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Show zmTur.r or tjtjui rr .. .. rsv L-v- ... v r, p- 0 1 SALT LA XX VALLEY SMELTCI n rams SELVES (mt m. LEAD, par 1M GlF in eImI) NHi U.M corns OOLD ZINC is.STS 4 SUItt (per m.) (per 1M) IS.SSa Features Mining, Oil, Financial VOL 1 8, NO. 1 8 Ssalt ! One Year $2.50 Lake City, May 2, 1947 New Majestic North Standard Curbed by Restrictive Laws Mining Industry Work Plans Work at Hill mines in profitable production. It is necessary, first, to allow Pushing By E. As winter snows are This was supplemented, to the industry to properly some extent, principally during from the highest regions of nance itself. This can only be At Utah Mines New Properties ing western mining areas, present the war yean, with federal done if the public be not only indications to funds to use Agreements providing' for the S. melt- con- trol of two additional mining properties have been completed by North Standard Mining Com- it was announced in Salt Eany. today. Included in the new properties are the Estella and Denny groups located in the Star District, Beaver County, Utah, lying; adjacent to holdings of New Majestic Mining Company. Property Worked At the, present time two . lessees are working in the Denny group and it is anticipated that shipments . will start soon, J. M. Manson, company official reports. In addition, equipment is being acquired and prepara-- : tions are going forward for the start of work on company account, he said. The firm has also acquired mineral properties in the Tacoma Mining District in . northeastern Nevada near the .Utah .line through an agreement with the United Metal Mines Company. Past production from this totaled . property is said to have some $100,000. Ore. Available Negotiations are now. pending for granting of a lease to a group of lessees, Mr. Manson said, explaining that there is around 2000 tons or more of ore blocked out at the property that will run about 12 ' per cent lead and" 5 ounces of silver to the ton. The lessee group is in possession of a milling . plant, he stated, and will process the lower grade ore ! and ship the high grade direct . to the smelter. ' Reorganisation , Recently North . Standard was reorganized and new officers . elected. During the reorganiza- tion. period, the stock was re- -. moved from trading on the Salt Stock Exchange. It is now , Lake reported that application will re-be made, upon completion of organization and acquisition of stock properties, to have the again called on the Exchange. The company has retained its interests in mining ground located in the North Tintic mining region. ; point possibilities of an unprecedented era of mining and prospecting ac- tivity. Many properties isolated for the past several months to . . " - - shipping operations because of snow conditions can soon move from development to production stage. In addition, prospectors can again roam the hills and engineers and geologists will be able to make examinations of many likely looking prospects. Still exerting an unfavorable Influence on new mine activity, however, are restrictive laws prohibiting the raising of capital with which to finance, necessary work. Shackled for' many yean by these red-tap- e encumbered edicts, the industry has generally been faced with the necessity of drawing ores from proven deposits. These, of eoune, cant last forever, as government officials are beginning to realize. The comparatively small amount of exploration that has ' been projected during the past several. yean was done largely with funds accumulated and set aside for that purpose by . Firm Makes - . Firm Seeks Stockholders For Payments For Listing Application for listing of stock on the Salt Lake Stock Exchange has been made by Arizona Antlers Mining Company, Exchange records reveal. The company controls a total of eighty-tw- o mining claims located in the Cedar Valley Mining District, Arizona; Robinson Mining District, Nevada and White Pine Mining District, Nevada. Utah Company The firm is a Utah Corporation capitalized for 5,000,000 shares, all of which is outstanding. Offices are in the Beason Building, Salt Lake City. On a production basis at its Arizona property since August, 1944, the company shipped 48 cars of ore during the fiscal period ended June 30, 1945, 32 cars during the period ended June 30, 1946, and 24 cars during the period from July 1, 1946 to December 31, 1946. Sales Income Total income from ore sales for the three periods was: $48,449, $27,164 and $30,989. The gross profit for the same three $2,058 periods was: $5,723, (loss) and $3,652. Net profit foi the three periods was reported at $672, $5,303 (loss) and $480 (loss). Values were in copper lead, zinc and silver. F. F Hintze was listed as president; E. G. Kidder, seefe-tar- y, and