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Show PAGE TWO Decembei 21, 1934 The Western Mineral Survey, Sail Lake City, Utah Engineexs Place Minimum Value Of $20 Million On U & I Property 'Uranium Queen Stands Indicted Engineers now place a minimum value of $20 million on the uranium ore body in the Moab area of Utah discovered by U & I Uranium, Inc., the company revealed recently, in announcing the completion of one phase of its core drilling program. For Mine Fraud The company has core drilled across its Radon group of claims from south to north and now has a defined body of uranium ore 2,400 feet long, 400 feet wide, averaging about 700 feet of one per cent to as below the surface, and testing one-hahigh as three per cent uranium. lf From Lovelock Review Miner December 9, 1954 Mrs. Jewell Rivers has not only been indicted with others for stock fraud in connection with the local Nevada Uranium mine, but must face a jury in Alameda county, Calif., on.ths charge of Rumor of the week concerned Nevada Stewart, which has Coeur dAlene Mining District e holdings lying between Highland-Surprisand Sidney and adjoinHill on the south. Bunker ing A deal was reported in the mak. develop the ing for Sidney N-- S Inactive been has property. e Highland-Surprissome' time. for which formerly did some explor- N-ground from H-intempefauefc.V If found guilty, ation in trict of San Juan County, about she would be committed to an workings, is moving its operaMoab. N-40 miles Operating plans are now being formulated. Simultaneously, preparations are being made to resume core drilling on a second and larger group' of idns adjoining the Badon p on the west on which U & I holds a 100 per cent working interest. Regarding plans to test the new group of claims, the company said pre limlnary indications for further discoveries of importance are favorable. S S T southeast of The uranium ore channel now defined by core drilling is on one of these two groups. Plans for intltlating actual mining operations are expected to be available shortly. There are no U & I shares publicly held. All of the companys stock is owned by six par ent companies, which are: Caledonia Silver Lead Mining Co., Couer dAlene Silver iGant, Inc., Nancy Leq Mines, Inc., New Era Mines, Inc., Signal Mining Co., and Silver Bowl, Inc. The board of directors of U & I, the operating company, consists of: Lester S. Harrison, president, Wendell R. Brainard, editor, the Kellogg -- , U & I has three groups of claims in Utah, aggregating 1,300 acres. One group of 20 claims (400 acres) is in Grand County, about 15 miles west of the town of Moab. This holding has not yet Evening News, R. W. Neyman, been tested. general manager, Hecla Alining The companys other property Co., Harry Alway, on the execu consists of two groups of adja- tive staff of Sunshine Mining cent claims (45 claims aggregat- Co., and W. F. McNauthon, regent ing 900 acres) in the La Sal dis of the University of Idaho. (jteetinyA TO ALL THOSENTERESTED IN URANIUM! Stockholders, Brokers, Prospectors Brokers, U. S. Government Officials, Equipment Suppliers, Geologists, Powder Companies, Geophysicists, etc. fi Very Merry ChriAttnaA and a ProApenuA and Happy tleur year New Park Mining Co. Silver Buckle Pathfinder Mountain Park Quarries Lucky Mac East Utah Cardiff Oil Inc. institution. tions to south central Idaho. shares were in heavy demand on the Spokane mining market and tripled in price. Continuing to fly were rumors associating HECLA with plans of U & I Uranium. Reports that Hecla was purchasing stock of the Kellogg firm gave way to reports Hecla would mine U & Fs big Radon ore body in Utah for a share of the profits. Hecla continued to show strength at the Exchange, as did shares of the firms owning U&I Caledonia, Silver Lee, Bowl, Signal, Nancy New Era and Coeur d Alene Silver Giant. Sunshine Consolidated jumped 15c a share to reach 15c during the week. The stock was in strong demand. One report said level of the Sun Con the 3400-fomine is yielding ore running 100 ounces of silver to the ton. Other reports had the grade even betS Mrs. Rivers, her seventh hu band, Charles L. Fausel of Phoenix, and Gus Rogers of have been accused in Indictments of swindling bay area residents of some $100,000 in the sale of stock in the uranium company without a permit of the state. It is claimed that conditions Win-nemucc- a, at the mine were not truthfully represented. Upward 20 diarges against the stock sellers were included In the indictments. They include grand theft, petty theft, conspiracy to violate the corporate securities act and violating the corporate securities act. On each count, conviction could bring a sentence of from 1 to 14 years. Mrs. Rivers was committed to Stockton State Hospital on Nov. 17 for Intemnerance on petition of her daughter