OCR Text |
Show UltJRAK . '4 $ .Vkf 1 ' t di V I 1 f' YOU 24, NO. '41 Features Mining, Oil, Financial Salt Lake City, Utah, November 20, 2t New Historys Largest Engineering Feat! it At; Qaytdn Make Profit Clayton Silver Mines will pay a dividend of two cents per. share on December 15 to stockholders of : record November 21, it was an-- ; nounced here last Friday following a meeting of the board of: direc-.- .. tors. The payment will total $60,000, increasing the company's dividend , outlay to date to $810,000, equivalent to 27 cents a share. In 1952 a . dividend of 1V4 cents a share, or $45,000 was paid. In Wallace for the meeting W. ,U. Yeaman of Yakima, Wash., said he had just been down to the mine in the Bayhorse district of (Custer county and had. found. conditions . very satisfactory. The In never been has physical plant better shape, he said, and the mining and milling operation is run- : ning smoothly, with a total of 16 meq employed. There is sufficient ore already - - broken in the north ore shoot above the 400 level for several years of operation at the present rate, so no effort has been made to push the work of opening the - new 550 horizon, he stated. The shaft was deepened to. the 550 level and station facilities were cut in 1952, but little has been done to advance the project this year. The companys lead man for. shaft 7 work has' been running a logging and sawmill operation during the past several months. - Yeaman said the shaft boss will be returning to his mine job within : the next week or so and work on . ' the new level will then be. resum-- . ed. The bottom of the shaft is now only about 20 or 30 feet below the station and must be deepened another 70 feet or so to provide room for a sump and loading pocket The pocket must also be cut It will be some time before cross-.- .. cutting toward the ore on the new level will be started' he said, but the south ore shoot is just a short distance from the shaft Like all other producJmS Seen hard hit by ers, depressed metal market, but by cutting costs and increasing efficiency has managed to continue operations at a small profit The company has established no annual dividend rate. In 1949 the dividend was passed. In 1950, six cent per share was paid and in 1951 a three-cepayment was made. . . - - . le-Ti- ar nt Bunker Hill Directors of Bunker Hill and Sullivan Ming and Concentrating company, meeting in San Francisco last Thursday, declared a regular quarterly dividend of 25 cents a share on common stock, increasing 1953 dividends to $1 a share, or $1,308,000. Dividends in 1952 totaled $1.75 per common ishare, or $2,289,00. In that' year the company paid regudividends in each quarlar ter and in each of the first three quarters paid an extra of 25 cents 25-ce- nt a share. The current payment, totaling will be made December stockholders of record November 2. It will bring total dividends on common stock to 73,916,250. In addition the company has paid over $1,500,000 on a small amount if preferred outstanding. $327,000, 1-t- One Year $2.50 1953 Park Mining Acquires Intererst In Coeur d Alenes Acquistion of a working interest by New Park Mining Company of Salt Lake City in the new Vindicator Silver-Lea- d deep development project east of Mullan, Idaho, Coeur d Alene Mining District was announced by New Park officials this week. This report followed the announcement by the Spokane office of the defense minerals explora-io- n administration that Silver Buckle Mining Companys application for a government loan to help finance the program had been The DMEA contract approved. provides for a $29,500 exploration OH ROOSEVELT, UTAH-Ca-rter project at the Vindicator property Nielson wildcat in Co.s the Eyner with the government putting up 50 County Pool near Duchesne, has In the wilds of British Columreducshows for percent of the cost. Arrangements flowed housing lars, 96 barrels of bia, historys largest integrated tion potlines at Kitimat that will were made with Utah firms headoil in a day on production out the metal next engineering feat, involving an start turning ed by W. H. H. Crammer to obtain gravity an summer annual of fleet rate at a of around 9,000 4,600 feet. workers, army funds necessary to pay the com- testing of helicopters ; and $20,000,000 90,000 short tons, laying the ; well do considerThe could .! worth of construction panys half of the loan. expansion. equipment basis for a six-fobetter than that on a pump ably all spread over an area of Operation B.C., which will have .. Several months Silver ago test, it is presumed. , square miles 7- is moving an ultimate potential of 2,200,-00- 0 Buckle concluded an agreement j 8,000 Flow was from the Green River to pro-- . forward round-the-clothe horsepower, represents with Vindicator Silver Lead Min- formation and "cuts of water 'and , duce. raw aluminum for the largest hydro-electpower deU.S. and the rest of the. free velopment ever undertaken by ing Company to undertake devel- and basic sediment averaged is Most recent 'view At left the ,w6rld. aerial private enterprise. opment of the latters property for about 18 per cent Carter, through r, of, part of the' Aluminum Com- administration building, and at a 50 percent interest in any ore selective performation, is seeking of Canada's privately extreme right, temporary quarpany that might be found. The applica- to establish both the best produc' financed which - win ters for some of the construction operation, tion for DMEA aid was filed just tive zone as well as to effect a dol crew. eventually cost half-billiprior to the May deadline which water shut off. cut. off further assistance on lead This effort is vitally important zinc projects. It had been thought, as a result of Participating in financing of the performance of the County Pool exploration were New Park Min- Unit No. 1 wildcat to the north,, level ing Company, East Utah Mining that water at the 4,600-foo- t in was the "inborn conatus, pool the known Veteran as .to be and Inc. of Other A new copper pit west Oil, Company Kimberly, inseparable