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Show Reason Gted Industrial For Quitting Silver Mart On Mohawk May Tighten Major mining developments in Mining Men Start Meeting At Spokane Sessions on mining NEW YORK, N. Y. U. S. industriaprobgeneral l-silver users and silverware lems will be liberally mixed with Nevada during the past month are letmakers news face summarized the the prospect of a in latest of discussions technical operating conissued the Nevada for the metal after ter market annual 59th the Mining by tighter techniques at of the the an first Northwest explanaMining association, including year as a result of vention of the of in 5 the tion the Sunshine and Mining rapid drying up of a primary why association December connecCo. to of decided abandon its supply source: The Cuban one peso Spokane, providing a program inSilcoin. tion Mohawk mine with at the interest to all branches of the ver Peak. The story of the Cuban one peso dustry. In coins news this the letter importance in the foreign respect, Governor Arthur B. Langlie of reads: "Sunshine silver Co. of market goes back to 1934 Mining. Washington heads the long list of Idaho has forfeited its option to and 1935. Then Cuba bought 50 speakers scheduled to participate purchase the Mohawk mine in the million ounces', of silver and had it y in the gathering. He will district of Esmeralda made into pesos at the Philadeladdress the Friday noon luncheon, Argentine county, about 25 miles southwest phia mint. It set them aside as a sponsored jointly by the associa- of Silver Peak. The option was reserve; few of toe. coins have tion and the mining bureau of the secured from Avery Brundige of every been in circulation. The CuSpokane Chamber Of Commerce, Chicago and Santa Barbara bans also set toe stage for a. fat and will be introduced by Wray D. date of November 10, profit. Farmin, chairman of the mining "Under Under an agreement made with 1953, Robert M. Hardy, Jr., who bureau, who will preside. was in charge of operations for Chase National Bank in July, 1950, the bank contracted to dispose of '.The speaker for the Saturday Sunshine, stated: luncheon, will be Marc Boyer of "Sunshine did not take up its toe silver pesos in toe New York minister Ottawa, Canada, deputy option on the Mohawk property as market. Purchased at a price of mines and technical surveys, we could not see enough ore to about 45 cents qn ounce, the Cuwho will talk on "Government make the venture worthwhile. bans have received from' 7294 cents Help to Mining in Canada." This While we encountered the ore an ounce to as high as 90 cents meeting is also jointly sponsored, shoot on the 500 north, in a posi- for toe silver of which toe last by the American Institute of Min- tion which was expected, the val- supply less than a million ounces ing and Metallurgical Engineers, ues were very much diminished will be marketed over toe next and the Canadian Institute of Min- and hardly mineable. On the 500 week or 10 days. ' made will be Introductions by ing. This is a part of a total shipment y south, we got under the big a member of the CIM and J. C. and found absolutely nothing. to toe U.S. this year of about 17.4 Kieffer, assistant manager of the "On the 218 north ahead of he million ounces of toe Cuban silver Northwest mining department, we encountered some coin; 5.2 million ounces arrived in American Smelting and Refining orebody, rather drastic faulting which we September. So far this year, toe company, and, chairman of the CoCuban coins have represented will explored for a total of about 700 of s ; . - two-da- . . iT . ore-bod- the AIME, lumbia. section preside. Kieffer will also serve as presiding officer at a technical session on Saturday morning which will feature several Coeur dAlene Rollin districth mining men. assistant general manfarmin, of Day Mines, Inc., will ager "Rock Bolting in Fault Zones; W. A.Boyer, superintendent of the mechanical and elec- , dis-rcu- ss - - . December 4, 1953 The Western Mineral Survey, Salt Lake City, Utah 2 feet of drifting without rediscovering the vein. All in all, the property just did not stand up to our expectations. "We have sold all of the supplies and equipment at the mine to Mr. Brundige. We are not yet finished with Nevada as we have a development program under way on a tungsten project near Mountain City. The mining associations comdepartment of Asarcos ments on the Summit King mine northwest mining department, will are much more cheering. They talk on "The Application of Safety read as follows: Characteristics Curves to Mine "A west drift from the 550 foot trical Hoisting Ropes; and Earl Cooper, field Hardware and Foundry company, will speak on "Factors In- fluencing the Life of Drill Steel. The convention will be opened Friday morning by Frank N. Marr, president of the association, and a general session devoted to public relations problems of the mining industry will follow. Howard D. Cleavinger, managing editor of the Spokane Daily Chronicle, and J. A. Hogle and Company brokerage firm, will be the principal speakers. New Lightweight Mill Making or winze level, of the Summit King mine in the north portion of the Tonopah district has encountered an orebody.' The drift has been in good grade mill ore for a length of 75 feet, with good ore in the face. "The orebody averages four feet in width between about a fifth of foreign silver imports. Foreigh silver, which currently brings 8594 cents an ounce, is used exclusively by U.S. industrial and silverware consumers in preference to domestically-minde- d silver which is bougnt by toe Treasury and offered for sale at a price of 91 cents Another source of foreign silver to toe Amercan market this year has been Japan, which has sent a little more than 3 million ounces of silver from mines. Japan sent another 3 million ounces to England this year. The Japanese government has an estimated 50 million ounces of silver in reserve. But industry men at the present time do not think Japanese authorities will sell this metal. The Mexican government Is a vital factor in the silver picture. The Bank of Mexico buys Mexican mine production when it cant be sold on toe world market, and releases metal when demand walls and is apparently the downward extension of an orebody already opened on the 300 level of. the shaft If the orebody on the 300 level extends 50 feet above that level, 300 feet of backs are now available and chances are