OCR Text |
Show 7 V !ir 1 fc$.2srfci U&7 p 1 .... 1,1 i C2TI Vol. 25; No. 37 Pick a v .ulti-Millio- n t U-O- rc .me To Atlas Corp. twin-engi- ne - . , mine-owne-n a 'Many optimists think development uranium means the end of coal, gaa and oil Industries. They say after 1900 no more new oil burning power plants will be built in America. A turn from the summer hill In uranium over the counter stock trad- ing, came during the week. Several penny stocks have began to advance. As the week end approached, there are eigne the market hie taken a turn. all the domestic uranium ora it can obtain. Officially the ABC cannot boy more than 1,000 tons a year from any one miner. Still, it Is committed to paying generously for uranium ora until April, 1902. This means eight years in which a uranium rush could develop beyond the meet fantastic hopes of prospectors, miners, miners, speculators and The ABC seeks investors. are Investing money Millionaires In southeast Utah. They hall from Dallas and Houston, Port Worth and El Paso, and as far north as Seattle and Vancouver. Eastern financiers In the past week have resumed active participation In acquisition of promising claims. With September In the offing, Investors may anticipate an Increase In dally volume of sales. The Impetus It on the up side. In the past few days several companies have made eximportant strikes More may bo minpected aa cool weather makes ing more attractive. Our specialists will be glad to furfacta and nish you figures aa to productionus records of assist yon uranium companies. Let in choosing profitable mediums of inm 'milling Investment. DOXEY INVESTMENT COMPANY 60 South Main Si. Phono 2M5S5 Chief Ute Uranium Corporation Holds 108 Claims At San Rafael Imperial Ships GETSCHERS URANIUM REPORT, Denver, Colorado, carried the following story of the recent sale of the fabulous Pick mines to Atlas Corporation for $10,000,000. Biggest money deal in the uranium industry during die week was Floyd Odiums $10 million purchase through die Adas Cor- potation of Vernon Picks Delta Mine in Emery County, Utah. Under terms of die deal. Pick, a former Minneapolis, Min; nesota, electrician, gets more than $9 million cash on which he reportedly plans to take capital gains, a $250,000 airplane which he plans to convert into a flying laboratory, and a nominal salary to remain on as president of Delta Mines, Incorporated, for at least six months. Afterwards, if he decides to leave the post of president, he is reportedly committed to continue with Delta in a consulting capacity. Not definitely known is whether Pick received, or will receive, would develop the property propany Atlas Corporation stock erly.Odium has announced Inthrough option or other committentions to expand the minment. " ing program on the Delta Meanwhile, spokesmen for properties. To date, Flek has Atlas have made clear that some 17,000 tons of moved wholDelta will operate as a ore from the property. Enly owned subsidiary of Atlas Walt Ver-ne- r including gineers, and that the claims will not of Uranium Engineering be put into either Lisbon or Company of Grand Junction. Federal Uranium Companies. estimated up to 200,000 tons Reason Pick sold his bonanza, of ore are in place for minwhich he discovered in June ing on 2.54 per' cent of the 1952, is that he wants it fully deoriginal claims. veloped. That takes capital and As a result of the deal, speculaOdium and his Atlas Corporation has started that Odium also tion reportedly had a cash position of build a uranium mill to some $25 million until the mine plans near Green River, Utah. The Delpurchase. Besides, Pick, who had Is 75 Mine miles southwest of ta received other otters from other Green River. Such a mill would companies, said he had rather do business with Odium' and ' was serve mines opmating In the Temconfident that the Odium group ple Mountain area. near Green River. However, another group, Walter Tellier of New Jersey, has anUranium Market nounced plans, subject to Atomic Energy Commission approval, to Turns Active Again build a mill near Green River, too. But he would have to raise By bob HERZOG the $6 million through the sale of bonds. The Atlas group could easSoma rrou $2,000 a ily finance such a venture withday. This la the 1954 equivalent of the out bonds or other debentures, a $500 a day earned by tome lucky In California. Uranium factor that might sway the AECs telaimi of standard also have brought decision in awarding a mill conas much as $125,000. This almost rivals the richest Klondike gold claims. tract. of rorty-XUner- Teat Salt Lake City, Utah, Septembei 10. 1954 Boston Stock Uranium horn Wayne County Imperial Uranium Company has shipped some uranium from its Salvation Group in Wayne County, it was announced by Preston L. Summerhays, of the Board of Directors. An outcropping is now exposed and Summerhays expressed the opinion Imperial is sure of a 75 foot exposure, four feet in width. He said the Salvation group is close to the Pick mine. The most northerly claim is within 50 feet of the line of Emery County where Pick holdings are situated. In Imperial also has seven the CainesvlUe group and three in the Factory Butte group, in Wayne County. An engineer from Gibbons and Read, prominent drilling and mining contractors examined the properties a few days ago. He will submit a report as to opportunities for mining and drilling. The ore receipt of the U. S. Vanadium Corporation for a recent shipment of 734 tons, showed an assay of .43 per cent, Summerhays said. Shipments are soon to begin from the exposed vein in the Salvation group. Chief Ute Uranium Corporation, a new corporation whose stock is soon to be ottered to the public, .has 108 claims on a tract of 138 acres in the San