Show I I Federal Will Join In Venture SALT LAKE CITY The board of directors of Federal Uranium Corporation Thursday voted to exercise ex an option to join its subsidiary subsidiary sub sub- Resources Inc as a partner in development development development devel devel- program in the Gas Hills uranium area of Wyoming The decision was announced by Ralph W. W Federal president following a board of directors meeting Mr Neyman said that Federal had obtained the option by loaning loan ing Initial development funds when first entered entered entered enter enter- ed the Gas area earlier this year Federal decided to exercise t the e option after a drilling program program pro pro- gram conducted by proved very favorable The Federal Joint venture venture ven ven- ture Includes operating agreements agreements agree agree- ments with three other firms covering more than 1200 claims in this fast developing uranium producing area Under terms of agreements with these companies compan compan- lea ies Federal Federal will first recover recover re reo re- re cover its development cost and then share In profits with the holding claim-holding companies Mr Neyman said the Federal directors believe this venture Ison is isone on one of the most important in the history of the company He said the most advanced new discovery Is on Federal Federal Rado Rado rocks rock's Sagebrush No 1 claim where a good sized ore body has been outlined by drilling and radiometric radIometric ra ra- tests He said ore also has been discovered on other federal Federal holdings In the area and that tha-t a cr crew w for the Joint venture wu now in the area he said seven drill rigs are working for Federal These are the first Joint ventures ventures ven ven- tures for Federal and is a 52 6 per cent owned own ed subsidiary of Federal Uranium Corporation |