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Show P. 9 V r t . OF U LIBRARY CITY 1 METAL PRICES Lead (rfer lb.)..14c 34.9125 Gold (per" Oz.) Copper ? Features Milling, Oil, Financial ,VoL 24,v No. 1 . new mined Salt Lake City, Utah January 2, 1953 s C. 12.5c Zinc, (per lb.) Silver (per oz.) V-83.25c One Year $250 Federal Board Prop)sals By Mine Industry Opposed the domestic Welfare industry received scant conmining sideration by the national security resources board in its report to the president this week on plans for insuring against exhaustion of the nations strategic materials resources, according to early press reports on the boards recommendations. Three of the initial steps rec of ommended and endorsed by federal board have been vigorously opposed by the domestic mining industry. They are: 1. Revisioin of the present mining laws and adoption of a mineral leasing system as an g optional alternative to on public lands. 2 Reduction or elimination of triffs on raw materials in which this country is substantially deficient 3. Increased emphasis on development of minerals resources in technical assistance programs of minerfor als resources in technical assistance: programs for underdeveloped areas of the world. The report is the result of sixmonths study of lang-termatreials and energy supply problems undertaken by the s agency in response to the request for advice on what initial steps should be taken to carry out the 78 recommendations made earlier this year by his materials policy generally known as the claim-stakin- under-developme- The huge dollar development and exploration project being conducted by Anaconda Mining Company at Butte Montana, has already added substantially to the nations future mineral reserves. Known for mmy years as the richest hill on earth, the new development work appears to assure rro'hv'tVtv for many years to come. Shown above is a portion of the Anacondas surface workings. multi-millio- n m . presi-cLent- SEC Requests Greater. Butte Project Adds New Filing To Nations Ore Reserves .. com-misio- n, commission.' . ' Procedure . The Securities and Exchange Commission today announced that, in line with its streamlining of procedures to process its work ' efficiently with reduced personnel, the Commission .will not 'acknowledge the reeeipt of filings, made wit hit on and afl- er January 2, 1953, unless such filings entail the assignment of a new case number or are accompanied by a fee. Acknowledgments of all filings may continue to, be obtained by enclosing a constamped, postal-car- d maa of the taining description terial filed. . Upon receipt,, .the card . will : be appropriately stamped and .returned to the sender. It is urged that all persons filing material with the Commission follow this, procedure, since it will provide the greatest assurance that filings of all types will be promptly v acknowledged. The Commission cautioned, however, that, failure to receive an acknowledgment does not imply that the material filed is self-ad-dress- ed - correct or will not require amendment, or that' the Com? mission will take no further, action on the filing. . Anaconda Copper Mining Company's $27,000,000 Greater Butte project has not only developed substantial additional reserves of domestic copper but also has added materially to the nations zinc and manganese supply,' Chester H. Steele, vice president in charge of the companys western operations, reported at the Northwest Mning Association convention held in Spokane. Speaking before the luncheon meeting ' sponsored Jointly by the NMA and ' the Columbia section of ' the' American Insti-tute of Mining and Metallurgical Engineers, he said that the big Butte expenditure, has already proved justified and is being continued steadily with" most encouraging results. Charles J. Parry, manager of Substantial additions to orig- the mining department of J. A. inal estimates of 130,000,000 tons and Company died reof ore containing 20 pounds or Hogle in a Salt Lake City hosmore of recoverable copper have cently after a lingering illness, pital, already been demonstrated and well known in was Mr. Parry further possible indications are national oil and finanindicated,' he said. The project cial circlesmining, been associatwill supply copper at a rate ed with J..having A. Hogle and Comof approximately 90,000,000 lbs. 28 years. some for a year, in addition to regular pany theHe was author of articles copper production, for a period of the nain many appearing which is certain to extend for tions leading mining and oil over 30 years. newspapers and journals. A In addition, he said, zinc number of his concise and comand manganese developments prehensive descriptions of westhave been . successful and im- ern mining and oil activities has portant,, and. the future pdoduc-tio- n been featured in Western Minerof . these metals from' Butte al Survey. is assured for. many years beMr. Parry was born in Salt yond former estimates. Lake Utah and attended Production! through, the big schoolsCity, in that city, including 38x10 Kelley the University of Utah.now a at rate of approxishaft, mately 7000 tons daily, is in- ing the last 75 years, he said. creasing rapidly and is expect- They showed the existence of minered to reach 10,000 tons a day large areas of after the first of the year. The alization between zones of high-grawhich has been mined, extwo hoists already installed will eventually handly .more than tending from the surface to the extensively-develope15,000 tons daily. A special serv- deepest ice shaft is now being sunk level, the 3400. The largest was about 25 feet south of the Kel- about 1600 feet long and 100 to 400 feet wide. ley shaft A method of minThe project however, represents only a small part of the ing was found to be practicable $289,000,000 development pro- despite the large amounts of no gram wbeing carried on by timber in old stopes and serious the company in Montana; Nev- problems such as filling of old fire and fire gas areas ada,' New Mexico; Mexico,' and sealed-of- f were surmounted. Development Chile. 