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Show Page 2 September 29, 1969 OIL & MINING JOURNAL Published weekly in Salt Lake City, Utah by Utah Scene Publishing Co., 4386 W. 3780 South, Granger, Utah 84120. Mailing address: P.O. Box Continental Dynamics buys into Mexico mercury mine, 19243, Salt Lake City, Utah 841 19. Serving the mining and oil industries of the Rocky Mountain Region. Articles and information contained herein are true and factual to the best knowledge of the publisher. Information and opinions published are the sole responsibility of the publisher and do not reflect the attitudes or opinions of the merchants, brokers, corporations and service firms who advertise herein or otherwise sponsor this publication. SCOTTSDALE, Ariz.-Contine- ntal Dynamics Malcolm L. Morrison president said his corporation has purchased a 49 per cent interest in a mercury mine in Saltillo, Mexico, and urged former shareholders of Gila Uranium Corporation to transfer their stock prior to noon Nov. 15 or forfeit their ownership. Morrison said the operating mercury mine is located 65 miles southwest of Saltillo, Mexico. The purchase gives Continental Dynamics a controlling interest in the management of the Subscriptions $1 0 per year 25 Cents a copy Advertising rates: Display Advertising Classified Advertising $2 col. inch for 20 words .$2 Phone: 298-240- 3 or 298-370- 3 Chuck Hayward Enid J. Hayward Hal Funk Editor & Publisher. Assistant to Publisher Director of Advertising. property. The property encompasses approximately 580 acres of highly mineralized land and has been mined for three years, Morrison said. EDITORIAL The evidence is clear that President Nixon does not want a row over whether the tax allowance is to be 2VA or 20 per cent which would result in producing a deadlock on the entire tax reform bill. industry will open the 44th Annual Fall Meeting of the Society of Petroleum Engineerss of AIME on Sunday, Sept. 28. The SPE Fall Meeting will be 1 at the new t. held Sept. , Denver Convention Complex. 28-Oc- The White House appeared to be divided on the question most of last week after it was reported that Harry S. Dent, deputy counsel to the President, had written a letter reversing a position taken by Secretary of the Treasurey David M. Kennedy on Sept. 4. Morrison said Continental transferred into . Continental Dynamics would step up Dynamics stock prior to 12 by installing additional compressors, increasing the work force from 23 to 30 miners and making other improvements. The mine operates its own retorts for the cooking of the ore and placing the finished product into flasks. Morrison said in July the operators sold In attempting to explain the Presidents position on the depletion allowance conteroversy, Ziegler came up with the explanation that a deadlock might develop on the entire very necessary tax reform program if the administration attempted to alter the House cut. The President will abide by the judgment of Congress, told newsmen who wanted to know if the administration would attempt to change the House decision when the bill came up for debate in the Senate. Ziegler The secretary will make clear the administrations support of the 27 Vi figure, Ziegler said. But he also said that the President would abide by the judgment of Congress and that He (Nixon) feels that tax reform is of the highest priority. SILVER MINING STOCKS have profit potential RANGE 4c TO StO PER SHARE lilver, gold and uranium ttockt and toloctivo panny mining stocks. W accept collect calls on buy orders. We tpecioliie in S J. H. DILLON I W. 412 Sprague, Spokane, Wash, J Continental Dynamics, he said. Morrison said if anyone owns Gila Corp. stock but cannot locate the stock certificate issued them, they may post a Lost Certificate Bond. He said failure to present the original stock certificate or an flasks of mercury at 1 1 approximately $500 per flask. Continental Dynamics, Inc. was formed in the merger of three companies, including Gila Uranium Corp., a public Utah corporation. Morrison said some appropriate bond to the companys transfer agent: M.I. Associates, 254 S. 6th East, Salt. Lake City, Utah 84102; would result in forfeiture of ownership. Panel members will include & CO. ft 2bl, Tel. 131-44- 3 Member Spokane Stock Exchange 1 1 I I I 1 representatives present the points of view of both government and industry I g Jr., president of the Association America; Kenneth E. Hill, a partner in the firm of Eastman Dillon, Union concerning current topics of interest related to oil and gas Securities & Co. in New York; operations in this country and W. A. Roberts, a director and in charge of abroad. They are Donald D. senior vice-preside- Dumlop, special assistant and science advisor to the Secretary of the Interior; Harold M. The firms said core drilling during the' past 15 months also has extended limits of the first ore zone, substantially increasing estimated reserves of copper-silver-zin- ore. c The firms announced in August 1968 discovery of an ore (Continued from Page Mr. Sprouse 1) said Flying Commission. Diamonds Ute Tribal well Mr. Ritzma added that a would be deepend to about Chevron Oil Co. well about a 1 1,400 feet by Oct. 1. mile west of the Flying Diamond Additional levels will be tested, well has produced significant including the zone producing in shows in drill stem tests. the nearby Flying NEW ISSUE nt planning, operations and engineering for Oasis Oil Co. of Libya, Inc. body estimated at about one million tons with market value of about $30 gross value a ton. The firms said it is now estimated that there 1969 EMPIRE OIL & MINING CORP. (par value ,02 per share) Price .02 per share Offering issuer bona fide residents of the State of Utah is made to This offering by the only pursuant to a claimed exemption from registration requirements of the Securities Act of 1933. This announcement is neither an offer to sell nor a so licitation of an offer to buy any of these securities Copies of tho offering cir cular may be obtained from the undersigned. Empire Oil & Mining Corp 2520 So. State, Suite 121 Phone 484-858- 4 in Bastian Fee No. 1 well, Sprouse said The well was a wildcat drilled by Humble Oil Co. about four years ago and then closed. Flying Diamond reopened it this year and it is now flowing 400 barrels a day. Diamond-Wesle- y 15,000,000 shares Common Stock Salt Lake City, Utah are excess of six million tons of about the same gross value in the two ore zones within the area. JULY 12, This Announcement is neither an offer to sell nor a solid tation of an offer to buy any of theso securities the of faring is made only by the offering circular Call or Wrife 1 McClure five distingusished Independent Petroleum who will of Flying Diamond I1 I I noon, Nov. 15, 1969, Morrison said. Thereafter, no further transfers of Gila Uranium Corp. stock will be honored by production at the mercury mine Silver King, Phillips find ore BARTLESVILLE, At that time, Kennedy told the Senate Finance Okla. Phillips Petroleum Co. Committee that the Administration would go along with and Silver King Mines, Inc., of the provision in the House tax reform bill cutting the Nevada have announced they allowance from 272 to 20 per cent. The announcement by have proven discovery of a second and larger ore zone at Kennedy jarred the oil industry to say the least since it was their jointly owned Ward in direct contradiction of a Nixon campaign pledge to Mountain Mine near Ely. support the 2Vi per cent allowance. It was in reply to a letter from Mrs. Barbara G. Culver, county judge of Midland County, Texas, that Dent declared Kennedys Utah Oil and Gas Conservation testimony is to be corrected very soon. 1 Such shares may be amount of stock. Petroleum engineers in Denver House Press Secretary Ronald L. Ziegler has DENVER-- A panel discussion announced that President Nixon will accept a Current on Issues in Domestic Congressional decision to cut the 2712 per cent depletion allowance for the oil industry to 20 per cent although he and International Oil Operations featuring experts favors the higher figure. from both government and White V I shareholders of Gila have still not had their shares transferred. The acquisition was made for the trade of an undisclosed |