but it is said the stock selling grandmother has demanded a jury trial. She is now in Highland Hospital, Oakland, where the trial will take place. In the meantime, Mr. Rogers is in trouble with his Winnemucca Mines Co. Suits have been filed against him, covering a number, of charges and claims. Tide Wafer Completes Two Calif. Oil Wells San Francisco, Two additional oil wells have been completed by Tide Water Associated Oil Company in Callforina fields, F. W. Hertel, production manager of the company's western division, announced here today. No. 83 in the Belgian Anticline Northwest field of Kern County has been completed at a depth of 3,332 feet and is flowing 503 net barrels of 39.6 degree gravity oil daily. In the Zaca field, Santa Barbara County, Davis No. 48 has been completed on pump producing 207 net barrels of 9.5 degree gravity oil dally. mony and' gold. The report revealed that more than one silver vein has been fouBj in' the silver zone of the deep wbrkjngs and extent of the silver mineral- - - " .zation is hot yet known. The main '.vein' has been opened for a vertical distance of 1000 feet, 'or lengths ranging upward from 400 feet and for comfortable mining widths. The lead zone has seen opened for a length of 1500 !eet and vertical distance of 600 feet so far. The Silver Belt of the Coeur dAlene mining region, once called the dry belt because of its lack of lead and regarded as unfavorable, has yielded more than 5,500,000 tons of crude ore, more than 150,000,000 ounces of silver, more than 100,000,000 pounds of lead and more than 5,000,000 pounds copper, plus some antimony and gold. Sunshine ore production Ian month was about 2000 tons below the average for the first 10 months of the year. This reflectwork ed cutting from a week. How-- . week to a five-daever, 1954 output is expected to. exceed 1953 production by about ot ter. Golconda was the trading favorite with 48,000 shares changing hands, reflecting favorable ore developments results on the 1600 level. Wallace Idaho interests were the big buyers. d climbed Callahand to a new 1954 high of $2.70 because of its interest in Vulcan Silver-Lead- , which owns the silver belt property in which American Smelting & Refining and Day Mines have found a big new mine deep below old workings of the Galena mine, once operated by Callahan Zinc Lead. The Vulcan Story An Official Report by AS&R showed that three times as much silver ore has been taken from the deep levels in the process of getting, them ready for mining than upper levels yielded in their production days. To the end of October, 98,000 tons of development muck had yielded 1,400,000 ounces of silver, 3,900,000 pounds of lead, 1,200,000 pounds of copper and lesser amounts of anti- Zinc-Lea- - . six-da- y y 10,000 tons. On the Zinc Front, the National Lead and Zinc committee voted to ask Congress to impose an excise tax on excessive imports of both zinc and lead, and Sena- tor Henry C. Dworshak (R-Ida- .) urged the government to step up purchases of lead and zinc for stockpiling purposes. The Northwest Mining Association, in its annual convention at Spokane, went on record favoring Import quotas and an excise tax on top of the present low tariff. Members of the Spokane Stock Exchange wish to congratulate the officers and directors of the Northwest Mining Association for having one of their finest meetings in history. Instead of the usual gloom, optimism was the keynote of the entire session. Keeo uo the good work! A Spokane Stock Exchange member came up with a story this week that we like to hear. It seems one of our armed forces members from the. east stationed in this area invested $272.50 in a miscellaneous group of penny uranium stocks last Feb. For part of his holdings, he received a check for $3100 last Wednesday and still retains $1500 worth which he intends to hold. H. Wayne Stead Co. Investments Tide Water Kills Exchange Rumor New York In answer to an Inquiry, Mr. D. T. Staples, president of Tide Water Associated Oil Company, stated today that there is no foundation or basis whatsoever for the rumors and reports that the Mission Development Company stockholders would be afforded the same opportunity of exchanging their shares for shares of Tide Water Associated Oil Company preferred stock as is now being given to the holders of Tide Water Associated Oil Company common stock. Mt. States stated that neither the management nor board of directors of the company has given or is giving consideration to pay such exchange. URANIUM STOCK - State Phone 343 South State 3-27- 56 Exchange Bldg. Salt Lake City, Utah Benton s Trucks and Equipment IS70 SOUTH SECOND WEST SALT LAKE CITY, UTAH WE SPECIALIZE IN Army 4 Wheel Drive and 6x6 Trucks We also have Army Winches and Hoists and USED parts for ARMY and CIVILIAN made trucks PHONE 61 |