0 The Greater Butte project was of the area in volved about feet of crosscutting' .and made possible by the complete geologic records of the structure thousands of feet of repair work exposed in workings driven dur- - at a cost of over $1,000,000. S.L. Mining Authority Dies - five-compartme- - Mine Group Sets Meet The Mining Association of Montana will hold its tenth biennial legislative meeting and banquet on' Jan. 29, in conjunction with the Last Chance gulch minings association, in Helena, ... the MAM News Letter announces. The business meeting will be . held at 1:30 pan. in the Placer Hotel, with MAiM President L. B. Manning presiding, and the stag banquet will start at 6:30 at the Consistory Temple. A report on resolutions covering state mining affairs rather than national affairs will be submitted by W. R. Allen, Wise River, permanent chair- man of the resolutions comr. tee. . : low-gra- nt de de d . block-cavin- g 21,-00- Paley The' board recommended that - of the 78 recommendations be considered key proposals and given priority. With1 the report the board submitted the views of 22 other agencies on the Paley report. In most instances these views concided with the position taken by the resources board. The board said in its report that many of the provisions of the present mining laws are obsolete and anachronistic and held that they constitute a "hin-drninsted of a stimulus to the development of the mineral resources of the public domain. It endorsed the Paley commissions proposal that private prospectors be given the alternative of leasing all federally-owne- d mineral deposits which under present law; are subject to appropriation only by location and 17- - ce patenting. The Paley commission had rec- ommended that provisions be made for grantlnk exclusive prospecting permits fo ra limited Continued on Page 2 ' Net Profit At Polaris Mining Tbps Polaris Half-Milli- on ' Mining Company's net 1952 Is estinmated at for profit $662,921,- according to a report mailed to stockholders this week; This compares with a net of $718,348 in 1951.. The statement includes income and expenses attributable to peraotion of the SilVpT Summit property acquired a result of the mergtp of Silver Summit Mining Compony into Polaris Mining Company on October 1, 1952, Secretary Elof Enbom states 'in the report Ore sales during 1952 totaled an estimated $2,419,267 as - against $2,027,259 in 1951. Fourth quarter profit was ntshows. $128,650, the The brief financial statement was distributed with checks in payment of dividend No. 32, totaling $229,699.20, or 10 cents a share. Wallace Miner ; -- : Citizen Group To Confer On US Resources Resources for the Future, Inc., a citizens advisory group on recently set up as a non- pS profit corporation, will sponsor a citizens conference on the conservation and development of natural resources in Washington next March, according to Horace M. Albright, ptesident of United States Potash Co., Inc., and head of the newly-forme- d group-- Thfi conference, first of its kind since 1908, has the support of Presidentelect Eisenhower and President Truman, the American Mining Congress reports in its bulletin. Eisenhower said he will be glad to issue or join in an appropriate call of a conference to consider the subject of for. the ,,urc, nd to ask the cooperation of governmental and private agencies" in its conduct Recent reports by the Paley Material Policy Commission, tit Water Policy Commission, and studies some time earlier the Hoover Commission have by pointed up the materials and resource Problems and give timeliness to the planned citizens parley. Resources for the Future, Inc., was establishel by a committee of citizens which accepted an invitation from the Ford Foundation to serve as an advisory group on resources, and to assist the officers of the Foundation in planning a and to work in the fieldprogram of research and education for resources development and conservation. Offices have been set up in the Cafritz Building in Washington, D.C., and C. W. Eliot, former director of the National Resources Planning Board, is executive director. Members of the board of directors, in addition to Albright and Eliot, are: Edward j. Condon, vice president of Sears, Roebuck and Company, president of Sears Roebuck Foundar tion and former president of Friends of the Land; Dr. Reuben G. Gustavson, chancellor of the University of Nebraska and former member of the board of governors' of the Argonne on Page 2 re-soux- ees 1 Na-Oontin- ; IL S. Smelting Dividend United States Smelter arid Refining Company will :pay a year-en- d dividend of $1 a share on common stick on 15 to stockholders of January reco-- d , December 22; The payment will wing 1952 payments to $3 a share, compared with $2.75 a share in 1951.' Officials explained that the increase was possible because, ' although the company's earnings from lead and zinc have been materially, reduced, its returns from Alaska gtld operations increased and some of its oil ventures are beginning to pay off. |