose nickel and copper The increased percent January low monthly rate in December, production is being sold to the and exceeded production, which United States Government under contract, deliveries dropped 13 percent, by 15 percent. a five-yeat 12 and on Page 2 Stocks declined percent of rate the January shipments were sufficient for little more than a months needs. Mill Considered For Emery Co Uranium Holdings 'i . - - - 24,-000,0-00 .M i i i.m. k'i rr ,i fi , Leaders i f r Potash. Plant; n ' More than 40 chemical industry leaders from the ' San Francisco area paid a one-daflying visit to main the recentlyplant of American Potash & Chemical . Corporation at Trona, Calif. ' The plant produces a wide variety of industrial and agricultural chemicals from liquids permeating the bed of a dry lake. During, their visit, the chemical officials saw how American Potash & Chemical Corporation produces 750,000 annually approximately tons. of potash, borax, soda ash and salt cake and other chemicals from brine pumped from 40 wells sunk into the lake bed. They also took a close look at the community of Trona frhere the company's . employes and their families reside. -- . y 1 - - - - by-produ- ar Stanolind Files Articles In Nev. CARSON CITY, NEVADA-Sec-ret- ary of State John Koontz re- Common Stock Sold Bought INFORMATION FREE UPON REQUEST Please send me a report on Uranium, Inc. Name ; Mail To CAYIAS BROKERAGE Member Salt Lake Stock Exchange 39 Exchange Building ct - URANIUM, INC. v. CO. Salt Lake City, Utah from a greater output of ore. Major contributing factors were a sharp decline in the grade of ore produced and an increase of approximately 10 per cent on operating costs, the report shows. Largest Silvqr Mine Production from the nations largest silver mine last year totaled 249,686 tons of ore, but the average grade was only 30.72 oiyices of silver and 1.12 per cent lead per ton, whereas the 1952 output of 222,57 tons ran 37.46 ounces of silver and 1.54 per cent lead per ton. As a result silver output dropped more than 8 per cent from the previous year to 7,505,277 ounces. Of the total 3,827,892 ounces were for the Sunshine firms account and the balance was credited to companies whose adjoining properties are operated by Sunshine from lower levels of its Jewell shaft under profit-sharin- g agreements. Net Income Net income for the year amounted to $864,538, after deducting Continued on Page 2 . International Nickel Scores New Record For Production - 1953 AFC Sets June Deadline . For n Announcement is' made by the Atomic 'Energy ' - Commission of procedures for 'granting uranium mining leases on contracts staked as mining, claims subsequent to December 31, .1952, f and prior : to Febraury 10, 1953, on lands affect-- , ed by the Mineral Leasing Act ttf 1920. Applications for leases "bn tracts staked in the . intervening time between the Public Law 250 and Circular 7 must be received, by the Commission prior to June MOAB, UTAH A hundred uranium prospectors have banded together here against claim jumpers in an association, their chairman said is needed to keep Utahs uranium prospecting clean, fair and healthy. The group named a seven-ma- n committee to formally organize the Utah Uranium Miners Protective association. Merritt Ruddock, vice president of the Cad Uranium Corp., was chairman of the meeting. He said in the early days of the west cattlemen organized protective groups and carried guns. - jtuddock said one of the loopholes is a result of the change in mining regulations affecting uranium prospecting. He noted that uranium miners received full right of ownership to claims filed on oil and gas leases filed prior to Jan. 1, 1953. Since that date, they re' ceive only leakes.; 4 Ode of the speakers was Charles Mbynihan, a Montrose, Colo., at-- torney.. - I- -'. 7-- . Ther 'small claim .owner he said, 4often'has to give' np the fight' to; protect his property because he lacks money. You need arf organization which can provide this little' map with legal means for protection.1 ;Not many deliberate claim jumpers will bother the large mine owner because it is known he can take his case into court Chosen members of the organizV ing committee were Reed Rey.. 1, 1954. With respect to lands staked in nolds and Mitchell Melich, Moab this period, the Commission has attorneys, and five uranium established the following procedures: Persons locating uranium mining claims on lands 'affected by the Mineral Leasing Act wherein tiie claims were staked between January 1, 1953 and 'February 9, 1954, must file with the CommisStocks sion an application for ' uranium under lease the provisions mining of Circular 7 on or before May 31, UNLISTED URANIUM 1954. The Commission will be guided by the date of the original location of such mining claims in determining priority of interest for issuance of a uranium mining lease provided that a lease application under the provisions of Circular 7 is received by the Commission on or before May 31, 1954. ' In cases where uranium mining claims have been located on lands affected by th& Mineral Leasing Act and the locations have been made between January 1, 1953 and February 91954, ' and which land has subsequently been withdrawn for use of the AEC, leases are not available , under Circular 7. Consideration will be given to lease applications to make such land available for uranium mining provided a claim was located and recorded prior to the date when the AEC withdrawal became effective. Prescribed forms to be used in applying for leases under Circular 7 may be obtained upon request from the Grand Junction Opera ations Office, U. S. Atomic Energy Commission, P. O. Box 270, Grand Junction, Colo. fV - . - ported recently that a $250,000,000 firm, the Stanolind Oil and Gas Co., filed articles of incorporation in Nevada, The firm, formerly incorporated in Delaware, paid filing fees totaling $37,500. Another major firm incorporating in the state was the. Sinclair Oil and Gas Co., formerly of Maine. The firm, capitalized at $11,121,000 paid filing fees totaling $1,750. Koontz reported corporation' filing fees received by his office during February totalled $23,842, more than three times those taken in for the same month a year ago. January filing fees totalled $9,-8as against $15,963 for January in 1953. 46 Cromer Brokerage Co. Member Salt Lake Stock .Exchange Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place Salt Lake City, Utah Latest reports on Sun Uranium and Federal Uranium will be . mailed free upon request. Phone 17 Teletype SU 180 , |