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Show Vom Would Produce 1000 Tons Uranium Ore Per Month AnnouncesOff ering Fortune Samples Cents Show 1.3 Percent Of 5,00u,jo0 Shares At 1 Fineco Uranium Corporation, a new organization, has an- Uranium Ore Pinec .,i 1- Dove Creek, Colorado Officers are Adrian Gerritsen, Jr., 26 Yermo Avenue, Salt Lake City, President, Justin E. Hurst, 605 DeSoto, Salt Lake City, Scott A. Taggart, 167 W 20th So, Bountiful, Utah ' . Secretary and Treasurer. comis of Directors The Board posed of Alfred M. Bealer, Milford, Utah, James H. Miller, 1745 N. Woodside, Salt Lake City and Messrs. Gerritsen, Jr., Hurst and nt, ; American Takes Taggart, the company officers. Adrian Gerritsen, Jr., is a builder and real estate broker of many years experience in Salt Lake City and owner of Pioneer Coal Company, Huntington, Utah. Editor's Note As a result of inaccuracies, the name of Upetco Uranium Corporation was incorrectly used in a previous printing of the Survey in connection with a proposed merger with Uranium, Inc. whereas the proposed merger is with Utida Uranium Company. The Survey regrets the inaccuracy and gladly corrects the mistake in this printing of the newspaper. -2 nounced a public offering of 5,000,000 shares of capital stock at .01 cents per share. Vice-Preside- One Tear $3.00 Salt Lake City. Utah. Novembei 23, 1954 No. 47 ples taken from three uranium claims of Fortune Uranium CorIt was announced today by Jack C. Turner, of Moab, Utah, showed that a proposal was being submitted to stockholders of Uranium, poration, assayed today, 1.3 per cent uranium and 3.2 Inc. that Utida Uranium Company purchase all of the assets of Uranium, Inc., for a reported consideration of $1,250,000 by vanadium, officials reported. an exchange of stock, to thus With a gang of nine men merge the two companies. employed Fortune mined 54 'Uranium Queen' This merger forecasts a productons of ore last Wednesday . tion schedule of 1000 tons of and Thursday. Shipments by uranium per month, against a truck are now routed to present 400 tons per month, said Uravan, daily. Jack Turner, General Manager Michael McGrath, geologist esand Consultant for both comi timated the three claims of For(Reprinted from The Lovelock panies. tune contain 2,500,000 tons of ore Review-MineNov. 11 1954.) With the interests of the. two of commercial value, running Lovelock Nevada. companies operated jointly, it is around $50 a ton plus bonus. ForMrs. Jewell Rivers, Hayward, s 1000 estimated one of the larger to tune officials expect ship who has under been Calif, widow, tons of ore per month by next on the Plateau will be authorities of California scrutiny created. Both have adjoining February. from the standpoint of possible ilCharles Brechtel, foreman in legal mining stock sales, was lo- properties in Bull Canyon. Uranium, Inc., which has been pro, charge., is supervising installa- - , cated, in Phoenix. Ariz, last week. tion of new machinery includ- She evidently had not been ar- ducing, is running .40 per cent as reported last week by uranium with an average of $50 ing shuttle cars, which replace rested, metropolitan newspapers. per ton. Utida has also been shipthe outmoded wheel-barroThe San Francisco Chronicle ping from its Blue Mesa properof one Although but ties. It has 70,000 tons of ore (Continued on Page 2) claim has been core drilled, ofblocked out on three of its ficials estimate operations thus properties and is ready to go far represent $2,500,000 worth of First Monarch Ships into production on all of them. production. New core drilling on the additional claims is to start Ore From Freeda Claim Its ore is in Bull Canyon, Blue in January, it was disclosed. Mesa and in the Salt Creek area. Drilled With Jack Uranium, Inc., properties are in Hammer With Encouraging Bull Canyon and in Slick Rock. Results. Driving Tunnel. Jack Turner said the consolidaMonarch Uranium Company Spear Process, Design recently shipped its first con- tion would put both on an inUsed For Ferron Mill signment of ore, estimated at 3000 tegrated basis. Uranium, Inc. has The design and process of the pounds, from its Freeda claims been hiring out its mine work, Spear Mill Company, with opera- in the San Rafael Swell, Temple tional flow sheet, is to be used Mountain area, it was announced whereas, Utida has a drilling and in his proposed upgrading Mill by N. J. of 1370 exploration organization. disclosed was it at Ferron, Utah, Bryan Avenue, an official of Stockholders of Uranium, Inc., by R. E. Somerhalder, sponsor. Monarch. The ore consigned to have been notified the books He said the mill will have a ca- the SEC buying station at will close on December 1. Stockpacity of 100 tons of ore daily. Thompson, Utah, has not been holders of Uranium, Inc. will as yet. The Freeda vote on the proposal on DecemMinimum of machinery, speed assayed claims are six 'miles southeast ber 17. It is not required that of ore conversion, and low labor of Moab. vote. Utida stockholders Somerof are cost, talking points s 80 Mr. reported halder, in selecting the Spear holes' have been drilled Utida has 6,000,000 shares of with metals. method for upgrading stock outstanding, and Uranium, He predicted the mill will be in jack hammers and results have Inc. 2,600,000, tunmaking a total been encouraging. He said a operation by January 1. of The merger shares. 