OCR Text |
Show September 8, 1969 OIL & MINING JOURNAL Auction hints Treasurys silver going. were bids submitted for 9.303.000 ounces of silver while Northwest are encouraged by only 1.527,000 ounces were two developments indicating offered for sale. that the price for the silver metal A BRITISH firm, Mocatta might once again start upward. Minerals, entered the bidding At a recent GSA auction, and was successful in purchasing selling U.S. Treasury silver stock, 81.000 rn"'As. The remainder SPOKANE Silver mining nterests in the Pacific went to an eastern coin dealer instead of the usual big silver users. The dealer, Pep Levin Inc. of Pennsayken, N.J., paid 1.61.82 cents per ounce. A Bureau of Mint report showed the Treasury obtained only one million ounce of silver . . from the melting of old silver quarters and dimes in July, compared to an average of more than 14.6 million ounces monthly in the previous five months. The Mint established that it had on hand 63.6 million ounces of silver in unmelted . . going. end of July 147.8 million uary 31. at coins the compare ? ounces o Average price for silver in this country last week was 165.6 cents. Last year at this time silver was bringing 223.0 cents. Senator Bennett asks oil shale tax break WASHINGTON-Se. F. Bennett, produced from an oil well, he said. It should be made clear, however, that under the bill oil shale depletion allowance will be computed at IS percent rather Wallace n. has asked the Senate Finance Committee R-Ut- to approve an oil shale amendment to the tax reform bill which he said could provide just the stimulus we need to get this multi-billiodollar industry off the ground. than 20 percent available for oil produced from oil wells. The present law provides that the depletion allowance for oil shale is applicable only to the value of the rock itself-whi- ch has little if any value. Industry would never develop its use of oil shale until oil from shale receives more nearly the same depletion allowance as oil n The Utahn, the second ranking minority member of the finance committee, which has begun hearings on the tax reform legislation, said favored a which is he House-passe- d amendment which would correct an inequity in the depletion treatment of oil shale, as already applies in the case of oil produced from a well. Therefore, the bill merely extends the point at which is percentage depletion computed in the case of oil shale to after extraction from the ground, through crushing, loading into the retort and but not retorting, or any refining hydrogenation, process or any other process subsequent to retorting. Sen. Bennett, in whose home state are some of the nations richest oil shale deposits, said he did not foresee any serious opposition to the amendment. Since the tax reform bill is designed by definition to make the tax laws more equitable, I certainly' welcome this amendment and urge its prompt approval, said Sen. Bennett. In removing the depletion obstacle from the oil shale industry I think we are traveling a great distance down the road toward establishment of that industry. Private forms already have invested more than $50 million . in research and prototype oil shale plants. I have seen figures that show within the next five years these firms will spend another $200 million and, given equal treatment, the first 60,000 barrels of daily production of shale oil could come on stream in the 1970s. SgSftX Sr I hi v.v v.v v.v V.V V.V : 210 Kearns Bldg., SIC, Utah f 247i Washington - Utah Minerals to explore Lynn Creek claims SALT LAKE CITY-T-om F. Costas, president of Utah Minerals Co., reported that the million shares of stock registered and approved for public offering by the Utah State Securities Commission have been successfully sold and closed out. Costas also revealed the completion of a joint venture agreement with Temple Mountain Uranium Co. of Salt Lake City on a 50-5- 0 basis. UTAH MINERALS will drill on Temple Mountains Lynn Creek Mining District claims amounting to approximately 1,000 acres on engineering lines and if ore is found, the cost of engineering will be subtracted and the net profits will be divided equally between the two companies, Costas explained. geophysical survey Polarization has been A known as Differential Induced New York firm on Lynn Creek said the Costas properties. findings indicate that gold mineralization could extend to at least 1500 foot depth and is not necessarily confined to a shallower depth of at least 500 feet as is the proven case at the Carlin ore body, which completed a by the is Kcnnecott Copper Corp.s Utah Copper Division. He later was acting general superintendent of .;.v.v of Santa Rita, N.M., he served in the Navy during World War II. He was graduated in 1949 with a degree in mining : . I V vi I S ' . Costas also said that Utah Minerals has acquired 75 mining claims in the old District of and a geochemical study will be made upon completion of its staking program. A drilling contract has been let to commence a program on the 33 claims in the Simpson Springs area west of Eureka, Utah, leased from Willard J. McNabb of Salt Lake City. An Induced Polarization study has been contracted for this property, Costas said. Ferber Mining $flcEx - from the Mexico School of Mines. engineering Can SecvDce Immediate stockholder mailings Accurate lists of stockholdars both engraved or ponchcard certificates SECURITIES TRANSFER, INC. Registrar & Transfer Agent 1935 South Main St., Suite 538 Salt Lake City, Utah 841 15 485-039- 3 in word mm :s,d . Thanksgiving holiday in ; i t i : ; DISPLAY AD Only $2.00 a column inch. 3 Days2 Nights 95 59 per dble. occ. 0GGainis(7Ga .. Profits an Image Tell married couples, 25 or older) PAYS FOR EVERYTHING Wednesday proceeding desired Deadline: publi- cation date. Call: 3 and one of our creative representatives will assist you. 298-240- -- CLASSIFIED AD FOR FREE INFORMATION NOWl CALL 322-249- w writf 1 FIES X A FLIGHTS UTAH OF 10 Earf 8th South Salt Lake City, Utah Travel Guild pof America. Inc. eeeeeeeeeeeeeeeeeeee For as little as $2 for 20 words A 10 for each addi- tional word you can tell your story. Deadline: nesday preceding the Monday publication date. Mail to: Wed- Rocky Mtn. Oil & Mining Journal P. 0. Box 19243 Salt Lake City, Utah 84119 PAYMENT WITH ORDER PLEASE a i I Build Create New : V. a 6 your story and picture to V iV. 399-S56- . 5 2 Ways Nevada, ' (T Bjvd. " in the same area. - . ' 5V! . I 111 I It I 62 .v.v.v.v.v.v.y.v.v.v.v.v.v.v.v.v.v. v.v.v.v.v.v. mining and concentrating. A Native 521-35- ViV KCC aide to Solomons post Ray W. Ballmer, former Salt Lake mining executive, has been named director of operations and general manager of Rio Tinto-Zin- c Corp.s Ltd. copper in Bougainville in the operations northern Solomon Islands. Mr. Ballmer was formerly mines plant superintendent for v.v v.v v.v v.v. Offering Service in the 0TC market Stocks & Mutual Funds . |