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Show Herres Says London Zinc Price Boost Is Boon To Metal Markets In U. S. Increased demand for zinc in European markets the past week, forecasts an inevitable advance in domestic zinc prices here within a short time, according to Otto Herres, of Salt Lake, head of the National Lead and Zinc Committee. He characterized existing price changes as a worldwide situation. He pointed out an industrial improvement in Great Britain and on the European continent the past few weeks, has resulted in use of more metals, particularly inc. Zinc prices rose sharply on the London metal commodity last week. Herres said this is an encouraging factor in favor of a price increase in this country. Mr. Herres pointed to the fact last Friday the quotation for zinc on the London metal market was 90 Sterling, per long ton, which on a parity basis is of a cent higher than the New York market price. He pointed out that foreign producers such as Peru or Africa, will quit dumping zinc on the U. S. markets if and when they are s of a able to obtain cent more per pound by shipping zinc to Europe. s of a cent per pound is equal to $15 per ton, or $15,000 on shipment of 1000 tons of zinc. In shipping to and Peru Africa would Europe, the United States of its relieve excess. problem of Much zinc is used on carburetors of automobiles and on car trimmings, with nickel plating and car grilles. With the automobile industry booming at full blast, demand will be accelerated, Mr. Herres said, for high grade zinc, used in die casting automobile parts, a factor he predicts should greatly strengthen our domestic market. As a matter of fact a shortage Moab Uranium Buys At Mineral Canyon Purchase by Moab Moab Uranium Company, of a group of five uranium claims in the Mineral Canyon area, Grand County, Utah was announced recently. The sellers are William Tibbetts, Jr., and Kent Johnson, the amount invlved was not made public. The property is believed to be of considerable value with one outcropping extending over a fifty-yar- d area. AEC assays run as high as 2 uranium and 5 vanadium. Chief Ute Reports rs three-fourth- - Three-quarter- k - For Alpine radio-activ- e Alpine-Triump- h high-grad- e 22 Claims, PROSPER, Indian Creek, Beaver County, Utah Claims in SAN RAPHAEL SWELL, Emery County, Utah 640 Acres at MILFORD, UTAH 2 I 1 CROMER BROKERAGE CO. Phone 39 Exchange Place 17 Salt Lake City, Utah PIONEER INVESTMENT CO. I 50 Richards Street Phone 68 Please send me a copy oi the offering circular relating to Pineco Uranium Corporation. Name Address City their claims, which at an esti$41 per ton could provide mated a gross of about $370,000,000. However, proportionately profits would not be as high as on the copper-cobal- An offering circular may be obtained free from: I (2-9-5- 5) Profit PINEC0 URANIUM CORPORATION o STATE OP UTAH TO THE BANK COMMISSIONER OP THE ASSOCIATION of Made by the PIONEER SAVINGS AND LOAN Salt Lake City, County of Salt Lake, State of Utah. A rich ore discovery at the STATEMENT OF CONDITION AS AT THE CLOSE OF BUSI Chief Ute Uranium Company claims in Emery County, in the NESS, December 31, 1954. ASSETS opinion of Louis Reese, Company in shipshould result engineer, 28'5Zi?? Cash on Hand and in Banks 925.14 ment of 10 to 20 tons of ore a Furniture and Fixtures: $925.14; Less Depr., None value a which on he 500.00 placed day, Deposit with the Federal Home Loan to estimated $500 from $30,000.00 variously TOTAL ASSETS $1000 per day. LIABILITIES $30,000.00 The discovery reported recent- Permanent, Reserve or Guaranty Stock $30,000.00 None TOTAL LIABILITIES ly to Harold Bowers, President None Accounts Loan of Chief Ute, points out that Total Number of Mortgage T bodies of commercial grade ore STATE OF UTAH SSare easily accessible. Reese said COUNTY OF SALT LAKE the first body requires about 60 ROBERT E. DOIDGE, being first duly sworn according to law, feet of tunnel to reach the ore. deposes and says that he is the President of the above named corHe estimated this ore body con- poration and that the foregoing report contains a full, true and cor'$80,000 rect statement of the condition of the said corporation at the dose of tains approximately of ore. worth business on the 31st day of December, 1954. Mr. Reese report said the secDated this 10th day of January, 1955. ond and third ore bodies are very ROBERT E. DOIDGE, near the surface and could