8,600,000 nel is being driven and the opon is share share basis. a for eration follows a 'log. The ore Utida has been selling at 50 seems to improve as we go cents a share and Uranium, Inc. s redeeper, Mr. 44 cents, a differential of six to at Uncompahgre Makes ported. Chronicle Says Jewell Rivers Offices In Moab Married Often Uranium Bldg. American Uranium will have offices in new Uranium Building Justin E. Hurst, is a builder nearing completion in Moab. and real estate broker of Salt " The corporation has sixty-fiv- e Lake City and a Director of both ComOil and properties in six uranium areas Mining Prosper pany and of Uranium Services, of Utah and Colorado on which Inc. Scott A. Taggart, is associa- geologists are working laying out ted, with .Alan E. Brpckbank, a drilling program consisting of Inc., contractors and realtors. He 29,000 feet of exploratory drillhas had wide financial exper- ing to start at once. ience over a period of years. Further anouncements will be James H. Miller, is an instrucof the drilling program as made tor in the Jordan School District it progresses. and is an associate in the Pioneer M. Realty Company. Alfred American Uranium will soon Bealer, is President and Man- announce a public offering of ager of Prosper Oil and Mining capital common stock, nonassessCompany and has been active in able at 5c par to bonafide resimining and oil industries in Utah dents of Utah, the prospectus is for 10 years. being printed and Ogden Uranium Brokerage Company are the The underwriter is Pioneer , chief underwriters. Investments, 50 Richards St., is stock Authorized capital Salt Lake. The Pinceco stock which of 520,000 issue has been approved by 6,000,000 shares isued been for shares have propthe Utah Securities Commis3,480,-00- 0 of a erty, offering public sion and the company is filing shares will be made, leaving papers with the SEC at Denver,, a reserve of 2,000,000 shares. immediately. Officers of American Uranium The Company has 21 Rainbow are: John H. Parsons, President, t, claims in Indian Creek of the Dan G. Provonsha, Robert Douglas Carroll, District in Newton Mining Beaver County and a five-yea- r Treasurer, and Ouida C. Parsons, Secretary, all of Moab. (Continued on Page 2) Vice-Presiden- . t Temple Mountain Achieves 2500 Foot Drill Program r, com-pany- . w. one-thir- d c. - 80-Hol- es Cotro-Mane- s, Cotro-Mane- A program comprising 2500 feet jfeet below the extensive zone of drilling, construction of a three described, the report declared. mile road, and two miles of bull- Drilling is in the Salt Wash memdozer trenching, has been achiev- ber of the Morrison sandstone on ed, on claims of Temple Moun- the Plateau, which has an exceltain Uranium Company, accord- lent record of rich ore. President Heinecke, in his reing to a letter to stockholders, by Herman Heinecke, of Mid- port, pointed out Temple Mount-taihas driven a deep tunnel at vale, President of the Company. claims in The report points out that the the Challis Lead-Silvto an Idaho in bed contains get una attempt heavy property exdownward the der material with mineralized of projected of tension the surface oxide exposures, rather uniform uranium of a grade not far under that the report stated. Uranium mineralization is very necessary for shipping purposes. Additional shallow drill holes prevalent at the Oak Creek are expected) to show that a claims, Utah. The report says it very large tonnage of this ma- is possible to obtain assays in various ranges from low to high terial can be outlined. to grade. Work is under way tracing Drilling is now under way (Continued on Page 2) the next favorable horizon, 400 n er Sam- Cotro-Mane- seven cents. Final Option Payment With a final payment of $10,-50- Chute Canyon Begins Uncompahgre Uranium, Inc. has exercised its option to pur- Trading on Local Board chase the Lodestone group of Stockholders of Chute Canyon 14 eiaima in the Calamity Mesa Uranium Company were notified area of Colorado. that the public offering of stock High grade uranium float has at the original price of 10 cents been found on this property was ended Monday, November 15 trading iniwhich is adjacent to the Calamity and Uranium Mines. The Salt Wash tiated on Tuesday, November 16. member of the Morrison forma- Orders for the 10 cent stock were tion is exposed on portions of all honored up to November 16 only, the claims. Acquisition of this according to the firm of James property was by outright pur- E. Reed Company, 425 Judge chase with no overriding royalty. Building, underwriter. 0, over-the-counte- r Utida is actually acquiring Uranium, Inc. without disturbing the present personnel. Jack Turner, of Moab, will continue as general manager of both companies. John Black is the moving spirit of Utida operations, with Charles Chastain, of Pocatello, Idaho, as President. Ralph Otten-heime- r, of Salt Lake City, is President of Uranium, Inc. Turner said there wil be some changes in Utida officers and directors if the deal goes through, but the management will remain about the same. |