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Show OF U LIBRARY cin ' -- :.-.V:'J ,,:;:;cxr ' ' ' A VOL. 25, NO 2 ML io)in WuJ V Salt Lake City, Utah, June Plateau Region Now Prospectors1 Paradise One Tear fl.00 11, 1954 Multiple Mineral Leasing To Open 60 Million Aeries 12 Companies List with USC During the period from May 1st to June 1st twelve new Uranium Companies registered with The Senate Interior Committee approved a bill Tuesday the Utah Securities Commission atUranium millionaires like Charlie to sell stock valued approxi- which would open up some 60 million acres of western public For a few newly-mad- e Steen, Jack Turner, and others, the prospectors dream of striking pay dirt has paid off, and paid of big. r Rich ore strikes in the Moab San Juan County, Utah area have lead Mr. Steen, et al, from rags to richest turned sleepy little Moab into a boom town, administered a shot in the arm to Salt Lake Stock Markets, and spread a rash of prospecting fever from coast to coast. Hie big dream came true, and 0 is still coming true, on the of miles desert known square as the Colorado Plateau. The plateau covers part of Utah, Colorado, New Mexico and Arizona, but Moab, Utah is the focal point of this four-statarea which up to now holds the countrys richest discoveries of uranium deposits. Men like Steen who for years have been knocking around mining camps and staking claims that never paid off flocked to the southern Utah uranium frontier hoping they too will find their fortunes. With them came a few fleecers, claim jumpers, and chislers. All in all, Moabs population has zoomed in 18 months from 1200 to an approximate 4000, providing a definite housing crimp. But even though most of the good land has been staked by now, the rags to riches story of (See page 2, Millionaires) 130,-00- e RICHEST miner Is Charlie Steen, whose claims are estL mated at 9150,000,000. Friendly, honest, hes popular with miners. con-me- n, all-arou- nd - - mately $1,630,000. According to the schedule of registrations released this week by the Utah Securities Commission the new companies are: Arrow Uranium Corp., Bow Knot Uranium Corp., Blackjack Uranium Co., ComanChe Uranium Co., Carbon Uranium Co., Western States Uranium Inc., East Lisbon Uranium Co., Mohawk Uranium Corp., Olympic Uranium Inc., Red Man Uranium Co., Slick Rock ' Uranium, Standard Uranium Corp., Uranium Services Inc., Upetco Uranium Petroleum. Several of these Companies have sold the full offering for which they received permission from the Commission. DIBO" PATTERSON turned down offers of , ,. . $1,000,-00- 0 for h Island . . . hasnt mined it yet Senate Studies Tax Relief For Mining Firms gravity oil- - The Utah Securities Commission, this week, passed on several new regulations pertaining to the registration and incorporation of new Mining Companies. Effective as of June 1st, they are as follows: 1. Regulations require applicant to furnish an Attorneys opinion as to title to all claims and leases. 2. Applicants must, furnish geol--ogis- 3. Tax depletion allowance boosts being considered by the Senate Finance Committee for 33 strategic minerals, including lead, zinc, copper and tungsten. Committee members said they have decided to give a 23 allowance to whatever minerals are increased from the present 15 level. The higher rate would apply only to domestic mining operations, they said. Depletion rate boosts for zinc, lead and copper would mean much to producers, especially the marginal mines. were and prospects. A prospectus must be furnished to be approved by toe UNLISTED URANIUM Stocks ration of 830 to 1. Production is from the Ellenburger formation through perforations between 13,189 and 13,239 feet. The Companys No. 1 Frank Winters is a new well in the Northewest Lindsay Field, McClain County, Okla. The well was completed flowing at the rate of 720 barrels of 45 degree gravity oil per day through a ft choke. Production is from the Second and Third Bromide sands through perforations between 8 11,205 and 11,230 feet, and and 11,406 feet. gas-oi- l : . 0 2 Va Arrow Atomic Atlas 12ft 1 3 Vz .03 04ft .05 14 .... ft .. .16 - .03 . .04 Federal 09ft .10ft .2.58 2.78 Lisbond 09 .11 Midland Red Man Uranium . 