be President producing ore in a short time. Subscribed and sworn to before Attest Because no drill holes have C. FRANCIS SOLOMON JR. me this 10th day of Jan., 1955. ore the these bodies, LOUIS S. LEATHMAN, penetrated ALAN G. MANN report says the overall value of F. HENRI HENROID Notary Public these bodies are not available Directors My Commission expires However, the surface Indications Sept 27, 1957 STATE OF UTAH point to commercial values that would justify mining. As soon OFFICE OF THE BANK COMMISSIONER as weather conditions become LOUIS S. LEATH AM, Bank Commissioner of the State of more favorable it is expected Utah,I, do hereby certify that the foregoing is a true and correct intense mining operations will be copy of the statement of condition of the above named corporation started, Mr. Reese said. Engineer as at the close of business on December 31, 1954, now on file in my Reese conducted the inspection office. with Clifford Purcell, of Filmore, LOUIS S. LEATHAM, Utah. Bank Commissioner Date of first publication February 1, 1955 Rich Ore Discovery shortage develops, a price in crease may be expected, he continued. Mr. Herres said an increase in price in the American market, is coupled with increased demand from the automobile industry and with government stock piling absorbing excess stocks hanging over the country, the situation will considerably improve, providing definite reason to look for increased prices. is He said the only draw-bacsome excess zinc stocks from Europe, now overhanging our $14,000 market which the government is reluctant to purchase for stock piling. (Continued from page 1) It will probably stop however, Cannon said he anticipated dent the heavy flow of foreign shipinstallation the could be comments to this country and therein a four day period. The pleted by, clear up the situation. Mr. Herres said companies in type of filter to be installed will the Utah area to benefit by zinc cost $2,400. The cost is insignifiprice increases would naturally cant compared with an efficient be New Park, United Park City, production program that officials Chief Consolidated and Rico Ar- say should net over $1200 per day However, he felt, all profit for Alpine & Triumph, gentine. of special grades of zinc is devel- have largely discounted an an- jointly. Mr. Cannon said high grade oping right now for use on auto- ticipated price increase by recent bile parts and, under the law of advances in the market price of uranium is now shipped from the Indian Reservation, one mile supply and demand, when a their stocks. from Alpine properties and Anaconda Copper Company is taking up land on two sides of Alpine claims, following discovery the property has a high scintillation count. A drilling program will be necessary to determine whether an extensive body of uranium exists on Alpines claims, Mr. Cannon said. Ernest E. Ferguson, an engineer of wide experience, versed 5,000,000 in management and mining development, told Mr. Cannon the Shares Common Capital Stock Washington State drilling logs, To bona fide lesidents of the State ef Utah only. indicate that the production of 3.000.- 000 tons of magnesite may OFFERING PRICE 1 Vic PER SHARE be expected from three acres of properties alone. Claims, RAINBOW, Beaver County, Ferguson also estimated 9,000,000 tons of Utah magnesite on three-quarte- ANNUAL REPORT J t property. WYOMING URANIUM CORPORATION A James Alpines engineer, Lower verified the fact that Ferguson's estimate is based on what he believes to be the largest high grade magnesite deposit in the nation. Lower stated further that he had scanned Washington State drilling records showing 3.000.- 000 tons of magnesite as existing on but three acres. The FOB gross price of magnesite is approximately $41 a ton according to estimates by Lower. Due to expansion and acquisition of additional properties, Mr. Cannon reported that the company will keep its public offering at 3c per share open. It is still planned to terminate the offering at approximately $150,000.00. Offering Circular Now Available Describing Utah Corporation in the business oi exploring for uranium OFFERING PRICE: PURLIC OFFERING: 3c PER SHARE 9.166.167 SHARES Mining claims and state leases are located in the Crooks Gap area in Fremont County, Wyoming Fill in and Mail Coupon Today JAMES E. REED COMPANY 425 JUDGE RLDG. SALT LAKE CITY. UTAH Send Wyoming Circular to: NAME STREET CITY : STATE |