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Show t. )F LIBRARY U til' VW'? Vfl? v i " 1 - J SHIM MUEBAL .SURVEY v--- vyjAi r Features Mining , 0i7, Financial m. Vol. 24, No. 24 Salt Lake City, Utah, June 12, 1953 One Tear $250 Tintic Standard Gains Interest In, CopperTMine Tintic Standard Mining Company continued to diversify its. mining and oil holdings with this weeks purchase of an interest in the Banner Mining Company located in Pima County, Arizona. The Utah company paid $1000,- and committed itself to pay an additional $165,000 for a h interest or 58,037 shares of the total outstanding common stock of the Banner Company. Joining Tintic Standard in the purchasing ofibanner were Oil Company, and John M. Wallace, president of Walker Bank and Trust Company of Salt Lake City, and L. L. Travis, of Dallas Texas, and Earl HoUandswogth of Longview, Texas. 000 one-sixt- i f U-T- ex I .1 V i The Banner Company recently signed a contract with the government for production and sale of some 12 million pounds of copper at 31 cents a pound from its mines in Pima County. High Grade Uranium At Central Gty QENTRAL CITY, Colorado More information is being ferreted out in regard to the development of more pitchblende urani- um ore in mines where early discovery of this ore was made nearly 50 years ago in Gilpin County. The recent strike now seems to be a certainty, with the uncovering of another rich vein of pitchblende ore in the Woods mine on the 600-folevel, in a crosscut from the East Jefferson Calhoun mine, in Leavenworth Gulch. The Atomic Energy Commission is sticking to its hush hush policy but one government official states that the ore is rich. The ore was discovered in the vein said to be from three indies to five feet wide, heavily mineralized with pitchblende and also carrying a value of gold of three ounces to the ton. The pitchblende streak on the hanging wall carries from 3 per cent to 60 per cent in uranium salts, and is reported worth, when reduced by reagents "and concentration to approximately $8,000 to the ton. An upraise is being made on the 600 foot level, and the streak appears to continue up to the level above. There is approximately 200 feet of stoping ground above the level, and the radio-activ- e ore is being taken down and placed in sacks for shipment. North, and adjacent to the Calhoun and the Woods, are the Kirk, German ' and Belcher claims, which years ago were known to contain pitchblende on one wall, the other wall having values in gold, silver and copper, mined for those values in the early days. These properties in Leavenworth Gulch are being operated mostly by lease by the Realty company of Denver, under the capable engineering of the AEC, of the government, who reserve the right to control all activities of the properties. The department of the government deems it essential. in lieu of the recent strike to prohibit any sightseers or curious visitors to visit any part of the properties, ot The financing group is reported to have committed itself to payment up to $750,000 at $4.60 per share for a sixty per cent control of fiie Banner Mining Company. It is reported that the government While production from Utah mines during the year 1952 was retarded by shutdowns due to is advancing nearly $474,000 to labor conditions, the state was still one of the leading sources of lead, zinc, and copper Banner Mining for development of metals. New metals. The Bingham area continued to be the chief producer of the property. Park Mining Oomlpany, in the Park City district again posted important production recHarold E. Raddatz, president of copper ords. Shown above is one of the large power shovels operating at the world-famoTintic Standard Mining Company, pit at Binghamin addition to mining properties in Arizona and New Mexico, had oil royalties amountiing to $500 a , month and oil and gas lease holdings in the Southwest Mr. Raddatz also announced the following additional developUtahs lead-zin- c industry has ments of his company: Complebeen crippled by foreign governtion of a 127 million cubic foot a ments and producers of strategic day gas well In Harrison County, metals dumping their low priced Texas. It also produces about 32: CRIPPLE CREEK, Colo. The products on the American market. bbls. of distillate per 1 million 118th, 119th and 120th gold bars According to Paul H. Hunt, who cubic feet of gas. The company were poured last week at the Carl- recently testified in Phoenix for has about six per cent working ton mill of Golden Cycle Corp., the Utah Mining Association bein this well on a 619 acre interest and sent to the mint. The value of fore the House Committee on of a dry hole by lease; drilling the three was $80,400, the best Small business, of 30 Utah lead-zin-c Oil Company at a well in Shell melt in a long time. Tonnage for operators in 1952, only eight The American Mining Congress I Telegraph Canyon near Brea, the month should be about 18,000. are still active, six on a curtailed m which tte company A hefty increase in newly mined basis. By March 30, 1953, approxi- will hold its 1953 Metal and Non-- . Cahfomia, one had per cent equity; continua- convenore is coming from the Cresson, mately 1600 men had lost their metallic