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Show V V ' , t 1 i i 4u i : 1 a HV . t 'i VL 25; No. 31 M Jly fi R aV si , 4 One Teai $3.00 Utah September 17. 1954 MinesCongressProbes Future of Uranium Congo Exercises Option On Its 'Dream Claims1 Utah Uranium Potential Described As Unlimited Private industrys future in uranium exploration and production is a foremost question these days in mining circles, G. R. an-1 Oil Congo Uranium Company Kennedy, Uranium Exploration Manager for 1185 Industries, Oklahoma City, Okla., today told delegates attending unc?0it ieht I the 1954 Convention and exposition of the American Mining Con- - Sales of potentional uranium properties ranging from $1,-- 1 000,000 to $20,000,000 consummated in recent mpnths in south- east Utah point the way to future invasion of new capital on a scale to stagger the imagination. Kennedy said that mine manAmazing transactions may be expected in Utah this Fall I Dream Claims, help, there is no doubt in my and Winter,, in. the opinion of Jay Walters, Jr.', President of The new group has been named agement sorely needs to know mind "that the Domestic Uranium the Old Burr Trail Group, sit- the answers to these questions: Program would never have deElaterite Basin Uranium Company, uated 27 miles south of Notom, Is it a temporary military emer- veloped into the healthy state The Shinnarump formation. is influence dominating Utah, in Garfield County. Congos gency we are helping to meet? gripping that we now find it, he declared. so fantastically correct, that WalBeeseven the of has Lake all and feet Salt shaft, subeight by a The vast amount of scientific indomestic Is production ters envisages a future produc105 sidized state. to a of sunk hive been depth operation to keep foreign vestigation and research that has tion of half a billion dollars of low ore. all Opin feet, grade The accessibility of Elaterite been carried on by AEC would in line? uranium. He has been advised by now driving north producers are erations Basin in is adds have to its much uranium been far too costly for How really importance with the propmen acquainted 100 foot level to encounter on the the Before uranium he for needed stockpiling? industry. the private enterprise. military erty for 45 years that it has bullores which higher !irst was grade of demand travelers road the be will What built, greatest uranium potential of Some of the answers to the lest they might dozers exposed on the surface. Industrial users in the future? any uranium area the world has feared to enter,alive. never emerge At present, Congo has approxiWalters Will breeder reactors de- mining Industrys questions lie ever known. in Congress future disposition Elaterite Basins 71 claims, mately 250 tons of ore stock crease the need for large tonUtah Is now witnessing the of recommendations made by after each had responded to piled. Shipments started this nages of uranium ores? com money big the AEC, Kennedy said, but he acquisition by tests which disclosed week, to Marysville, Utah, a disWill thorium and other fissionbines of thousands of acres of tance of 138 miles. The second able materials take the market added that the mining indusradio activity. great a uranium property, potential try is entitled to some expresReports are about, that Na- shipment of ore will leave Congo away from uranium? land purchasing era succeeding sion as to future plans by the this week from some Kennedy doubted that the AEC. the boom period of last Spring, tional Lead Company plans to property surface development, Congo of- uranium industry needs its preswhen purchase of stocks of mild a first class road on ad- ficials said. Kennedy said he believed that ent fetrict Government fcontrol uranium companies was the joining property. This should be Since Congo began mining in and indicated that free enter- private industry, given the optremendous lift to Elaterite under competitive conwhen the company starts its de- May, much encouraging progress prise should be given a greater portunity can ditions, develop atomic enUNLISTED velopment program. Water from has taken place. The Company, opportunity to take over exploraergy better than it is being done a spring located strategically on also, has recently purchased a tion and production on a com- now. the premises, is controlled by 25 per cent interest in three petitive basis. He commended the Atomic Elaterite, which Walters freely claims known as The White Star 15 Stocks miles south of Ferron, Energy Commissions Raw Mapredicts as the site of a huge Group, U-O- re A Utah. drilling program is un- terials Frogram and its encoururanium doihiisated tdiyy which the ultimately would be comparable der way on this group. Good agement and assistance in and enexploration, development in importance to the role Pitts- showings of ore have been of domestic uranium countered of a other number processing by now plays burgh, Pennsylvania in the Steel Industry. The lo- companies operating at adjoining ores. Without the Commissions cation is 30 