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Show Feu Page The Western Mineral Surrey, Salt Lake City, Utah For Uranium One-Thir- d A Tells Details on 29 Contracts new contracts for Total estimated cost involved tiny given each individual case, minerals exploration assistance in the 29 contracts is $668,795, Administrator Mittendorf said. were executed during July 1955, with the Governments portion Every application is the subject by the Defense Minerals Explora- not to exceed $483,993. The con- of thorough study, both administion Administration, Acting Sec- tracts are with operators in nine tratively and geologically. Field retary of the Interior Clarence A. states, and cover explorations for examinations of most applications six different minerals. Davis announced today. are made by competent geologists of the new About one-thir- d The extent of Government par- and engineers. contracts were for uranium exEver since the start of this depends upon the parploration projects, with mica ticipation ticular mineral incentive program, it involved each in one-third particular projects comprising another contract. firm policy of DMEA the has been exploration of the total number. Largto offer reasonable assistest estimated exploration cast DMEA Administrator C. O. ance to every the industry, with the was $95,260 for mercury explor- Mittendorf said the contracts exconsideration being the ation in California. Smallest con- ecuted the to- prime during July bring a of making valuable tract was for a mica project in tal to 796 executed since the be- possibility mineral discovery within the North Carolina, with a total es- ginning of the four scope of the agency. program cost of timated exploration $3,000. years ago. In addition to the 29 new conApplications for exploration tracts executed during July, received by DMEA during July 15 contracts have been approved numbered 44, boosting to 2,737 but not E. executed. yet the total number of applications The Geophysical Exploration submitted to the agency. These 15 represent maxiOf that and Research Co., of Grand mum Government participation have 1,233 total, applications Junction, Colo., has started drill- been rented, 487 were of withdrawn $323,094 and total estimated ing the properties of Lucky Lake and 221 are being processed. cost of $559,492. In exploration Uranium Corp., in Mesa county, Estimated total cost involved each of the following contracts, Colo., Stanley J. Lake, President in the 44 new applications is the difference between the conLucky Lake said today. tract total and the Government $2,204,091. Lake said 134 claims will be represents the operdrilled. The company owns a The large number of applica- participation of the total estimated ators share total of 254 claims. tions which have been denied by When the program is complet- DMEA reflects the careful scru- - cost. ed at Lucky Lake properties, attention is to be directed to the 54 claims of Crestline Uranium Corp., in Utah, all of which will be drilled, Lake said. The GER expects to complete work on both properties before December. On our assessment work we had good indications of marginal The Securities and Exchange Commission at Denver has ore on which we base our optimicleared a public offering of 150,000 shares of Desert Queen Urasm,1 Lake said. nium Co. stock at $1 per share, according to Rex Firth, Desert Twenty-nin- e , Lucky Lake Land R. Drilled By G. Desert Queen Offers Stock In 3 States; Seeks Utah Sales September 2, 19S5 Idaho Mining Scene Changes Told In New Pamphlet Idahos role in the nations mining and oil industries is given a thorough examination by the latest publication from the Idaho Bureau of Mines. Edited by Charles R. Hubbard, the Bureaus mining engineer, the publication points out that Idaho ranks first in the nation in the production of silver, second in lead and zinc output and sixth in the production of all metallic minerals. Hubbard points out that new demands and discoveries have such as phosphate rock, barite and pumice into pushed has the largest reserves of phosphate, in Idaho the Idaho picture. notes. the West, he The book contains a comprehensive review of 50 minerals complete with history of production, detailed statistics, maps showing locations and' analysis of uses and demands of the ore reserves. The pamphlet, titled A Survey of Mineral Resources in Idaho, notes the reported incidence of radioactive and strategic minerals in a form that will be of interest to miners, prospectors and laymen, says J. D. Forrestor, director of the Idaho Bureau of Mines, and geology at the University of Idaho. non-metalli- cs - Shumway Officers Propose Stock Split To Lower Price 2-Fo- posal to split up the present stock of the company on a two for one basis. The proposal suggests that the present total of 200,000 shares of trading stock be increased to 400,000 shares and that stockholders receive two shares of a new Shumway stock in exchange