excellent for Directors of Silver Dollar Mining a downward extension of the y company last week authorized payblow the 550 level. ment of dividend No. is, payable at toe rate of 2 cents a share on Class A common stock and 2.2 cents a share on Class B preferred. The disbursement totaling $36,-41- 2 will be made on December 16 to stockholders of record December 2. It is toe companys first Uranium miners have received dividend in 1953. Last year a total bonus payments totaling more than of 9 and 9.9 cents was paid, on the $2,500,000 on ores produced from two types of stock, in three payeligible properties since the bonus ments, for a total of $161,360. program was started March 1, The current payment will inP. crease the companys total divi1951, according to Sheldon Wimpfen, manager, of the atomic dend outlay to $829,463' according energy commissions operations of- to President Elmer E. Johnston. fice at Grand Junction, Colo. In addition the company has paid ' A total of 329 properties have back prior assessments totaling been certified as eligible for the $140,000. . premium payments and 1626 individual payments have been made to date, he said. About $125,000 Engineers9 President per month is currently being distributed. Leo F. Reinartz, Middletown, The bonus program was set up Ohio, vice president of Arco . Steel to stimulate private industry in the company, has been elected presisearch for new deposits of uran- dent of the American Institute of ium ore and to assist those who lo- Mining and' Metallurgical Engicated new deposits in financing the neers for 1954, ' it was ' announced initial cost? of putting the property last Saturday by the institute board into production. Recently the of directors. He succeeds Andrew was extended . through Feb- Fletcher, president of St. Joseph Lead company. ruary 28, 1957. well-define- d on display at Mason near Yering-to- n on the Rollaway homes site, cording to the Mason Valley News. The mill was manufactured by the InKar Heater Co. of Glendale, Calif., and was invented by Edresiward Farr, former Ycrington ' dent N Acording to Parr, the mill has been in use at the Lambert titat-iumine in Solomon canyon, Calif., with excellent results. The small mill will dispose of ) 25 tons of. crushed ore The shift. an hour eight 'luring ore must be completely dry as the ore is spun in the mill with the concentrates being deposited on one s:ic and .waste on the op- posite. Gold ore cs low as $5 per ton is said to be commercially profitable by using the mill. It will be on demonstration in' Yeringtoh several mars weeks. m (43-mesh- Idaho Firm Interested In Utah Area SIDNEY, AUSTRALIA Exciting boom days comparable to great Australian gold rushes 100 years ago seemed heralded this week with the announcement of toe first big uranium discovery by a private company in toe Northern Territory, toe vast mile federal controlled region .in Australias tropic north. Recently the Australian federal Bureau of Mineral Resources made an ' aerial survey of this frontier region and pinpointed 300 separate radio-activ- e localities. (Continued from Page 1) i yet opened ore exceeding 2 per This survey springs from governments determination discover just what Australias min- stances. eral wealth comprises, though nobody expects toe bureau will dis- Mine Claims cover everything hidden beneath toe surface of this untapped southern continent. The nationwide search has been concentrated largely on toe Northern Territory since John White,' a northern cattleman, casually kicked some unusually colored stones one day and remembered he had seen just that color illustrated in a government handbook on minerals issued for the benefit, of private prospectors. The stones 'marked the. site of the fabulous Rum Jungle field in the Northern Territory, and "Whites Deposit, as the original find was called, led to toe discos ery of five other rich deposits nearby which comprise toe Rum Junge field.. The outis put being shipped to the United States and Britain. Since Mr, Whites discovery the federal government has clamped down a tight security blanket through its Atomic Energy Act. For a time there was some, confusion, even at government levels, as to toe broad objectives of this legislation. The act provided that any person discovering uranium or other radio-activ- e substances must toe to find the federal govreport ernment within one month. . . now-produci- (Continued from Page 1) Claimants who located mining claims between July 31, 1939, and Jan. 1, 1953, should for their own benefit find out if. toe land was open to mineral entry at the time of location. This information is on record in toe Regional offices of the Bureau of Land Management for toe state in which toe land is located. Sheldon P. Wimpfen, Man- ager of the Grand Junction Operations Office of the Atomic Energy Commission, has announced that he and members, of his staff will be pleased to: discuss with claim holders questions regarding toe status of their claims. ng Bans Copper Sales Despite persistent rumors to toe contrary,.. Chile has promised the U. S.. that she will not sell, copper to nations in the communist orbit until talks with this country have been completed. Negotiations for toe sale of more than 100,000 pounds of Chilean copper to the U. S. for toe strategic stockpile have broken down temporarily and will be resumed, according to oficial Chilean sources, "when it (the Chilean government) thinks it convenient. SUBSCRIBE NOW M INI NC OIL ore-bod- FINANCIAL NEWS BY THE YEAR $2.50 2 YEARS $4.00 LATEST QUOTATIONS of LISTEDAND UNLISTED ISSUES URANIUM, OIL STOCKS ARE ON THE MOVE KEEP INFORMED BY SUBSCRIBING TO . pro-.gra- cent Such assays are not partiduarly impressive to those accustomed to of lead and thinking in bonanza indicate but zinc, they, of uranium. terms in ore quality According 'to a chart prepared by toe Engineering and Mining Journal in January, 1952,' one per cent ore is worth $70 a ion without government bonusus of any kind. With federal bonsus, Including the initial production bonus, it is worth $170 a ton. Ore as low as .02 per the cent uranium can be mined profto itably under favorable circum- re Silver Doljar Uranium Miners Marked Recovery Receive Bonuses A newly invented centrificator For Production mill, weighing only pounds, is 75 Uranium Boom On In Australia . . I i Western. Mineral Survey 4 m 21Vi EAST FIRST SOUTH . . .:V- - ; , SALT1 LAKE- - CITY,' UTAH 1 . . |