miles south of Moab. claims. Very few of the nations uranCongo also has 10 claims high High-Grad- e The Atomic Energy Commisium mines have modem mechansion is said to plan construc- in the Circle Cliffs area, 12 miles ical hauling systems underground tion of a camp close to Elaterite south of the main operation. because most ore bodies are less Basin claims, where it would These new claims are known as than 500 tons in size, according to conduct extensive uranium re- the Glenn and Irene group. Other In a letter to stockholders, A. Matthew P. Rowe of the La Salle search projects. This naturally, companies are now prospecting A. Cheney, of Mining Co., Grand Junction, and drilling in the immediate Green River Oil and Uranium Colo., ' would greatly enhance the imof claims. new the neighborhood and Elaterite of value portance Rowe said the small size of the a recent high Results of their operations, will Company, reported Basin claims. of 4,650 average deposit and the consegrade sample shipment I. E. Shale, of the Newhouse determine Congos future action pounds of uranium which assayed quent short life of the property on this group. substantial sums of 7.34 per cent uranium oxide, ac- spending Hotel, popularly referred to as AEC officials have recently Ininthe Einstein of the Uranium worth money on mechanical installamade frequent visits to Congos tually bonus $1200 per ton, tions because amortization costs payments. dustry, in a letter to Walters cluding In 1953 described the Shinnarump properties and have expressed For a previous shipment of 0 very high per ton of ore mined. formations in the Elaterite Basin optimism and enthusiasm. AEC pounds the Company received In some cases he said better is reported watching this area as the thickest in the world. $763.36 and have applied for a planning and modem methods After 'the first road was complet- with keen interest bonus of $527.41, making this could cut mining costs appreci; Congo a Uranium has years into the Shale ed. area, predicted program outlined for continua- ore worth $258.15 per ton, Mr. ably, but in most cases mining economics demand cheap develsuccess untold profits and for Cheney said in his letter. to of of ore a tion development owners of claims .therein. Both sample shipments were opment and small capital investdepth of approximately 300 feet taken from Green Rivers Gas ment. with levels at 100 foot intervals. Hills In the case of the La Salle property in Fremont CounThis' should establish Congo as comhe said, use of modem where the Mine, ty, Wyoming, a consistent ore producer. 12 new added equipment and methods have C. M. Peters, mining engineer pany recently claims to a previous total of 29. considerably reduced mining and geologist has recently comThis week the Company ship- costs. He said his company is pleted a comprehensive report of ped another 100 tons of ore to able to make these savings beoperations to date, for the Com- the U. S. Vanadium Company cause of thorough surveying of pany. mill at Edgemont. No estimates ore bodies in an intermediate Officials of Yankee Uranium is available yet as to a result area and because of favorable naex-- 1 are announce the assay. The Company also tural factors which make norof company they HlmHies to in order their has another ton of ore ready to mal modem mining methods tending drilling ore. of outline a larger body ship, the report indicated. generally applicable. Investment' Service It is indicated the company will probably resume production ship-- 1 Potter Investment Comments on a larger scale and that Atlas Building, has & seasonal output will be consist- - farted a unique investment en service for uranium stockhold York Slock Exchanges Member Sail on news of results ers. Important ' cue-iYankees core drilling program The object is to relieve the Double Jack mine is ex-- 1 tamers of responsibility of devotWe Specialize In Mining Stocks Member Salt Lake Stock pected in three weeks. ing a great amount of time to Exchange An application for a $25,000 supervision of investments. The Loans Made on Listed Mining Securities Salt Lake Stock Exchange Bldg. loan from the DMEA to drill the service is absolutely free and " Suite No. 439 Exchange Fly 132 Main SL. 2380 Washington Bird. mine is soon to be made. Appll- - aimed to assist clients in be- I to Lake Salt cations are similarly planned for coming quickly alerted City, Utah OGDEN government loans for drilling I changes in the market or with SALT LAKE CITY Report on Apache Uranium wil claims in the Snafu group and new developments affecting be mailed upon request i 523 West Sprague Are., SPOKANE 35 North University, FR0Y0 all Yankee dividual properties from one claims, Canyon SU 180 Phone Teletype l; week to another. holdings. Kerr-McG- ee reCy se-ect- ed . URANIUM Mines Few Have Modern Hauling Systems r iH , i Ore Shipment Deport vice-preside- nt - . 10,-86- - Yankee Uranium Announces More Drilling Work : i 1 ie Cromer Brokerage Co. J. -- A. HOGLE CO. p Lake-Spokane-N- ew - n - ln-Dev- ils ' 17 X ( t t |