for one of the present stock quoted at $6.62 to $6.87 cents a share. The new stock would sell at one Officers and directors of Shumway Uranium Corp., mailed a circular letter to stockholders this week, suggesting they sign enclosed proxies, indicating a preference for or against a pro- - New Mexico Okehs 2 Uranium. Firms The New Mexico Corporation Commission in Santa Fe has reported two new uranium companies that have filed to do business in the state. The companies, incorporators and amount of stock are: El Capitan Uranium Corp. of Mother Lode Grasps president Raymond P. Whitlock, George Bridwell, company legal advisor is now working Gallup, For Good Land W. Ore and Neil A. Rice, Charles Mother Lode Uranium Co., is out the details of Hie offering, which will be sold over die $90,000 capital stock with $1000 negotiating for property acquisipaid in. tions to put the company on a counter through selected SecuriPetaca Mining & Development producing basis, Robert McCon-aughties, Las Vegas, Nev., in DenveT, Co., Inc., of Santa Fe, Glen V. secretary and treasurer, Colo, and in New York City. Slater, Ross Martinez, David Chasaid today. Firth said the company expects vez Jr., and H. J. Guthmann, The company exploration proto confer with Milton H. Love, $100,000 capital stock with $500 chairman of the Utah Securities oaid in. gram has been temporarily haltAmerican Uranium, Lake City, Commission, with the expectaed, McConaughy said, until further business negotiations are Colo., and Moab, Utah, has com- tion it may be cleared for offercompleted. pleted the first phase of develop- ing in this state. At present Mother Lode has a ment on their North Henson Carl Griffith, legal counsel for treasury reserve of $140,000, Creek properties, according to Desert Queen has been working McConaugh said. An attempt is John H. Parsons, president. with the SEC in behalf of clearbeing made to effect joint operMany promising surface out- ance for the past two months. ation programs with neighboring crops were explored on the Eagle An for a $60,000 mining companies, he concluded. group and Mary Alice group DMEA application loan has been filed recentwhich show as high as .46 per Vitro Chemicals Corp., who ly by cent uranium and a shaft has are THE TREND IS TO in a joint venparticipating been sunk to a depth of 30 feet ture with Desert Queen. which is still in commercial ore. "SELECTIVE" half the prevailing price or at about $3.44. Shumway officials said the idea is to bring the price of the stock down to a level that will be a little more attractive to investors. The question will be submitted to a stockholders meeting to be held in the Newhouse Hotel at 1 oclock in the afternoon of Sept. 12. Trent Parker, Shumway president, said the company expects soon to achieve a shipping program of 150 tons of ore per day. He said Shumway has a substantial cash surplus. y, Am. Uranium Co. Pushes Drilling BUYING Write, Phone, or Drop-i- n For the Latest Quotes And Information On Selected Uranium Stocks SELECTED SECURITIES 426-42- 7 ATLAS BUG. Sail Lake City, Utah Phone TWX-SU6- 3 77 , vuro nas 32 poten Another outcrop above the tial uraniumcontributed claims plus the cosl shaft shows two veins of com of and mining prospecting and mercial ore going down. Desert Queen has contributed Approximately 60 tons of com- 75 claims. Vitro has already spenl mercial ore has been stockpiled $20,000. Mr. Firth said the joint from this surface prospecting, venture should be producing good two ore bins have been construct- ore soon. The few holes sunk thus fax ed and a mile and a .half of road have shown ore assaying .15, .65, built on the properties. .30 and .40 per cent. President The second phase of develop- Firth said he had assurance the ment which consists of an exten- DMEA loan may be approved sive drilling program has been soon on the basis of showings underway for the past month thus far. American Uranium has just purchased a new drilling rig to expedite this important explora- Four Corners Sinks tion program. Shaft at Largo 30,000 ACRES (Approximately) in Valencia County, New Mexico. State Mineral Leases in Producing Grants Area. NEW 5 YEAR LEASES - TERMS Write Box 642, Salt Lake City, Utah For Further Information No. 2 Four Corners Uranium Co. has reported that it is sinking a shaft for a new uranium mine about 15 miles southeast of Gallup nears its present Largo No. 2 Mine, which has been making ore shipments for several months. Four Corners also is mining in the Kit Carson area, 15 miles northeast of Gallup. No information on the extent of the new ore body, blocked out by core drilling, Was available from the company. r-l URANIUM CORPORATION OFFERING TO THE PUBLIC 9,830,000 SHARES AT I .if SELLENEIT BROKERAGE CO. Principal Underwriters 529 Newhouse Building, Exchange Place Dial 5-71- 09 This stock is for sale to bona fide residents of the State of Utah. Sales effected only by means of the offering circular. |