Salt Lake Tribune | 1919-05-25 | Page 33 | Cowan has Option on the Oak Run

COIN HAS OPTION 01 TOK RUN John F. Cowan, president of the Utah-Colorado Utah-Colorado Oil company, veteran mining and oil man of Salt Iake, returned Friday Fri-day afternoon from a trip to California, after seeurinff an option on the old Oak Run MintnR company's ttround In Shasta county. Mr. Cowan said yesterday that the negotiations for the mine were yet pendlnK, but that he was inclined to regard re-gard the proposition with favor. The property comprises more than 300 acres and is located continuous to the well-known well-known profitable Afterthought mine. Examination shows a large body . of copper ore. with values that average a little better than 4 per cent In the red metal and about 3 in gold. There Is an abundance of water, good roads, and the railroad station is oniy a few miles distant dis-tant Mr. Cowan Is of the opinion that the propertv can be developed at a profit even if copper does not advance from Its present low level, although he. in common com-mon with other operators, expects that the present depression will not be of long duration. Concerning his oil company, Mr. Cowan mere'v said that things were moving smoot'hlv and satisfactorily, there being four producing wells on the ground In the Burkburnctt field. He added that no believed be-lieved the coinpanv would begin the payment pay-ment of dividends within two months.