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Show ; '', - rcW: e: H .'.. ;:v; : i 0 N o ss n to 1 'V ' isnsagg sH?m r i. - ' 'I''.' W ' '' f ' "IVv fjt9 ' '."i-- ; I . &yermm JtT'y .'W . ' ' ... - '" A t - ' :'if V& V ?.V .. nixm $' ' "Ow VoL nmmflr IHUlnLi-- l .. it; No 9$ ItfcJt Significance in The Oil anti Mint Veu?A Salt Lake City, Utah, March 22, 1957 rfV.V sfVtf i i i , i 10 Cents t i Shell Reports ns Nevada Mine; Huge Paradox Adds u ii A dduction Interests Corporation ments by the Atomic Energy Drill Program has takenOilan Metals Commission. This clears the way option on a f U-K- an ' U-Ka- . & n one-hal- f Largest Sale In History Of Western Uranium Mining Sale of the Cord Uranium Mine in Big Indian District, San Juan County, Utah, for 17 million dollars to Jen, Inc. by E. L. Cord partnership of Reno, Nev., has been announced. The transaction, largest on record in the turbulent history of western uranium mining, was finalized in the office of E. H. Snyder, veteran western mining man of Salt Lake City. Mr. Snyder is chairman of the board of Jen, Inc., a privately-hel- d nt over the next few years, reporters were told. 0 The mine, with more than tons of 0.7 per cent U308 ore is located along north end of the district and has been producing from 5,000 to 6,000 tons monthly of ore since November, 1956. 500,-00- A 670-foo- t, three-compartme- nt shaft was completed last year at the mine by Boyles Brothers Drilling Co., Salt Lake City. Principals said Thursday that Jen, Inc., a Utah corporation, company. would operate the mine from C. E. Tuttle, Baltimore, Md., fi- newly established general headnancier and 'businessman, is presi- quarters in the Felt Bldg., Salt dent of Jen, Inc. (Hes substan- Lake City. tially represented in 'Whos Who Present plans are to continue in America.) development work with aim of inE. L. Cord former president of creasing production and reserve Auburn Automobile Co. and pro- potentials. ducer of the famed Cord car, o Shipment contracts to the has about 12 partners in the Cord mill, operated for the partnership which obtained the Atomic Energy Commission by undeveloped properties in the ura- National Lead Co., will continue nium district through attorney through July, according to present E. D. Neuhoff, Los Angeles, a few contracts. years ago. The Cord has probably Mr, Neuhoff represented Mr. been the most sought after, on Cord in the transactions of the the Utah portion of the Colorado last few weeks. Plateau. It may be crucial to Payment wis in cash lump sum uranium mill programs in San with other payments to be made Juan County. Mr. Cord has in past been represented by his advisors as being unwilling to sell until he gets Mon-ticell- -- ore-bod-y . Milling Confab Set For Reno April 5th-6t-h . Western people interested in mining will have an opportunity to attend an important meeting in Reno on April Friday ad South1957 Pacific The Saturday. west Mineral Industry Conference will be held. Sponsor will be the Nevada secwill be the San tion. Francisco section, the Southern California section of the American Institute of Mining. Metallurgical and Petroleum Engineers. There will be technical sessions, field trips, luncheons, dinners and ladies activities. Friday will be occupied with business sessions In .the Masonic building. An 8 p.m. dinner in the Riverside Hotel will complete the 5-- 6, Co-sponso- day. On Friday, a choice of field trips by bus will be available. One will be to the Eagle-Piche- r Shell Oil Co. Tuesday confirmed a huge drilling program for the Paradox and San Juan Basins aimed at filling a new crude oil line to be built to the Los Angeles area from the Four Corners area. S. F. Bowlby, Shell vice pres-deat Los Angeles and the companys senior officer in the West, announced the formation of the Farmington, N.M., production division headed by R. R. Robinson, Bakersfield, Calif., for this purpose. Mr. Bowlby said that Shell planned a big development program, and it may run up to 100 wells this year. Were not exactly certain right now. We have the Bisti, N.M., field to develop and we have our commitments in the Aneth area, (San Juan County, Utah) he said. Shell Pipe Line Co. on account of the new Four Corners Pipe Line Co. is surveying a route for a 60,000 barrel-a-dacrude line running more than 600 miles from the Four