OCR Text |
Show r. its 'i .ciw.. Features Mining , Oil, Financial VOL. 25, NO. 6. it e $MS- 4 tea Wide public interest continued to be centered in the Wests grow- ing uranium industry this week as moved into the picture. Among some of the better kiiown successful metal producers to hold interests in the Big Indian district of San Juah County are New Park Mining Company, one of Utahs 'major producers of lead, zinc, silver ores and Homestake Mining, the nations largest gold producer. A number of firms operating in the famous Coeur dAlene region ' of Idaho have also recently, secur-- ' ed holdings in the uranium area. In addition to these better known companies, groups have been formed with representation from coast to coast to participate in the booming development. The discovery made' by Charles Steei in July, 1952 has without doubt touched off one of the biggest mining booms in the history of the country, and according to .. officials of the atomic energy commission, the, boom, which takes in not 'only: the area southeast of Moab, but the entire Four Corners area where Utah', Colorado,' Arizona and New Mexico join, is , continuing and expanding. This spring the atomic energy commission will start construction of a $250,030. sampling plant at Moab, to be ready for operation by the end of the year; AEC officials are also negotiating with Steen on construction of a big processing, mil at Moab. Metallurgical test work is. now in progress to develop a special ''process' for ores handling from the Mf Vida and other mines in the Big Indian district. . A $3,000,000 processing mill is also to be built at Shiprock, N. M. ' Intensity of the interest and ac- - tivity in the San Juan area is in-- . dicated by the numbey of million- dollar property deals which have .been consummated in fecent weeks. The Big Buck property . east of the Utex Exploration oper-ation has been purchased by J. W. Frazer, of the corporation, and a group of associates for $2,000,000. Steen, whq held an option on this group and is a director of the mew company which has been organized to explore it, reported that one of the claims has yielded 5000 tons of ore and has a reserve of approxi , ' high-lime-conte- - : , . 16-clai- m V Kais-er-Fraz- er JUNEAU, Alaska Suffering Alaska gold miners can expect no relief from the national admately 100.000 tons. Last week it was reported that ministration, so far as action to Homestake Mining company is change the price of gold is connegotiating for purchase of the Lit- cerned. . That is the substance of a lettle Beaver property which adjoins received this week by Deleter c.o- Steen mine on the southeast: price o $1,500,033 is said to gate Bartlett from W. Randolph. ?n.ie been set on all the stock of Burgess; deputy secretary of the Little Beaver Mining company. United States governments polTli s property is also a potential icies on the gold problem and producer, with an ore deposit run-- n the reasoning behind them. The' letter in reply to a comng up to 25 feet thick. Last December Steen purchased munication from Bartlett reclarification of official an 18,093-shar- e minority interest questing on the policies price of gold. The in his Utex firm from two stockwas also letter 'an effort to anholders for $3,272,500. The two swer a recent editorial in a stockholders received a cash paycritcal of the Juneau newspaper ment- of $150,000 for shares in administration for failing to act which they had originally invested in Alaska the distressed helping $19,500 and will receive the balminer. ance of the purchase price over gold Burgess told Bartlett the a period through a royal- Eisenhower administration, like ty on gross ore returns. that of former. President TruLarge though, this payment may man, is opposed to any increase seem, it represents but a small in the price of gold because' of fraction of the production potential its inflationary, dangers, plus The of the Steen mine. In 13 months of operation, up ,to December 31, 1953, it yielded nearly $2,000,000 worth oi ore and output was less additional well established groups , - - , . . . ar than 50,900 tons. Ore reseryes are advantage it would give to foreign countries who would unload their gold reserves on the U. S. Treasury to obtain dollars to buy American goods. The administration is convinced that any change in the price bf gold would have long-terinflationary effects on our economy and would be disturbing to the economies of the rest of the world as well, Burgess wrote. Such a change in the price of benefit- any gold "also would country which produces gold in excess of its domestic requirements .and which sells gold abroad to obtain foreign cur- rencies. The Treasury official singled out Russia as an example of a nation selling considerable quantities of gold on foreign markets. He referred to a recent statement in the United States General Assembly by Soviet Delegate Vishinsky which criticized the United States for its refusal to increase the price of gold. . m - . - Copper Gain Adda Montana To estimated at 1,309,000 tons. Behind the boom and all the deals is the strong support for uranium a mining-support totally lacking in the lead-zin- c branch of the; industry. The AECs program of guaranteed markets, guaranteed prices, and bonuses and premiums eliminates virtually all the usual hazards for the miner, and the has been extended program through March, 1962. Bonus payments ranging from $1.50 to $3.50 per pound of uranium oxide are paid for acceptable grades of ore produced from eligible properties. Maximum bonuses for new mine production range from $15,000 to $35,000, depending .upon grade of ore delivered. mil-lfon-dol- gov-vemme- nt s -- Theres more hard work than luck in most swpeess stories. Naturally spanking doesnt help much in this soft-hande- d age. Mine production of copper in Montana during 1953 gained, nearly percent to reach the highest level since 1945, and silver.) production advanced 6 percent, according to a preliminary report by the Region II office of the Bureau of Mines, United States Department of V the Interior, Albany, Oregon. 1 ' Theoutput . oJeadand.jdiicde.