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Show Itah Copper Co. Buys Part Of Ohio Copper Holdings For Tunnel lah Copper Company Pays J600.000 For Ohio Copper Property I tah Copper company has com-I com-I cd negotiations for the purchase adjoining property of the Ohio oer company at Bingham at e of $600,000, it was revealed irsday in a letter by Percy H le, president of Ohio Copper ipany, to his company's stock lers. It was reported Thursday ho Salt Lake Telegram, r. Kittle recommends . ratifica-of ratifica-of the sale and has called a kholders meeting for March 12 that purpose. . D. Moffat, vice president and ral manager of . Utah Copper pany, explained , that his com-y com-y wants the ground involved for road lines and a right-of-way for , proposed vehicular tunnel been be-en Bingham and Copperfie'ld In ;ham Canyon. hio Copper company's property wises about 120 acres of pat-id pat-id lode claims opposite Utah per's open pit mine, on the east of Bingham canyon. Ohio Cop-company, Cop-company, however, will retain , to the property below its main lage level, approximately 1050 below the collar of the shaft le surface. le property in question has been iquent in taxes for four years was to have been sold in May the highest bidder, unless re-ned. re-ned. lio Copper company operates by i leaching method, flooding the ace with water and collecting copper bearing solutions in vats , underground workings. Cop-is Cop-is precipitated from these solu- I i with scrap iron. arket action of Ohio Copper , pany stock for some time has i forecasting completion" of ne-itions ne-itions for the sale. From a low 3 cents, the stock has advanced year to a high of 47. Ufication of the sale, Mr. Kittle ' "ins stockholders, will enable Copper company to retreat J : than 5,000,000 tons of tailings ' former milling operations. The , 'gs are estimated to contain in 'J of 40,000,000 pounds of cop-as cop-as well as slight values in gold silver. The required investment tlmated at $75,000. ' Kittle also points to the pos- ' ly of developing ore bodies In ; ''mestone beds in that portion e property not included in thhe J A two-compartment shaft, 750 M the incline, has already been I In this ground, where explora-work explora-work was suspended In Jai-1931. Jai-1931. I O |