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Show A(Ay.-- A ic ' A 1 Bulk Rale U, S. Postage PAID Salt Lake City, Utah . Permit No. 2091 Management wins proxy confrontation at Equity Management emerged victorious in tlie Equity OU Co. proxy battle, Fred H. Evans, president, announced. With over 89 per cent of the snares voted, the tally was 813.327 votes for the present and 523.913 icr the stockholders commitiee for belter management or Eq uity Oil Co. headed by Henry H. Patton. New Ycik stock holders meeting and were expected to reelect the company officers including Evans as president; F- - A. Thurman, vice president: W. V7. Dannie, treasurer, and Paul M. Dou-gasecretary. Evans told the stockholders, that the company will move to broker. Patton gave no indicaton of what further action his group might Me before lv left for New York. n. mp-ageme- Vol. 1 The directors met following Ihe adjournment of the stock improve its No. 12 exploration program and to build up its technical staff. He said that the company has had difficulty retaining personnel and plans to institute a profit sharing program so we can attract competent people." The company will maintain its present dividend policy. We wont increase dividends ItTAt HIES until get more "ie g Jk shale business but by semng r- - of its holdings to Atlantic Richfield Co. has avoided the problems and expense of dehe emphasized. velopment, May 19, 1969 25 per copy Tr eaury lifts ban on melting coins WASHINGTON-T- he United States Treasury has lifted the ban on the private melting of s.ilver coins, effective to an according immediately, said it would ask the Congress to the world without a prestige and dollars, and for approval to sell 2.9 million rare silver dollars (the Carson City series), at collectors prices. Each buyer would obtain a relatively few of the coins. indicated he authorize the minting of coin, silverless half-dolla- announcement made Monday. The ban had been in effect since f. 007 In addition, the GSA will sell PAUL one and one half million ounces Treasurys of silver weekly, instead of two chairman million ounces, effective May silver task 17. Observers believe that the Current '!- - v 3 . rs he said. Dominick has will introduce legislation for half dollars and dollars containing 40 per cent silver. - AN EAST COAST silver user, who asked not to be identified, W. EGGERS, the told The Mining Record Tuesday general counsel and morning that the Silver Users of the departments endorse and applaud the force, said that the Treasurys move. The Silver containing Users believe that the ban on GSA will cease selling its silver 40 per cent silver,, isnt melting silver coins caused many early in 1971. Also in the future circulating. Officials said the to be hoarded. He said that still is bringing this silver out into the anyone will be eligible to bid for demand for a the silver. great in the vending machine open may have a temporary The Treasury also will permit industry and in many Western depressing effect on the price of silver obtained from melting states. It is believed that a silver, but that the drop in the coins to be exported. silverless dollar would be market today would be nothing increasingly useful for the startling. THE PRICE of silver is vending machine industry. expected to drop slightly as a The same source said the result of the Treasury action, Senator Peter Dominick from out although observers point Colorado, a member of the Joint action will discourage that over the long pull, it will Commission on the Coinage, let speculators from shoving the mean an increase in the price for his constituents know that te is price upward, and will provide the white metal. strongly opposed to coinage of for a more stable silver market in He believes the followed The announcements half dollars and dollars the future. will Joint be out of the the first meeting of the Treasury containing no silver. in in two years and from Commission of the Coinage If this action is approved by market the new Administration. the Congress, the United States that point the price should The Treasury department also will be the only major nation in increase in an orderly fashion. half-dolla- r, half-doll- ar m - A VISIT TO THE OLD MINING TOWN of Park City, Utah, was recently featured in the Wasatch Mountain Star, a new recreation newspaper published in Salt Lake City. Here youngsters visit with wax miner in the Silver King museum at the resort. Silver King Mine train runs 2V4 miles underground. AMC opposes continued Frank R. United States. Kennecott of Milliken, president Appearing before the House a as spokesman for told subcommittee Copper Corp., the American subcommittee Affairs Mining Congress, Foreign that continuation of government Milliken urged approval of H. controls on American investmen Con. Res. 85 or 86, which call to end the abroad, embodied in the upon the atPresident the earliest controls, possible WASHINGTON Commerce Departments Foreign Direct Investment Regulations, is unwise, and harmful to the mining industry, a nd certainly not in the long-terbest interests of the m . date. Rulison 4 0- - kiioton underground nuclear detonation which tentatively had been scheduled for May 22 at a site near Rifle, Colo., has Colo. The Project been rescheduled for next September. Rulison will be the a mining company must view the controls as precluding, for all practical purposes, Project Rulison GRAND JUNCTION, that HE OBSERVED the y enhance the explosion tonatural from of complement to U.S. foreign aid programs, he pointed nut. WITH REGARD to foreign competition, he stated that if U.S. companies are restricted or handicapped in mineral exploration and development, even for a limited time, other countries will fill the breach. The loss of the U.S. would be irreparable for we would not discover and develop the same ore body already in the possession of someone else. postponed experiments to investigate the use of a contained nuclear recovery International Monetary Fund Agreement that prohibits a mineral ion government-industr- violate provisions of the member stale from imposing regulations on the making of The April proposal of the payments and transfers for OFDI to extend the controls to current international current exploration expenses would, Milliken stated, not only transactions. Utilization of the exceed the authority of the wealth of Executive Order under which areas of the the control system was underdeveloped an important can world provide also would established, but N-detonat- second in a planned series of joint development with its own funds or with U.S. financing an ore important new overseas is body. Foreign borrowing not a satisfactory solution, he said. brakes gas gas formations. The project is jointly sponsored by the U.S. Atomic Energy Commission; the Bureau of Mines of the U.S. Department of the Interior; the industrial sponsor, Austral Oil Co. Inc. of Houston; and CER Geonuclear Corp. of Las Vegas, acting as program manager. - THE DECISION to reschedule the detonation was made by the project participants after it was determined that the necessary preparations to conduct the nuclear explosion could not be completed in time to meet the May 22 date. The necessary preparations to conduct the nuclear explosion portion of Project Rulison in September will continue through the summer, and a new ready date will be announced well in advance. |