- creased by, 8 percent anj , 2". percent, respectively.' Gold produc29 Uranium Ore Buying Unit In Operation S. D. EDGEMONT, Announce- ment is made that, commencing immediately, railroad car deliveries of uranium ore Will be accepted at its uranium ore buying station at Edgemont, South Dakota. The ore buying station facilities have been expanded to handle increaised tonnages of ore and to provide a means of obtaining rail haulage rates for ship' pers producing ores in areas a greater distance from the station, such as those operating in eastern . . - - com-pani- CAYIAS BROKERAGE CO. es . One Year $150 Index Daley Makes Rapid Tunnel Time . . 13-ye- ; k Gold Mines Get In Drive For Price Increase Society has a habit of throwing people overboard to get them out Wyoming. of the swim. American Smelting & Refining Co., ore buying agent for the ComFOLLOWING ARE SOME OF THE LISTED AND OVER 1HE COUNTER COMPANIES WniCII ARE EITHER ACTIVELY ENmission, has recently 'completed GAGED IN DRILLING OR MINING URANIUM ORE, OR HOLD an expansion program, started POTENTIAL URANIUM PROPERTES: early in September of this year, LISTED ISSUES which included installation of meOVER 'THE COUNTER , chanical sampling proceedures and East Utah Aladdin Uranium Corp. provided equipment for doubling ' Howell Consolidated Uranium the capacity of the plant. Crane Little May . Great Basin equipment is- being installed for Mayflower Magnolia Lead unloading gondola type, flat or ' solid bottom railroad cars. This Oil Majestic Oil Incorporated. t will make available to' ore proMono Kearsarge Uranium Oil & Trading ducers alternate means of shipNew Park Uranium Corp. of America ore. In many cases shiptheir ping Plumbic Mines U. S. Uranium Corp. r ment ore of by rail will reduce Sun Uranium Prosper Oil costs the 'shippers parfor haulage Royston . Federal Uranium Corp. ' those for ticularly operating at INFORMATION FREE UPON REQUEST greater distances from the buying Just check the companies in the above list you desire information station and relatively' close to rail on, till out the coupon below and a report of the designated loading facilities. ' will be mailed to you without obligation. Uranium ore . producers who Please send me a report on the companies I have checked in the elect to ship by rail will find it above list. Addreaa necessary to comply with the follow conditions: Name 2. Routing must specify Chicago, Burlington and Quincy delivery Mail to and shipments must be consigned to American Smelting and Refining Co., Edgemont, South Dakota. SALT LAKE STOCK EXCHANGE BUILDING 3. Rail freight must be prepaid 39 Exchange Building Salt Lake City, Utah by the shipper. , c1. Set-Bac- In Wests Uranium Industry - Published Weekly Salt ake City, Utah, Febrnaiy 5, 1954 Reaches. Boom Stage er J H.UMEU SJ OF.U LIBRARY . fn a v tion, which did not rank in importance with the output of the other metals, declined 4 percent. The total value of the five metals increased from $70,521,092 iq 1952 to $75,050,040 in 1953, a gain of 6 ' percent Gold production totaled 23,200 fine ounces; silver, 6,498,400 fine ounces; copper, 79,790 short tons; lead, 19,630 short tons; and zinc, 80,250 short tons. The value of each metal, with 1952 values in parenthesis, was Exceptional progress is being made by Index Daley Mines Company in the driving of its new Anderson tunnel on properties located on South Fork of the Boise River, near Mountain Home, Idaho. The tunnel is being projected for purposes of providing access to lower levels of the old Daley Con- solidated property where a considerable amount of high grade ores was produced from shallow workings. The adit has now reached a length of 2100 feet or half the distance of its planned 4200 foot objective. Work has moved ahead about 1000 feet since the middle Of October of last year. Previous operators worked through the Daley shaft which had a depth of 440 feet from which laterals had been driven at various levels. This area resulted in the yield of high grade gold ore along with values in lead, zinc and copper. The Anderson tunnel will come in under, these workings at an additional depth of 350 feet opening a laree-reof virgin territory and also provide transportation and drainage facilities. There are a number of veins traversing the property in line with thetynneLthat are expected to be cut as the tunnel progresses. Equipment now at the property consists of 2 Gardner Denver compressors, 2 loaders, jumbo drilling equipment, automatic drifters, and a Mancha electric locomotive, in addition to other equipment necessary for operations. A private power line has been run in from the Anderson Ranch dam on the South Fork of toe Boise River. Index-Dale- y has a 99 year lease on the old Daley Cons, mine and has also acquired properties of the Index Mining Co. at , Nevada. Spruce-Mountain- as follows: Gold, $812,700 ($845,-635- ); silver, 5,881,380 (5,555,367); 45,639,880 ($29,982,82); copper, lead, $5,221,580 ($6,851,838); Zinc, $17,494,500 ($27,285,420). and The Butte copper and iinc-lea- d mines of Anaconda Copper Mining Co. continued to dominate in the production of all five metals. Gold and Silver: Gold production decreased for the sixth consecutive year, but an increase in silver output by the g operations of Anaconda Copper Mining Co. at Butte brought the States production of silver to the highest point since 1950. Copper and zinc-lea- d or& sources were the principal of the ' gold and silver produced in 1953. The Marget Ann mine of Mitchell Mining Co., near Walkerville in the Butte area ,was the leading ore. Near producer of gold-silvin Madison County, Virginia City, UNLISTED URANIUM Stocks copper-producin- er Continued on Page 2 B. C. Layoff More than 3000 men have Seen laid off by British Columbia mining industry as a result of curtail- ments and shutdowns brought about by falling lead and zinc prices during the past 18 months, Harvey Murphy, regional director for the International Union of Mine, Mill and Smelter Workers told a union district convention in Vancouver, B. C. recently. . Cromer Co. Brokerage Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Suite No. 439 Exchange Place Salt Lake City, Utah Reports on the above issues will be mailed free upon request.' Phone Teletype SU 180 |