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Show ' Oil in fflMt The Itferld an4 Significance Mining 0 Vol. 26; t NO.-M- Salt Lake City, Utah, Inly 15. 1955 -' C81 Drilling Slate For Oil, Gas Told by Oil See. Intensive drilling for oil and gas in Clarks Valley, Carbon county has been started by Oil Securities and Uranium, Inc., it was announced today by N. G. Morgan, Jr., president. The recently merged company represents the combined resources of four companies with resources of $250,000 cash. The new company is a merger of Kanab Uranium Company, King Midas Uranium Corporation, Madison Mines, Inc., and Oil Securities, Inc., with a total of 1,582,000 shares. Morgan said drilling has gone to a depth of from 300 to 400 feet in the past week. It is regarded a $2,000,000 corporation with ample reserves to conduct intensive drilling programs on several fronts. The company is mailing a progress letter to stock holders today containing detailed descriptions of all the companys holdings and information about the merger, method of converting stock from the old companies into the new resulting company. No Substitute For Uranium Expert Says Uranium is the only known source of atomic power. Whatever you have heard, uranium is still the basis for atomic energy and there is no substitute. This report was made by Dr. Ralph E. Lapp, director of the Nuclear Science Service, Washington, D.C. who spoke in Logan, Utah last week. He spoke on Atomic Energy Its Origins and Evolution. The y process as a method of looking into the atom was listed by Dr. Lapp as an important development in atomic research. He said early experimentation in nuclear science showed the energy of the atom was packed in its nucleus, not in the surrounding orbit of electrons. X-ra- SHONI SEES $10 MILLION GAIN IN NEVADA MERCURY CLAIMS Survey Denver Bureau DENVER Ten mercury claims, with deposits assayed at a total potential value of $10 million, have been leased near Para- One Teat $3.00 10c Pei Copy Almar Option Changes Hands For $10 Million The biggest known transaction in uranium history was made last Saturday in Denver between Floyd B. Odium, New York dise Valley, Nev., by Shoni Uranium Corp. of Riverton, Wyo. financier, Mountain Mesa Uranium Corp., and Almar Minerals Verne R. Hughes, Shoni president, who made that 'report and Cal Uranium. Total money involved is more than $10 million. today, disclosed that exploratory work on these claims, known as the Red Crystal group, has opened a deposit of ore approximatedeal is that Odiums Hidden Splendor MinThe three-side- d ly 100 feet wide and extending from 2,000 to 3,000 feet in length. ing Co. bought the option which makes it able to buy for cash Einar C. Erickson, consulting geologist, said grab samples all outstanding stock of Almar Minerals, Inc. Almar is owned assayed 4.65 per cent mercury, with a value of approximately $370 a ton. by the Ruddock family, Los Angeles. Hughes believes the property will be in production within Intermediary company, Moun60 days, since only a small amount of overburden must be reHidden Splendor Mining Co., tain Mesa headed by H. O. a 100 moved to reach the ore. pet. subsidiary of Atlas English, Casper, Wyo., and MauHughes also reported that an agreement had been signed has Corp., acquired an option to rice Yates, Salt Lake City, held with Storrs International Chemical and Refining Co., w'here of the outstandfor cash Storrs will prospect one claim in Shonis as Hills, Wyo.. uranium the option to purchase Almar buy stock of all Minerals Inc. Almar group to determine feasibility of installing an upgrading plant since last April. They assigned ing 51 a has interest in Almar pet. to handle ore from this claim. the option to Odium Saturday. ore Daniel Ruddock the Storrs is now procuring equipment for the plant installation. body loThe big four of the Denver in the Indian cated Mining Big meeting held in the Brown Palace district between ore the Radon Hotel were Odium, president of of Federal Uranium and the Atlas Corp., Merritt Ruddock, body1 ore body of the Home-stak- e the Alice vice president of Almar Minerals Co. In addition, Aland Cal Uranium and Yates and mar Mining Inc., has approxiMinerals, English of Mt. Mesa. 700 mining claims straIn a typewritten statement mately located tegically throughout the Consolidated Virginia Mining Co. has acquired a large in- issued by the four, the transac- Colorado Plateau. tion was noted as amounting to terest in a producing uranium mine out of LaSalle, Utah, from several million dollars. InformHollywood got in on the Cal which a net take of $10,000 was obtained in June, it was an- ed sources set the price at 7 Uranium move. A. Morgan Maree, nounced by Arthur Blake Thomas, in a progress report to stock- million on this transaction and Jr., associate of Yates and English estimate that other transactions in Mountain Mesa, is a veteran holders. interlocked with this one will counselor for several famed Other important assets deboost the total involved to $10 movie stars. scribed in the report include a million. This is the largest total Although Maree did not com25 per cent carried interest in yet recorded in the uranium in- ment publicly, it is believed sevan operation on 70 uranium dustry dealings. eral stars would take an active located is The Almar property role in the corporation, particuclaims at North Cottonwood Indian in district the Big mining Robert Taylor and Humlarly Utah. Creek, San Juan county, about 35 miles south of Moab, phrey. A drilling program is in proUtah near the Steen Mi Vida gress on these claims. The exmine. Approximately one million This option was acquired from istence of a perfect structure is tons of ore worth more than $50 the Ruddock interest by assigninspiring hope, Mr. Thomas that million is predicted by geologists ment of the option which the bonanza orebodies may result reports of the area. Mountain Mesa Uranium Corp. from the exploratory work now The transaction makes Odium had on said stock. The price was being undertaken, Thomas said. the top tycoon in the uranium not disclosed except that it President Thomas also announage. One estimate places Odiums amounts to several million dolced acquisition of a 50 per cent holdings in the Big Indian district lars. interest in a lease on one square in excess of 2 million tons of Mountain Mesa Uranium Corp. mile of ground on Steen Ridge ore. In addition Odiums Hidden has already made arrangement to near Moab in the fastest growSplendor Mining Co., owns the acquire from the Ruddock ining mining district in America. Delta mine in Utah, purchased terest all of the outstanding capie this It is planned to from Vernon Pick, for more than tal stock of Cal Uranium Co., must to who others, $9 million. property which operates a mine in the have $250,000 to spend in ex. He also controls Federal Ura- Big Indian mining district. nium which already owns 34 per ploratory work, with Mountain Mesa obtained the cent of the rich Daniel Ruddock option on Almar properties in retaining a 25 per cent expense free, or carproperty. April when they completed a ried interest, in the total project. In annquncing the Denver deal, dollar transaction Two separate leases have been Odium issued a typewritten state- to buy outstanding stock of Cal ment with details of the Almar Uranium. granted on sections of the on Page 8) purchase. The statement reads: (Continued on Page 2) Con. Virginia Purchases Producing Mine Interest sub-leas- Consoli-dated-Virgin- ia multi-millio- Com-(Continu- n ed "How To Do It" Rim - stripping Process Told In Photos Getting Ready Bill Worthy points out spot to be by Paramount. rim-stripp- ed Push, Ho Catskinner Dean Ruark pushes dirt, stone on Pinch group claims Hold It Down Ruarks cat hits the upgrade in stripping near Montlcello. Looks Good Worthy, J. O. (Jack) Burgess Field consultant check cut. a |