Comers area at Los Angeles. Completion of this multi-millio- n dollar project, in which Shell, Standard Oil Company of California, Superior Oil, Gulf and others have important interest, is scheduled by the' end of 1957. ' The line will serve both the Paradox and San Juan Basins. A major pump station will be located at Bluff, Utah. Mr. Bowlby said Mr. Robinson arrived in Farmington Tuesday and that a production staff of 40 persons will join him within the week. The Farmington production division will be divided into the San Juan District and the Paradox District. However, the production division for the entire area will be keyed out of Farmington, he said. his price. The sale tops both that of Vernon Picks disposal of the Delta mine in Emery County, Utah, in a nine million dollar-plu- s deal to finder Flyd B. Atlas Corp. and that of Copper-Bronso- n Mining Co. of Monticello, Utah, to Texas-ZinSale of the Happy Jack mine in White Canyon district to Texas-Zinc (the Texas Co. and New Jersey Zinc Co.) by Joe Cooper, Fletcher and Grant Bronson, all of Monticello, was the previously largest transaction on record. It exceeded 10 million dollars, according to reports. A statement issued by Mr. Tuttle and E. H. Snyder said: The property sold today has only recently come into production and is known as an exceptionally high grade deposit. It 'has been developed during the past three years from a raw prospect by E. L. Cord partnership of Reno, Nev. Mr. Tuttle said that George Teal, Colorado mining engineer and resident now of Moab who supervised development of the properties, would continue as gen- Od-umi- is c. mine and operation at Clarks eral manager. About 60 miners and surface Station and the U. S. Gypsum mine workers are employed at the mine and plant at Empire. The cost will be $5.00, including lunch- property. The partnership also operated a camp for employes near eon. LaSal, San Juan County. The Cord ore deposit has a The other trip will be to the Anaconda copper operation at romantic history. Weed Heights, near Yerington. Five of the six claims were The return trip will be made by staked by Mr. and Mrs. Zeke way of Virginia and the Com- Johnson, former residents of Moab stock mining district. ' The cost who reside now in Salt Lake City. will be $4.50, including lunch. Mrs. Johnson was a cook at the Mi Vida mine of Charles A. Registration will take place from 5:30 to 10 pjm. in the Cham- Steen in the very early days of ber of Commerce office of the his fabulous discovery in the State building Thursday. y interest in the Phalan mine in Nevada. This mine consists of six patented claims, and is a copper, tungsten and molybdenum producer whose history dates back to before 1900. The mine has known ore reserves valued at $600,000.00, with additional estimated reserves of several million dollars. Oil and Metals, together with the owners of the other half of the Phalan mine, is now making plans to install a 50 to 100 ton per day mill on the property. Engineering estimates for this operation indicate a net profit of approximately $21,000.00 f of which will per month, U-Ka- n one-hal- go to U-Ka- i of approxifor payments to mate $8,000.00 as bonus payments on ore already shipped from the U-Ka- n Crown mine. The management reports that is in a soun financial position, with excellent prospects for the future. Its stock is traded on the market in Salt Lake City and other areas, and is currently quoted at .01 bid and .02 asked. U-K-an over-the-count- er Pure Oil Brings In Wildcat In Paradox Sector Oil holdings of n have also recently been increased by the addition of interests in two more wells in Franklin producing Pure Oil Co. has developed County, Kansas. This gives the what appears to be a substantial corporation an interest in 75 pro- flow of oil in the Paradox sector ducing wells when drilling is com- of .the firms wildcat in the Big pleted. At the present time, all of Flat Structure in Grand County. the income from the 7 producing Sharing in the project are the wells Is being pooled to drill the King Oil Co., Salt Lake City, and remaining acreage in the two the original Glen M. Ruby syndifields. n will thereby even- cate. tually own an interest in approxiF. A. Devin, regional geologist mately 75 commercial wells without further cost to the corpora- for Pure at Billings, Mont., said