from the oil. pit, is going to be opened almost immediately by Kennecott Copper sources are also expected to share and -Mines made division of the Eyner Nielson Nevada C. Kinner J. Drilling manager, general in the fund raising.. The funds will Jr., Corp. the announcement this week, according to reports. well, however, be turned over to Silver Buckle in apparently disclos. Contract for, the removal of the water ed and oil exist in somethe return for stock consideration. The first four million tons of waste what conventional arrangement Utah firms will also furnish some was. awarded the Isbell Construcof the equipment necessary for the During its production testing. tion Co. of Reno. Later tins year a work and Clark Wilson of New Carter perforated casing between contract will be negotiated for the and feet Gas Park will have charge of the op- 4,520-4-54-6 of the development pit phase rose to the surfase in 20 minutes pexf eration. .. As .presently laid out, the new and oil flowed to the surface in 1 Principal features of the project hour and 40 ; pit will yield approximately minutes at rate of four will be the sinking of a shaft to the tons of slightly less than an barrels hour. 800 foot level and establishment one per cent dopper ore. In de- . GRAND COLO. of a 750 foot level from which to JUNCTION, veloping this ore approximately Miners will still be producing ura, carry out about 1700 feet of lateral Pig Iron 60,000,000 tons of waste material nium from the Colorado work in the Vindicator plateau exploring stocks for figures Preliminary .. (material containing less than when other deposits of ore Vem. The contract prorides that the of ferrous materials (scrap and eight pounds per ton) will be re- have possibly been forgotten. work must be started on held consumers by January iron) pig by moved. That is my opinion, but I am 12 and be completed within 24 August 31, 1953 reached a new According to Kinnar, the pres- not speaking for the atomic energy months. record high of 8,238 gross tons,' ent envisioned pit will be approxsaid Elmer V. Reincommission, Mr. Cranmer he has reports that imately 2500 feet Jui, length? and hardt staff geologist of the Grand been interested in the long h deeply at measured lQQ Junction AEC operations office. Coeur d Alene district and had the extremities. The pit will be "We are just neophytes as to approximately 650 feet deep, and what we know about the plateau, found on a recent visit to investigate the Vindicator, that its proswill be overshadowed in size loW. Spencer Hutchinson Jr., says were very attractive. He cally only by tfce huge Copper Flat assistant to the manager of the pects, was Stocks . particularly impressed, he pit at Ruth. The eastern rim of the AEV office. "But the possibilities the bleached said, by fractured, Veteran pit, when the pit has been are tremendous. The plateau will zone with mineralization in the fully developed, will' be separated be a far greater uranium producer Vindicator property, by the strikthan anyone ever anticipated. (Continued on Page 2) ing similarity of ns geological set"The plateau surpassed the Ca- ting to that of Jhe near-b-y Lucky nadian production a year and one-ha- lf Friday Silver-Lea- d which mine, ago. .. And during (his past has experienced such singular sucdoubled. cess in recent Week Ending November 4, 1953 year plateau production years, and by the 1947 only 10 employes work- statement In John Sekulic, presiBINGHAM DISTRICT, UTAH by ed at AEC offices in Grand Junc- dent of the Combined Metals Reduction Co. Lucky Friday firm, Colo. Today there are 877, in- that he believed Vindicator tion, was as tons. 55 of the S. good a U. personnel cluding as the tons. 7405 prospect U. S. Mines Lucky Frisurvey. geological was in the 960 day Utah Copper (Kennecott) upper workings. Government and private drillThe Vindicator property consists n cars, daily average. crews working on federal con- of three lode claims, PARK CITY DISTRICT, UTAH ing tracts are sinking four million feet plus otherunpatented fractional interests. It New Park Mining Co. 1445 tons. of diamond drill holes. The Atomic is an old property, one of the EUREKA DISTRICT, UTAH Energy Commission has blasted claims having been located in 1889 Chief Consolidated 31 cars. 850 miles of rough roads into the and the other two in 1892. Dragon Consolidated 20 cars. uranium wilderness to get the ores. It has been developed through car. Iron Blosom No. two tunnels and several surface 2 cars. Mammoth Mine cuts. The upper tunnel is 235 feet 1 car. ,Ellerbach of Perico Lead Zinc Study long, with some 75 feet of drift PIOCHE DISTRICT, NEVADA Lead-zin- c resoon will Co. along the vein still accessible and Combined Metals Reduction producers Member Salt Lake Stock Comthe lower, main adit is 1600 feet U. S. Tariff zinc concentrates 3 cars, lead ceive from the Exchange concentrates 4 cars, Perlite 12 mission a questionnaire which long, with over 1000 feet of drift Salt Lake Stock Exchange Bldg. will be used in connection with work along the vein. cars. Suite No. 9 Exchange Place the commissions general study Upper workings and surface Bristol Silver lead ore 1 car. Salt Lake City, Utah Poiche Mines manganese no- of the effects of foreign lead and cuts yieded a small tonnage of ore zinc imports on the domestic lead-zin- c in the early days, but the exact Free information and quotations dules 6 cars. on oil mining and uranium mining industry. The answers amount is unknown. One small CLIFTON DISTRICT, UTAH issues. Timco Inc. scheelite (tungsten will be held confidential and op- hand-sorte- d shipment to the Bun- Phone erations of individual companies Teletype SU 180 ore) 1 car. on 2 Centinned Page revealed. not will be publicly J. A. Hogle & Co. Mining Dept Production Test Made On Nielson Well ee . . - ld - ck nc . . - on Nevada: Copper. Pit .Expected To Yield 20 Million tons . - r .., Plateau Area Major Source Of Uranium : - 20,-090,0- 00 A-bo- . . .. fert-'invridt- UNLISTED URANIUM Ore Shipments 85-to- 31 A. , Cromer Brokerage Co. 4-3- . |