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Show April. 28, 1969 Page 2 Rocky Mtn. OIL & Annual Report MINING JOURNAL w Published weekly in Salt Lake City, Utah, by Utah Scene Publishing, P.O. Box 71, Salt Lake City, Utah 84110. Serving the mining and oil industries of the Rocky Mountain Region. 25$ per copy. Subscription rate $10 per year. Editor & Publisher - Chuck Hayward Atom Inc. Plans Oil Test FARMINGTON, N.M. Atom Inc. expects to drill at least one Gallup oil test in the Lybrook area of Rio Arriba County this spring, Hugh J. Mitchell,at president, told stockholders their first annual meeting held here. The firm purchased If the Internal Revenue Service permits the financing of nuclear fuel core for investor-owne- d pt nuclear power plants with bonds, it would be just as reasonable to permit the financing of the supply of coal, gas or oil, Northeast Utilities has declared in a statement filed with the IRS. tax-exem- Northeast is opposing an interpretation by IRS of a recent act of Congress which would define pt as facilities qualifying for financing with bonds the acquisition of nuclear fuel for utilities and the conleasing to investor-owne- d struction of nuclear fuel reprocessing plants. a producing lease with one oil well and a mile of pipeline from Pan American Petroleum Corp. earlier this year and acquired additional acreage in this area by being the high bidder on a tract offered at a federal sale of oil and gas leases on known in geological structures also has Atom taken February. purchase options on other tracts offsetting its leases. acres of sulphur permits in Eddy some that County. N.M.; .overriding informed by Mitchell of Atoms mining properties royalties on 7,678 acres of south of Silver Citv. N.M., were mining leases under assignment in the process of being drilled by to Western Nuclear Corp.; Co. overriding royalties on oil Reese THE STOCKHOLDERS were Drilling 1500 feet Approximately was Colorado, properties in New drilled during April with Oklahoma, additional drilling planned for later in the month and in May. The New Mexico corporation, formed August 1, 1968, went public in March, selling 90,000 shares over the counter in New York, and 90,000 shares over the counter in New Mexico, at $2.50 per share. Atom holds approximately 51,798 acres of general mining leases in McKinley, Grant, Catron, Sierra and Bernalillo Counties, New Mexico; 1920 Mexico, Wyoming, Arizona, Utah and the North Slope and Bristol Bay areas of Alaska. OFFICERS AND directors elected for the coming year are Hugh J. Mitchell, Farmington, president and director; Curtis J. Little, Albuquerque, and director; vice-preside- nt James Cooney, Farmington, director; and Nina L. Du Haime, Santa Fe, secretary-treasure- r and director. tax-exem- If only nuclear fuel (and the plant to process pt it) can be financed by bonds, nuclear fuel will have an unfair competitive advantage over coal, oil and gas which does not represent true economic and technological positions of the tax-exem- various fuels, the utility declared. Computer to aid ore search DENVER The best way to make money in mining is to find ore, and computer technology is being developed to make the job easier, Warren V. Westphal, manager, mining resources exploration program, Stanford Research Institute, Menlo Park, Calif., told members of the Colorado Chapter AIME at their This attitude by Northeast and others may be a contributing factor for the fact that, according to a report by Nucleonics Week, during the first quarter of 1969 not a single nuclear power plant had been ordered, for the first time in four years (as of the end of March). April meeting. Westphal admitted that the scientists didnt really know all Actually, the reasons are two-fol- d: opening night jitters as the industry waits to hear about the operating experiences of five large plants that are to start producing power this year, and the incresing capital costs. The capital cost of a nuclear plant by 1972 is expected to be between $210 and $230 per kilowatt. Westphal said. increasing costs are one of several aspects to be considered on the question of whether the nuclear power people should be allowed to pt use bonds for the purpose stated. Foremost of these considerations is the question of whether development of nuclear power is vital to the growth of this country. Indications are that it is. These tax-exem- Is it totally unheard of for any industry to receive such a concession from our government? Certainly not. Are other forms of energy being given at least some financial assistance from the government? The answer to that also is in the affirmative. the instances in which help in computers may we have some exploration, but ideas." Exploration geologists should know where to look for ore, and accumulate all possible data, SRI HAS DONE DALLAS Earth Resources Co. has bought uranium exploration rights on acreasge in the Shirley Basin and Gas Hills districts of Wyoming from At Boyles Bros. Drilling Co. CONTRACTING While admitting there are some valid reasons against the proposal, we believe that it is in the public interest to give the nuclear power plants any reasonable concession in order to get into operation. SERVICES information to be much and sorted through, that the scientists finally settled on one county in Utah. One problem was to pinpoint an exact location 15 miles south amassed, of Moab wasnt exact enough and finally it was decided to use latitude and longitude measurements. Another use of the computer is as the headquarters for a mineral exploration information center, which Westphal added is a sort of industrial espionage. A THIRD MEANS is through the use of magnetic curves, diagrams of which are fed into the computer. Westphal a indicated that geologist who can read and write can use this sytem, which involves a Teletype and a Cathode Ray Tube which enables the geologist to see the data maps and compare them. This is a quick system, Westphal said, and relatively inexpensive. One anomoly can be studied in about five minutes, for about $10. Exploration data for the past five years is being fed into computers; older data is available in data, and government the market, libraries. Technical the economic and trends which affect all are fed into the computer. Information on any ore can be stored in a computer memory for ready reference. Rotary Drilling Shafts InglnWring Grouting Cere Drilling Tunnels Sampling Geology General Offices: 1624 Pioneer Road Salt Lake City, Utah 84104 801: 487-367- 1 District Offices: Im P.O. Bek Mi Sparks, Nevada 9571 Phoenix, Aril. Mil SOSO P.O. Box 4)07 Spokane, Waih. P.O. Boi 111 Auburn, Calif. vua 99202 P.O. Box 7445 Louisville, Ky. ISMS W. Mb Av. Coldan, Col. 40307 0401 Foreige Offices: Reform! Mexico City 403-110- CeiilU 21-- D Seetieg. Chile lantic Richfield Oil Co. and Kerr-McGwill serve as operator in a joint venture with Atlantic Richfield on 23,000 acres in the Shirley Basin. ee Vitro Mlneals Co., an Earth Resources subsidiary will be operating partne with on 12,000 acres in the Gas Hills area. Kerr-McG- ee WESTERN STEEL SERVICE CENTER COMPLETE WAREHOUSE SERVICE Exploration Mint Developing P.O. nuclear power Actually, what the investor-owne- d not a subsidy, but simply the plants are asking is of privilege selling bonds to persons who would not pay income taxes on the interest received. d Buys uranium claims rights SoH What about the Rural Electric Administration? Certainly these cooperatives have received welcomed considerations from the government, and although the countryside is now well lighted, REA loans still cost a lot less than financing of private pow'er companies by the private investor. a geological data program for the AEC, in which the original plan was to take a look at the possible reserves in the world, but there was so computer-base- S 4 D.F. Ceiilla $144 Lime, Peru All Types & Sizes of STRUCTURAL STEH BARS -- PLATES -- SHEETS A REINFORCING Sim OFFICES - Crandall Bldg. 651 West 17th So Salt Lake City, Utah PLANTS PHONE -- 328-054- 1 Western Steel company StmieiuttU Steel" ALSO FABRICATORS OF PLATE AND REINFORCING STEEL STEH BtECDON KOOfNO Building the WEST with WESTERN STEEL |