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Show 2 It KEEP POSTED La!:c ON URANIUM City "Jot Vol. 27; No. WetoS otf ftleJt Significance in The Western Mineral Survey, 1 the Oil and lining World Con, Eureka Ships Ore From Nevada A net profit of $620,000 after depletion and depreciation, but before taxes, is reported by Standard Uranium Corp., for 1956, in a progress report to stockholders. The excellent profit record last year, was achieved despite $450,000 of deductions for li nepenalties. oil-surfac- ed De- partment has been filed. It is expected this will be approved MOVING RIGHT ALONG Operations at Standard Uranium Corp. will Jilt full scale production March 1, according to President McCormick. The company will ship 450 tons daily from soon. The Hogle interests of Salt Lake City control the property. Nuclear Power Gains Under Ikes Plan Financing operations for nuclear power plants got the needed boost this week when President Eisenhower committed 88,000 pounds of uranium 235 to peaceful purposes. The Presidents action assures that at least a billion dollars of nuclear fuel will be available for" sale or lease to private power stations during the expected lifetime of the plants. His plan is to cover a period of 40 years. its properties. Sun, Rigby Sign Joint Agreement on Tungsten S Sun Uranium Co. has entered into a working agreement with Rigby Brothers, to operate 18 unpatented tungsten mining plpims and a 640 acre school section, in one of the canyons of Desert Peak in the Newfoundland Range, near Groome, it was announced in a progress report mailed to Sun stockholders. ' The deal also includes some deduction of expenses. The prop-8- 0 placer claims owned by the who are said to be discovmiles west of Ogden, Utah. ers of a deposit counted among The report said Lucky Star and the largest and richest tungsten Baggs Uranium companies, both deposits in the nation. closely associated with Sun, will The agreement provides 50 per each share a 10 per cent interest cent of the profits go to Sun after (See SUN Page 7) President William R. McCormick, who signed the report, forecast either eliminatian, or reduction to a minimum, of the lime penalties, upon completion of Standard s new mill in 1956. He pointed out, substantial improvement in Standards net earnings, may be looked for, with the company relieved of obligations incident to lime penalities. Standard had $514,000 cash in the bank at the end of 1956, President McCormick reports. This sum includes $160,000 now in the escrow fund, for application towards the third annual installment of $500,000, due next May, due to cost of buying the Big Buck claims. McCormick reported also, a year end cash balance of $233,000 in the Big Indian joint venture with Uranium Reduction Company, in which Standard has a interest. one-ha- lf : ; Rig-by- s, Million Dollar Sale Eyed Texan Takes Option On Crooks Gap According to the Lander, Wyo- C. Ileald, of Fort Worth, Texas. Owners of the Crooks Gap Minan option ming State-Journa- l, recenting Co., and Split Rock Mining agreement was completed & Exploration Co., are members evenly in Lander providing for tual purchase of 29 uranium of the Harrower family of Pine-dal- e and Kemmerer, Wyo. claims in Crooks Gap, southeastern Fremont County, Wyo. for The property is located near claims of Yellow Cat Uranium $1,000,000. The option given by Crooks Company, of which Ben Rankin, Gap Mining Co., and Split Rock of Salt Lake City is president. Mining & Exploration Co., prin- Yellow Cat management is intercipal owners, was obtained by K. ested in the numerous option ac tivities taking place in the vicinity of their claims. The State Journal story said a $65,000 cash payment was given for the option, which extends until December 26, 1956. If the option is exercised another $150,000 will be paid, with the remainder of the purchase price, to be paid out of ore production, the last payment to be made by December 26, 1961. In addition to the eventual purchase price, the $1,000,000 story said, the sellers will receive a 10 per cent gross royalty payment on all ore produced from the claims. Involved in the sale are 24 Sun Dog claims and the five Sun claims, located in Sects. 20, 21, 28 and 29 TWP. 28N, Range 92W, in the heart of the Crooks Gap uranium belt. These claims were among the first located in the area, in the and preliminwinter of 1953-195and development ary drilling work has uncovered considerable uranium ore. 4, Two mining companies have optioned a million dollars worth of property similar to the above white-cappe- d, ore mineralized hills to a Fort Worth, Texas businessman. CROOKS GAP SITE p Planned After March 1st application for an road to be built to the prop- erty by the Nevada Highway c February 24, 1956 450 Ton Daily Shipments Management of Consolidated Eureka Mining Co., which is operating on Prospect Mountain, near Eureka, Nev., announced shipments of ore are beingmade on a steady basis from mine to a Utah smelter and show high values in gold, silver and lead. A station has ben cut at the 400 foot depth and a drift driven 70 feet to the downward projection of the rich orebody, discovered a year ago. i An n Salt Lake City, Utah Th purchaser plans to establish a field camp and move men and equipment to the scene in the near future when testing and development work will get under way. From a statistical viewpoint, the report shows, Standard made total shipments of 96,440 tons of ore in 1955. LATE REPORTS Visitor Dr. Allen Bronston gets latest news from Matchless mine property near Moab. The figure represents approximately 10 months production, inasmuch as but 27 tons was produced in January 1955 when the first ore was mined, and, but 1168.98 tons in February 1955. Allen Bronston MOAB, Utah Full scale production started about March 1 with 450 tons as of Fort Worth, Texas, president average daily production there- of Sovereign Uranium & Iil Co., after. and Philip Augusta of Daggett McCormicks letter estimated Securities, Newark, N. J., were ore reserves of 513,000 tons, on in Moab this week to inspect the the two claims th Company has new "Matchless mine in Mineral been mining on the Big Buck properties, including proven re- Canyon. serves of 413,000 tons, plus a conThe mine is being developed as servative estimate of 100,000 ad- a joint venture of Sovereign and, ditional tons. Moab Uranium Co. President McCormick ventured Bronston, a nationally known the opinion, there is sufficient ore remaining in the two claims geophysicist, said he will prepare mined thus far on the Big Buck, soon a written report on the prop, to keep Standards organization erty, which now is in production. occupied fully the next two years. First ore has been shipped from For that reason, Standard has rethe but company officers frained from expenditures for said mine, on grade will be no report core drilling the remaining 13 sheets have made until settlement claims. 300 ton on been received the first The report pointed out that ore AEC mill at Mon-ticellto delivered the in the Big Indian joint venture, is not included in the foregoing estimate of ore reserves. Daggett Securities, headed by Total sales for the year was Augusta, was underwriter for the (See STANDARD Page 7) Sovereign stock issue. Bronston Visits Moab Venture o. Imperial Corp. to Start Stockpiling Stockpiling of ore on Imperial Uranium Corporations 33 uranium ore claims in Caineville, Utah, is expected to get under way in 30 days, it .was announced by Frank Brickey, member of the board of directors. Foreman Glenn Nielson has been instructed to proceed with strip mining operations. At the same time drilling will continue. Brickey said the area to be stripped at Caineville should pro duce 150 to 200 tons from the Salvation Claims alone where operations momentarily. are concentrated Brickey estimated a large quantity of the ore assayed over .20 per cent, with some running below that figure. He said a few holes were found where assays ran as high as one per cent ore. He said average depth of the ore will run from 10 to 12 feet. - (See DIPERIAL Page 7) |