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Show March 8, 1969 Firm OIL & MINING JOURNAL Page 5 gets Nevada oil, gas leases U.S. Silver and Mining Company, Salt Lake City, in extending its natural resource holdings in the area of oil and gas properties, has" acquired rights to 10,000 acres of oil and gas leases in Nevada. R. J. Plnder, president, said the acreage is adjoined by several major companies, Including Union Oil of California, Gulf Oil Co., Sinclair Oil Co. and El Paso Natural Gas. Plnder also announced thatAMAX U.S. Silver recently acquired foreign oil and gas concessions on more has commenced exploraton, through six feet of snow, on property adjathan 600,000 acrs in the Republic of Panama and expects to start drilling cent to U.S. Copper's operation at within the next 30 days, Pinder said. Mackay, Idaho. A MAX is reported to have three drilling rigs at the location. The rig and complementary eqwas on moved location and uipment all other necessary materials are Controlling interest in U.S. Copbeing moved to the site in preparper is owned by U.S. Silver and ation of spudding, he said. Mining, Plnder said. Record earnings seen for New Park WALLACE, Idaho Record 1968 earnings were predicted for New Park Mining Co. in a report to stockholders by President G. W. Day. The company already is test drillsilver proping the Slxteen-to-Oerty near Silver Peak, Nevada, under ne a recent option to acquire a Interest held by Sunshine ing Co. for $1.6 million. two-thir- ds Min- New Park is heavily interested.ln oil leases, it was pointed out by Day. They have a 50 per cent interest in 250,000 acres of oil leases in the Beaufort Sea off the coast of Cana- - da's Northwest Territories, and a 40 per cent interest in 5 19,000 acres of oil and gas permits in the Mac Kenzie Delta, a 33 per cent interest in 265,000 acres of permits in the Atlantic Ocean off the St. Lawrence River and varying interests in 876, 000 acres of other mineral and metal permits throughout Canada. MINERALS Copper strike blamed for low gold output Output of gold from domestic mines in 1968 was WASHINGTON depressed for the second successive year by the copper strike which be- gan in July 1967 and remained unsettled until 1968, acto of Mines. the Bureau U.S. cording Although substantial production gains were recorded in Arizona, Utah and Washington, overall production declined slightly to 1.53 million ounces valued at $59.4 million. Domestic consumption of gold in the arts and industries in the first mid-Mar- ch DRILLING INC. ounces compared with net exports of 27.8 million ounces in the full The gold outflow rethe U.S. duced gold stock $1,277 million to approximately $10,788 million at the end of October, compared with a loss of $1,170 million in 1967. year 1967. Exploration Contracts Six contracts totaling $143,000 were executed for gold exploration in the first 11 months under six months of 1968 was estimated the government program of finanat 3.6 million ounces, a moderate cial aid administered by the OME, increase over the same period in U.S. Geological Survey. Cortez Gold Mines virtually com1967. pleted installation of plant facilities ' was scheduled to begin prodand Demand Speculative uctive operations early in 1969 at mine open-c- ut The heavy outflow of gold in March its ore measured Nevada. in Presently and June, reflecting extraordinary contons 3.4 are reserves million speculative demand, again created a foreign trade situation. taining 0.29 ounces of gold per ton Net exports in the first 9 months which will be treated in a 1,500 of 1968 aggregated 19.0 million tpd cyanide plant. newly-develop- net-exp- ed ort MMMMMMCMIiaiRi McFarland - Mullinger Sid Hullinger "FET" McFarland Min EARTHBOUN'D SPACEMAN pauses near the top of a 1,527-fotriangular tower at AEC test site near Jackass Flats, Xev. Tower is used to measure radiation Development and Exploration ot shielding. e Contracting sarvlcai Rotary Drilling Record energy usage Cora Drilling Fully Equipped for Related Services the Arab-Isra- war. eli Domestic demand for petroleum and natural gas liquids increased 6.5 per cent to 4, 883 million barrels; dry natural gas was up 6.6 per cent to 18,844 billion cubic feet, and demand for bituminous coal rose 4.4 per cent to 502 million tans. 289.2126 Salt Lake Office: Caacada Energy A Metals 2018 Univ. Club Bldg. 188 E. South Temple n compared to the extraordinary 6.2 when domestic production zoomed in response to conditions caused by Ely, Nevada (801) 1) per cent rise it achieved in 1967 Headquarters! S70 Parker Ava. C702) of gasoline increased to almost two (Continued from Page 368 2771 Natural gas gained substantially in all its consumer sectors. Petroleums highest gain was in the transportation sector consumption billion barrels. Minerals Yearbook Official energy statistics are pub- lished each year in the Bureaus Minerals Yearbook in energy balance form. Because of the widespread interest in spotting trends, preliminary figures are made public as soon as possible. The figures are based on data reported to the Bureau and to the Federal Power Commission during the first three quarters of the year plus extrapolations for the fourth quarter. UTAHS FIRST HELICOPTER SERVICE General Foundry A Machine Work POURING MEEHANITE METAL IN ALL GRADES Gray, Alloyed, Ductile, Irons and Aluminum Castings MINING CONTRACTORS Latest, Most Modern Equipment 91 5 - ORE HAULING Dependable Service No. Main St. P.O. Box 238, Machine & Pattern Shop Facilities SHELL MOLDING KELSEY-ELLI- S ADVISORY SERVICE AVAILABLE FOR ANY INDUSTRIAL PROBLEM Free Estimating 1 359-20- 85 SALT LAKE DIRECT UNE Call Tooele, Utah 84074 Salt Lake Airport . . . 364-79- 02 PROVO LONG DISTANCE 373-782- Free Dialing from Salt Lake: Long Distance: Dial: Tooele 363-168- 882-010- 0 v 3 3 FOUNDRY AND MACHINE HMMUK 515 SOUTH 9th WEST - PROVO Over 30 Yaara of Wafer Davalopmant Call 2200-137- 1 or Kl. La. - 277-07- 96 |