H. A. Culverwell, treasurer, all of Salt Lake. These, together with H. A. Pedersen California: M R. Richards, Bountiful, Utah, and H. J. Hintze, Salt Lake.' comprise the board of directors Petroleum Producers Corp., of which J. B. Alexander, 705 University Bldg., Seattle, Wash., is liquidating receiver, is trying to get in touch with stockholders to give them some money. There are. approximately 125 stockholders who have not been contacted and these stockholders approximately 1,125,000 own' shares of the company stock, which, is payable at the rate of 4c per share. Previous efforts to contact these stockholders have been unavailing, many addresses having , been lost due to stockholders moving or perhaps having died. The property of the company being liquidated is an interest in the Hamilton Dome oil field a few miles' from Thermopolls, Wyo. The remaining, owners of stock of the Petroleum Producers Corp. must file the stock with Mr. Alexander on or before Dec. 31, 1947, otherwise these stockSunWALLACE, IDAHO. holders will be precluded from shine Cons. Mining Co. has just . participating in the liquidation made a rich silver ore discovery. of funds on hand. The new strike is in still another vein system, called the Ontario Production Yankee Girl vein, parallel to An aggregate production of and over 1000 feet south of the $5,466,983 from the milling of Polaris and Silver Dollar strike. 643,059 tons of ore was reported More remarkable is the fact confor January from 41 producing that the Yankee Girl vein richOntario mines. Recovery of 155,-8- tains no surface hint of its ounces of gold and 16.200 ness and extensive rich minerounces of silver produced a alization at .depth. It is just an vein on the surface grade of $8.50 per ton against iron-cappwas and passed up for years by '$9.46 for the comparable period of 1946. This is the lowest grade the Sunshine Mining Co. beof ore reported since December, cause of the poor surface 1933. Canadian Mining Review. . . . - Sunshine Cons; 42 - ed a fi- Development work is proceedallowed, but encouraged their own judgment in specuing at Vicksburg Mine of the ally, however, public funds lating or investing wherever New Majestic Mining Company have been barred from particithey deem wise. A recent news item stated according to information obtainpation in the search for new sources of mineral wealth and that "the gross take of 14 Hot ed in Salt Lake today. The the resultant benefits. Springs gambling houses in propert Is located in the Star 1946 was more than $30 milConsiderable has been said our lion. Multiply this by the District, Beaver County, Utah. Interior recently by The work consists of projecting take from all forms of gamretary Krug about the deplorrestatus two able of our mineral drifts from the bottom ef bling throughout the country, serves. It is generally acmuch of it condoned by state 200 foot shaft to explore mineral and federal governments, and knowledged that his deducpossibilities of ground lying to tions are correct and that sufan astounding figure would the east and north. metal-bearificient reserves of result. of amount ores are not available for The maximum Driving Drifts visible inspection. What lies money that could possibly be One of the drifts is being underneath the earths terrain, placed with the mining indusdriven easterly to cut a northeast-snot Most is knowr. however, try through publie financing, outhwest fissure at a point were securities rules modimining men, and others too, where is it intersected in by an believe that more minerals lie fied, would be but a drop East-We- st fissure, Mr. J. H. hidden than have ever been the bucket compared to the Manson. vice president of the discovered. Whatever the facts amounts spent by the public company explained. The East-We- st are can only be logically for legalized vein has been formerly termined by a natural and bling. said. he productive, inin healthy expansion of the Recently a radical change The other Is being projdrift took administration prothat and dustry place. ected in a developed direction to northerly went duced the. minerals that Some reforms have already Asanother East-We- st into building and maintaining been effected. But it appears sure. The been has company the nation. This industry posto be about time that one of furthering these development sesses the knowledge and the nations most vital indusprojects some four months. Mr. tries be allowed to use its Manson perience to rehabilitate and said. The mine is rereproven ability and initiative in expand itself if existing as ported of out a strictive and cumbersome rules us all tight Production having had some past getting and regulations be deleted. spot. Producing Ore Approximately two miles north of the Vicksburg, New Majestic , also holds title