Rafael Swell, 25 miles south of Green River, Emery County, it was announced by Harold C. Bowers, prominent State street panies operating dose to Chief Ute all have Inclines and are pro- for $9,000,000. We have drilled and undoubtedly have a body of ore said Bowers. He said he has a geologists reports indicating a bed ol ore 12 feet deep and three to four feet thick. He said it tentatively is running about one per cent uranium. In the past week, the company has developed roads and .will begin drilling Saturday mid Sunday. Bowers said the property is next to that of the Four Corners Uranium Corporation, which in the last three months uncovered $2,000,000 worth of ore. Six com duction within 30 to 60 days and shipping commercial ore. Morris E. Nielsen, of Hiram, Utah, a farmer in northern Utah for 30 years Is President of Chief Ute. Geard Nielsen is vice pres- ducing. Bowers estimated 3000 tons per day is brought out of Four Corners mine. One prospector working for Chief Ute Uranium who did work on neighboring claims, declared Chief Ute claims are furniture, dealer, secretary and much more promising for ore production than other claims examtreasurer of the company. Mr. Bowers said the claims are ined in the vicinity Bowers said rorth of property of the Consoll the company has an outcropping dated Uranium Company at Tem- of from 434 to 5 ore by actual ple Mountain and dose to the fab- test, which is exposed. He said ulous Pick mines sold recently his company expects to be in pro- Amalgamated Proposes Public Offering After Clearing SEC ident A total of $39,000 capital stock par value of lc per share has been subscribed. Stock will be ottered at 5c per share. The capi- talization is $65,000. The Utah State Securities Commission has approved the issue. The application is in the process of approval by the S. E. C. office at UNLISTED URANIUM Stocks President Frank O. Pinneo, of the newly organized Amalgamated Uranium Company, said the company expects to make a public offering of 2,500,00 shares of stock at 10c a share, to purchasers throughout the United States. The company was recently organized with a 10,000,000 share capitalization. Offices are at 218 Atlas Building. An application for approval of the new Issue is In process of clearing the SEC. It is expected contacts with East Coast brokers will bo made. Pinneo has been active in uranium prospecting and production since 1948. He lives in Salt Lake t, City. Leland Shumway, - Water Canyon, San Juan County; six claims in Silver Reef Mining District in Washington County; 15 in the Thomas Mountains, Juab County; 31 claims in the Golden Mining District of Box Elder County; 30 claims in Elk Mountain, San Juan County; sevresides in Blanding. en in McCracken Draw, San Juan He has been in the production of County; four in Cottonwood Canvanadium and uranium since yon, of San Juan County and 120 1938. Lester Bai, of Salt Lake, an- claims in Elaterite Basin, Wayne other is interested COunty. Marvin Good, in Drilling has taken 'place in also a is a Colonel East Canyon of Dry Valley and in file Army Reserve, an electrimineralization encountered. A cal engineer, and resident of Salt on developstart been has made Lake City. Lloyd B. Lyon, secretary and ing a mine. The company has two treasurer, is a fuel technologist. mines open in Montezuma CounHe has been identified with uran- ty. Both have shipped some ore. ium exploratory work since 1948. Shipping receipts' indicate a 234 Amalgamated has 118 claims per cent vanadium me and from Included In the prospectus, and .15 to .30 per cent uranium. The has added 200 more since, property is regarded particularly bringing the total to 318 claims. desirable because of combined The Company also has drilling content of vanadium and uraniand prospecting rights on the um. This was obtained by drivdevelNavajo Reservation In Arizona. ing in a drift when doing which is opment pairing work, Location of 24 claims of the 118 mentioned, is in the Big In- off, Pinneo said. dian Mining District about 13 4 Amalgamateds main field of miles .from Steens, discovery. There also is one claim in East operation will be concentrated in Canyon, San Juan County, three San Juan County and the Navajo miles from Steens, near Vana- reservation. dium Corporation . of Americas Mr. H. M. Eller said Amalgai former Sunset mine. has 15 mated is working on its own proAmalgamated in Montezuma Canyon, cess for upgrading low grade San Juan County and 31 claims uranium ores. He feels file comin the San Rafael Swell, in Empany will come out with ery County. There are four claims in West thing sensational. vice-presiden- Specialist Eyes Local Market We should see a better uranium market this fall, in the opin- ion of A1 Willard, Boston, specialist In uranium stocks and member of the Ann of McCoy & Willard, of 30 Federal Street, Boston. Willard flew into Salt Lake City to get a first hand knowledge of uranium poover-the-count- , tentials. He said his firm experienced no difficulty In Boston selling uranium securities of Utah fIrma His trip here was primarily to obtain knowledge as to merits of worth-whil- e ore producers. Willard predicted recent speculation will be succeeded by an era of more conservative buying, with emphasis on actual producers. He said Eastern investors to- day realize perhaps there has been too much watered stock promotion, which lacked ore production. He said his clients will invest in low priced stocks that indicate future potentialities. vice-preside- nt fur-ranchin- g. vice-presiden- t, . - also Cromer Brokerage Co. Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Salle He. 4 39 Exchaage Place Salt Lake City. Utah Report on Apache Uranium will be mailed upon request Phone Teletype SU 180 17 ' |