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Show Bulk Rate U. S. Postage LuT.irH V. AjS salt Lake urJy Permit SEC lifts Crestline trading ban The Securities and Exchange Commission announced last week that it will permit trading to resume April 24 in the stock of Crestline Uranium and Mining Co. At the same time, the SEC termed the stock "for all prac- tical purposes, worthless." Crestline stock has never been registered, the SEC said, and what information there is about it indicates among other things that Crestline has been totally inactive and without assets, bank prsldent of Crestline, explained the resurgence of its shares in a accounts, offices, employes, officers or operations since about recent letter to stockholders. Last year," he said, these . 1961. Moreover, it has no plans old shell corporations became or prospects to become an operating company as it is in effect valuable when businessmen discovered it was cheaper to buy a corporate shell." The SEC suspended trading in a public corporation and put their Crestline Jan. 27 after the stock assets in it rather than have atjumped to at least 20 cents a torneys make up new corporashare a price, the SEC notes, tions and wait from six months to two years before ever getting which was valuing this corpothem through our bureaucratic rate shell at $1.6 million." S.J. Lake of Denver, former SEC," . . City, utahv 1 Crestline was Incorporated in Utah 15 years ago. After the uranium boom of the 50s faded, its charter was suspended for nonpayment of taxes. On Oct. 28, 1968, Lake said, I spent my own cash to pay up all the back Utah corporation taxes and to have the Crestline company reinstated as a legitimate legal entity." Lake took over the books and started serving as transfer agent in order to straighten things Of,4 ?l3?0 out," such a job,". Lake said. me over seven months. Exactly 12 hours after I completed this tremendous job, the SEC suspended trading in the stock." Lake blames the suspension on a certain salesman of a broker" who said he was hot to trade in Crestline." In just two days he sold, for (See Page 7 National Lead to mine lake Magnesium Project: $70 Million National Lead Co. has announced plans to build a nearly $70 al million complex for the first commercial production of magnesium metal and chlorine from brines of Great Salt Lake. E.R. Rowley, chairman of the board of National Lead Co., made the announcement in the office of Gov. Calvin L. Rampton. Rowley also announced that National Lead has acquired the minority interest in the project of H-- K Inc. (Hogle-Kearnin a stock agreement. The plant is to be located on the western shoe of the lake about 25 miles northwest of Grantsvllle. It is due for completion in late 1971. The plant will be a single site, electrolytic reduction plant, including evaporating ponds and auxiliary facilities with rated annual capacity of 45,000 tons. The average employment level during construction will be 550 and during peak periods may approach 1,000, according mfetal-chemlc- BOX EIDER COUNTY .TOOELE s), COUNTY ' MAGNESIUM PROJECT C SALT LAKC CITY and research center to be located near the Salt Lake International Airport will employ 30 people. The project is expected to provide royalties and ratals to the stat of approximately $150, 000 per year. Another $500,000 is estimated as the annual tax contribution to Tooele County and the state, Gov. Rampton a-b- out said. The University of Utah has estimated that the initial beneficial Impact of the plant on the state's economy will approximate $7 million a year, Rampton said. This will be the largest single expenditure made by National Lead at one time," Rowley said. to go as fast ' We are going as we know how on it." Tooele County Commissioner George Buzianls said it would also be the largest single investment in Tooele outside of federal government bases, and will increase the tax base by He said it about one -- third. to Rowley. would also have a big Impact Total payroll, including subon the city of Grantsvllle. contractors, will approach $12 Referring to the size of the million during construction and plant, Rampton said it would ty about $10 million will be spent be the third largest locally for materials, equipment Investment in Utah, behind Ken-necand services. Copper and U.S. Steel On completion of the plant, it Corp. is expected that approximately At capacity, the plant will ee 250 full-tiemployees will opPage 4) erate it. In addition, the office a-b- out non-utili- ott TOOILK O in-(S- me AEG ups 70 Utah WASHINGTON The Atomic Energy Commission announces it has increased its budget for uranium purchasing in Utah next year by $79,000 in the overhauled budget sent to Congress by the Nixon Administration. The AEC last year purchased $10.5 million worth of Uranium- - 308 from Utah mills. Some 1.3 million pounds of uranium concentrate was produced in Utah. The commlsson bought 14.6 million pounds at a cost of $117 miUlon during the year from all uranium-producistates, which Include New Mexico, Wyoming and Colorado. ng uranium budget The AEC announced at the same time it has trimmed $ 14,000 from Utah spending for biological and medical research, leaving a net gain of $65,000 to be spent in the state in the year beginning July 1. The overall Utah budget of the AEC in 1970 will be $3,978,000. The commission said uranium ore reserves in the westrn United States were 70.3 million tons as of the first of the year. . Officials said the Jan. 1 figure was a substantial gain over the 1968 statistics, which showed 64 million tons in reserve. Wyoming had the largest ore reserves in 1968, the AEC said, with more than 32 million tons on hand while New Mexico was second with 29.4 million. Utah, Colorado, Texas and North and South Dakota were the other major depositories of reserves. There was a total of 1.4 million tons in eight other Western states. |