02ft .03ft .05 ' .06 Sun Uranium Congo . - - . . . Mines Bureau 421 Chnich SL Cromer Brokerage Co. P. G. Christopulos 'And Co. Phenei 51 Exchange Building. Salt Lake City Specializing in Uranium and Oil Securites Member Salt Lake Stock Exchange P. 0. Box 1782. S. L. 89 Report on Apache Uranium will C Utah metal- Salt Lake City, Utah KEEP POSTED ON THE GREAT URANIUM BOOM $3.00 One Tear Member Salt Lake Stock Exchange Salt Lake Stock Exchange Bldg. Suite No. 4 39 Exchange Place Salt Lake City, Utah - after Late News, Quotations. Infomation Service, on Mining, OiL Financial - be mailed upon request Phene Teletype SU 180 17 $5.00 Two Tears Circulation Dept. 22 ft East 1st South Subscription Order Enclosed find $. Mineral Survey fori Name Address. . ap- proved toe measure adopting a farther liberalising amendment which was offered by Sen. Arthur V. Watkins R., Utah). The Watkins amendment calls for lands withdrawn from toe public domain by administrative procedure to be withdrawn only for the purpose expressed in the order. The House Interior Committee has already approved a similar bill without toe Watkins amendment ' Published Once Each Week . . The Senate Committee Subscribe Now Western Mineral Survey 11,-36- .78 2.00 .06 .05 Texas .06 .07 Silver Buckle .06 .07 Uranium Corp .10 Ur. Oil & Trading .08 .40 .42 Uranium Inc ..06ft Vernal .07ft Ut, U. S. Uranium .... .08 .10 Walters .02ft .024 Tellow Cat .04ft .05ft , lurgical division located in Salt Lake City, Utah, reports it is receiving on the average of 750 sample of ore a month to be analyzed for mineral content in their laboratories. Of these more than two thirds are sent in to be analyzed for Uranium content. The 750 samples represents an increase of more than 200 per cent over a year ago. Recent Uranium Quotations .10 Uranium- - .08 Standard Ur Aladdin Apache Uranium appl- Gets Samples The Bureau of Mines per day through a choke with a pro-viddu- pr Passes on Five Company Rulings WaterOil Co. San Francisco, June 7 Tide Water Associated Oil Company has completed two new oil wells, one in Texas and one in Oklahoma, it was announced here today. In Midland County, Texas, the Companys No. 4 McKnight flowed 934 barrels of 53 degree af-tttq- h, Utah Securities Commission or engineers report on all property intended to be worked as to mineralization Completes 2 Wells i acge - ts Tide lands for multiple mineral development The administration measure was designed primarily to stimulate uranium production on the Colorado Plateau Area. If passed, the legislation would make it possible to file mining claims of public on the veSr lands for wntoholLfgas leases alate subcommittee that such leg illation is urgently needed ready have beeufUedv The billzintroduceji by Rep. to permit fatycresed exploration for uranium in western William A. Dawson multiple use of public states. lands setoat bothlniningvfaw They said it also is designed to minerals afijj'toasing hcf minerals straighten out situations where can be recovered from the same oil and gas prospecting and detracts of land wf$put undue con- velopment are being delayed due to existing legal requirements for fusion. establishing toe validity of leases Assistant Secretary of the Inand mining claims. terior Felix E. Wormser and The legislation would elimiother witnesses told the Sen nate the present legal reservation to the federal government of all fissionable sources materials in toe public lands, and declare that the validity of a min ing claim may be established upon proof of toe presence of uranium. Witnesses said the reservation now gives rise to doubt in that a mining Commission. It should com- some quarters could claim be proved after disprise a full disclosure of of alone on a uranium ication-history, description covery area. and valuation of properties; public land The bill also would establish use of funds, maps, etc. All under which a person procedure prospects must be furnished an interest under the having copy of Prospectus and three mineral leasing laws may obcopies must be furnished to a as to exisdetermination tain all recorded dealers. tence of 4. The company will not be perconflicting mining mitted to spend more than claims to the title of minerals 12ft of the offering for sell- covered by the leasing. - ing expenses; if toe offering is Jesse Johnson, director of toe confined to Utah. raw materials division of toe 5. If incorporators take stock at Atomic Energy Commission, and the par value and desire to of- Max Isenburgh, the commissions fer it at a higher figure to toe assistant general counsel, said buying public, please give a toe commission favors the elimistatement as to what has been nation of the reservaaded to toe companys assets tion to toe existing of all government to value the shares to the pub- fissionable materials. addThey lic at the higher figure. ed, however, it has not formally approved a report on the pending bill. v for which send me Western |