Mineral Mining of Oil Comtion drillings by tion in Seattle, Washington. SeAnother shipment of high grade jobs. Herman and Flader, DenHoward I. Young, pany, ptember was made from bonanza spots in Willis-toH. S. Hunt Mr. Browns at quoted Canyon near Rawhas ver, the 30th and 31st level stopes on of the Strategic president of the organization chairman in which Standard Wyoming the Ajax of Golden Cycle. C. H. Minerals Committee, American announced. Some two thousand lins, cent a has five interest per men from all parts of the Carlton said there was better than who summar- mining Mining Congress, United States and Canada are exa ton in this shipment. It should ized the situation saying. to be on hand for this anbe worth in the neighborhood of When we want and by urgently need pected of the Nations pany, East Helena, Montana. nual $2 a pound. gathering metals from abroad, we do not get Oregon: A. O. Bartell, manag All of the chutes are now in un- them and when we de not need producers of metals . and ing engineer, Raw Materials Surminerals. derneath the long 31st level Bob-ta- il them, they come into the Amerivey, Portland Oregon. stope. So better tonnage of can market to depress prices and The meeting is sponsored by the Washington: Frank N. Marr, ore can be expected soon and per- close down domestic plants. Western Division of the American Company, Spokane, Washington. haps some development Tonnage Foreign metal dumping in the Mining Congress which is headed President Northwest Mining and values from the 30th level Continued on Page 4 past 10 months forced the price of by R. M. Hardy, president of the ( stope remain good. Yaki19V&C Sunshine a 12c to lead down from Mining Company, The Gblden Cycle Corporation and zinc from 19V&C to 11c. ma, Wash. pound, will start moving equipment soon out that most Mr. Hunt A national program committee from Cripple Creek over to where American pointed mines cannot operate to seven mine uranium is currently being named to dethey plan at these prices. successfully miles west of Uravan. A compresvelop plans for the gathering and to draft a program covering naDOMESTIC SHORTAGE sor, hoist, gallows frame and tional mineral policies, tariffs, practically everything needed in In tracing recent fluctuation of taxation, labor relations, public TORONTO, Canada After mak- land, became a trapper and homethe mining operation will be the lead-zin- c market, Mr. Hunt re- land laws and other matters of ing $250,000 from the uranium steader. transported here. He was a local trader in Goldcalled that in 1951 government government policy as well as im- rush in North Saskatchewan, Aut A shaft will have to be r of grocer-pioneeHawker fields when he heard of uranium ceiling prices on zinc rose from provements in mine and mill op- gustus sunk to get at uranium deposits 17V&C on his is fields across Lake Athabaska and Uranium City, way back to 19V6c, while foreign proand equipment to erating found through diamond drilling. to confront all set up the first store in the first Bath, England, were getting 31V4c on the Chairmanpractices ducers of this national pro- his brothers and sisters who did The lease has been granted from western a wood shack in the This market European is R. Bradley, Jr., presi- not believe he could make his for- building, P. gram the AEC. town named Uran- mushrooming made it impossible to obtain zinc dent of the Pacific Mining Comtune in Canada. ium City. for American requirements and pany, San Francisco, California. I was one of the first settlers Producing a bank draft for $10,-00- 0 when use of zinc was curtailed, Chairmen of the state program he said: This is so Ill have there, and owned lots- of land. I men in manufacturing industries Gold receipts at the Denver lost their jobs. committees in the Northwest something in my pocket, as we staked about 600 claims, and some states Mint totaled 51,460 ounces worth are: mean to see the 'Coronation and paid off. I think if you say to your--,, EuroIn 1952, Mr. Hunt said, self you are going to win your for-- . $1,801,106 in May compared with pean demand for zinc fell off and Idaho: E. B. Douglas, Manager, have a good time. am r believing man, . I be- tune, you will do it. 62,326 ounces worth. $2,181,441. in the United States became a dump- Calera I iMning Company, Cobalt lieved I could make Just convince ypurself, and( t $250,000 and May, 1952, mint officials reported. ing ground. Prices dropped to "He Idaho. , i 'i 26. me then took Silver receipts were up to 251,-67- 9 while imports in July roseto but did it I. .you will be able to. convince, 0 years. it. , Kuno man-Montana: worth ; in DoerivJx., to a $140,249,;;. Unable' ounces, get job England, anybody ."And' now I want to Visit tons. The years, total was 565,- Number' of shipments received ager, East Helena Plant Ameri- he emigrated in 1927. went into all my brothers and sisters in can Smelting and Refining Cona the bush of the Canadian north- - jBath to convince them. Continned on Page 4 was up to 341 from 277. non-ferro- us us ltonMiU Pours New" Utah Mining Industry Crippled By Foreign Imports Gold Bars U-T- ex 21-2- 4, n, non-me-tall- ic Uranium Miner Takes Fortime Back To Home Land 609-foo- - Denver Mint 1 - 1 60,-00- . |