| Show Bright Future I Predicted for Federal Corp With the first fim and most dif dl difficult I year behind It it the future for Federal Uranium Corporation appears extremely promising R. R W. W Neyman Neuman new company president pres pres- I ident states in Federals Federal's first annual annual an I nual report released recently I Mr Neyman who became president pres pres- president ident on August 1 J lits lists several reasons for an optimistic outlook including Federals Federal's strong financial finan finan- t cial position as the result mutt of sale ule of an interest in 17 11 claims for Federals Federal's own producing ing properties and Its 51 per cent interest in Resources Inc which controls the rich J Radan Radin Ra- Ra dan din mine the guaranteed mark market e el et in uranium that extends to 1966 and the opportunities for increase in production tion of both uranium and other minerals Mr Neyman formerly was general general general gen gen- eral manager of H b Hecla ela la Mining Company where he had served for fot more than 25 years His as as- I II I i I at as of Federal pr provide the company with ex u e In mining r operation thit Is IJ so to Im Important to the company as IS It ft prepares prepare r for tot the phase of Its development when emphasis can an be placed on ore production according to an Introductory statement state tate ment meet In t the report by W. W D. D Neb Neb- eker eke Jr chairman of ot the board of Federal The report points out that th the first year of operation ending April 30 1 1956 56 was spent almost entirely entirety In examination exploration ti tion t and development of widely widely- scattered properties owned by th the 1 I firm The evaluation of Its prop prop- I J ethos including acres in 10 several states and Canada most Canada most Ot I of which were totally unexplored has has been a an expensive time time- consuming task As a result th the I company shows a net loss of I for the fiscal year The report discloses that the I Board of Directors authorized the thi I purchase on the open market of i I additional stock In Resources Re sources Inc It Its subsidiary company company com com- I pany on the decision that the I price of afforded an opportunity for investment Federa Federal Fed Fed- era eral had hac l urt a I 1 shares at an average price of 1 a share at the time of the writing of the report The report states that rate I of or ore production from Federal I properties more than doubled d during during dur duro Ing ing the fiscal year largely as the I result of development work Since I the end of the fiscal year ore shipments again have bave shown a substantial I Increase I The report shows that tons of ore were shipped from I company properties during the three months since May 1 I which is a approximately half the amount shipped during the entire fiscal year Ore shipments during the fiscal fiscal fiscal fis fis- fis- fis cal year averaged 1223 tons a month during the tn month of July I U th shipments totalled 2 tons Indicating Increase In production lOre Ore production by Fe Federals Federal's deral subsidiary sub sub- R Resources ur es a averaged aver r. r aged ared 1224 tons a month during the fiscal year eat Current production Lion tion is la more than tons tOM of or high grade ore a month The report states that Federal I Is eliminating properties not consIdered considered con con- considered worth the costs of retention reten reten- tion and further exploration During the fiscal year the firm finn acquired several Important properties pro pro- including the Oakle Dakle mine and other holdings obtained from Elk Ridge Uranium Company by merger the Circle Cliffs claims acquired from the Roy-Del Roy Company Com pany pony and two leases on Navajo Tribal lands in Arizona |