to the Harring- -' on Hickory mine, which is being operated bv a lessee. ' This property is producing a substantial tonnage of ore and has been doing so for more than two years. By J. K. Richardson Tn addition to these two propManager, Utah Mining Association (Presented at 29th Annual Meetlnr. American Zinc Institute, Inc.) erties the comnanv .is reported The preparation of a paper dealing with health and accidents to control the Hoosjer Boy group in any segment of the mining industry is an extremely difficult task in the same district un-o- a and in view of the general lack of available material upon which to base tented Haims in the' Granite TM conclusions. This is particularly true of the zinc industry, for data Met, Beaver County, are and health its Utah. conspicuproblem concerning, specifically, safety ous by their absence. Stock of the company was adto trading on the Salt mitted this Unquestionably, difficulty arises from the fact that those Change in January of this , assemyear. with agencies charged bling such information have enIn countered uncommon resistance Co. from the industry in gathering data which are subject to so much misconstruction and are Ronqfc 41 MO. mills, of the bases for many controversial JOPLIN, NEW VORK. N. Y. Miami which 13 were tailing plants, issues. The wisdom of this Cos attained Cooper production are reported operating in the course, on the part of the indus- a nw peak last vear and its Tristate mining region as com- try, can be determined only by increased sbarnly. Sam profits 40 of the trend in federal and the future with previous pared T .Rwianhp. president. informaccistate week. The M & W Mining Co.s legislation insofar as mill on the Brewster land a dent and health problems are ed stockholders in his annual reThursday. mile northwest of Baxter concerned. . Some day this groups port Th iQAg improved to wish answer questions to 7 206.942netor profit Springs was placed back in op- may 2.05 a share eration after a four month idle- authoritatively in their own deop outstanding capital stock from fense. ness. 095,259 or $1.37 a share In Shipments for the week end- Conditions general 1945. Various segments of the zinc ing April 12, in dry tons of 2000 Combined Production of Miami pounds, as reported by smelting industry have been subjected to nd its wholly owned subsidiary, representatives follow:' investigations, surveys, vicious Castle Pom Gonper To. Tnc.. Zinc .4993 tons valued at printed and visual propaganda, totaled 113 636.369. pounds of $319,552: lead 993 tons valued and reform programs. Generally copper last vear. the largest in however, those areas Victory, compared with 102.041.-S5- 6 Year to date, 14 weeks: Zinc speaking, which were the object of this pounds the previous vear tons valued at $4,574,192; 71,473 lead 8925 tons valued at $1,610,-68- 4; affection proved to be little dif- md 106.136 6QR pounds in 1944. from other areas closer Moreover, 1612 ounces of void, total for the period $6,184,-87- 6. ferent to the homes of the instigators. 69.665 ounces of silver and 697.-4- 05 Viewed broadly, little or nothing of molybdenum were noupda Values are figured at Joplin has been accomplished that 1946. in Produced market base prices and do not include federal premiums. (Continued On Page 2) openting through Interior Department. Gener- ng . so-call- ed e-- ore , Safety and Health In the Zinc Industry '8 Mills Active Tristate Mining District Miami Produrtitvj. . 'MINtRMlItt Oil Wells Have Long Output Life; Drilling Tempo Gains More than half the oil wells drilled in the United States since petroleum was discovered in 1859 are producing today, a study by the Interstate Oil Compact Commission discloses. By the end of last year 1,182,527 wells, had been completed. The drilling breakdown showed that 826,946 of these came in as oil wells, 85,459 as gas wells, and 270,122 as dry holes. The producing oil wells at the beginning of 1947 totaled 424,441. Crude oil production since 1859 amounts to 33,241,389,000 barrels. Texas led the oil states in production with 10,429,644,000 barrels, California and Oklahoma came second and third, with 7,287,730,000 and 5,650,899,000 barrels respectively. Texas ' ah has more oil wells than an other state Secon 102,759. place in number of wells wei to Pennsylvania, where oil wi first found, with 82,989 wells. Drilling activity in the cour trys biggest oil state thus fs this year is running ahead of lai year. The Texas Railroad Con mission reports 57 new o pools were discovered in tt first three months of 1947 con pared with' 27 oil discoveries the like 1946 period. Oil wel completed this year, includir those in established fields, tot 1177 compared with 1104 a yes ago. Most of the oil strikes hai been in the northern and wes era parts of the state. 1 |