it would be impossible to determine tion. accommercial aspects of the the has also recently U-Ka- U-Ka- U-K- an quired an approximately 3 per cent royalty interest in a small proven oil lease in Tulsa County Oklahoma. The entire working interest in this lease is owned by Standard Oil Company of Ohio, which was acquired by it under a commitment to recover the oil therein through the process known as Water Flooding. The estimated value of the recoverable oil in this lease is approximately $750,000.00. announced the certification of its Crown Mine in Garfield County, Utah, for bonus pay- U-K- an discovery in the Paradox between about feet until additional testing and performance information was obtained. 6,348-6,36- 7 Ward R. McAlister, president of King Oil, said in Salt Lake City the only information he had was estimates by engineers on the scene. He related that on March 13, Pure cored between feet in the salt section which was stained in parts with oil. At 12:15 p.m. on March 15, the well was at a depth of 6,348 feet and recovering salt wate. At a total depth of 6,357 feet, the well was drilling making frothy-gas-cmud and some oil. 6,180-6,24- ut Chief Con Reports Loss; Research During Past Year Chief Consolidated Mining Co. through a better grade of ore, as new sources are brought into production, he said. He further stated that the book loss of $102,920 reflects, beside depreciation, a loss from sale of some capital equipment which was used inconnection with abandoning deep mine operations. . . The equipment was sold at a this week reported a net operating loss before depreciation of $22,916 for 1956. This compares with a similar type loss of $107,046 in 1955, according to Cedi Fitch, Jr., president of the historic Eureka district produce. The firms net loss to surplus, after depreciation, deductions and additions to mining income, totaled $102,920 in 1956. In 1955, this lead-silver-zin- c very excellent price. During the year, your company was able to retire in its entirety a substantial sum owed the Reconstruction Fiwas $152,142. figure Mr. Fitch attributed the in- nance Corp. from funds advanced come position to the (economic by the Bear Creek Mining Co. necessity of abondoning the lower (domestic affiliate of Kenneoott extension of our ore channels in Copper Corp.) . . . As previously reported, Bear the Chief No. 1 Mine (which) is conducting extensive exCreek future overall the limits greatly production from this area; how- plorations on the Chief ground ever, there still remain many and properties of the Tintic group short range targets above the na- of companies in the area. An extensive diamond drilling tural water table which were byore the because program (four Tigs) has been carpassed years ago was not amenable to treatment ried on, chiefly for structure. Howeve, some favorable mineralprocesses known at the time. The advent of metal separation ization has resulted from this through flotation methods in more phase of operations, he noted. The Bear Creek shaft is below recent years has made these ores a commercial grade, he told 200 feet deep and will be at 1,050 feet permanent depth in six or shareholders in annual report. The management hopes during seven months at which time latthe present year to offset this loss eral explorations for ore will go by increasing tonnage and forward. A two-inc- h line was shooting this material a distance of 50 feet across the mud pits. Ga3 was estimated at 250,000 cubic feet daily. By March 16, engineers estimated the gas flow had increased to five million cubic feet daily. Oil had increased to an estimated 30 barrels an hour. Pure began pumping aqua jel into the hole to control pressure. This had no discernible effect, however. Shell Oil Stakes Out For Wildcat Shell Oil Co. has staked location for a 6,000-foo-t wildcat test in the Tohonadla sector of the San Juan Basin segment of Paradox Basin, west of Aneth Pool. The Tohonadla No. 1 will be drilled 660 feet from the South line and 1,980 feet from the East line, Section 35, Township 41 South and Range 21 East. Shell, which has four sections the immediate area of the well, says the test is also about four miles from Carter Oils Gothic Nose prospect which, while recording oil and gas shows, (640 acres each) in was non-commercia-l. i s AT i - ? Si r ii . W'-- i |