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Show Paiic December 8, 1969 OIL & MINING JOURNAL 2 CuoDdlDIfDgJS DlnKTOGOSOS Published iveek.lv in Salt Lake City, Utah by Utah Scene Publishing Co., 43S6 IV. 3780 South, Granger, Utah 84120. Mailing address: P.O. Box 19243, Salt Lake City, Utah 84119. 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 seivice tn ms who advertise herein or otherwise sponsor this publication. Subscriptions $10 per year 25 Cents a copy Advertising rates: Display Advertising Classified Advertising $2 col. inch Silver Beaver Mining Co. has increased its claim holdings to 71 in addition to acquiring oil and gas leases plus a coal lease, it was announced in a progress report by president Frank Morbeck. In late March and early April this year Silver Beaver employed an Idaho licensed surveyor to check the companys ground and added 23 claims to the original 48. After this work was completed the property was soil sampled with considerable road work and trenching done. We now have two favorable sites where we plan to diamond of .$2 for 20 words Phone: or 298-240- 3 298-370- LAND K The Wyo. 1? , joint venture controls close lo I". 00(1 acres in fee mineral leases and unpalenled mining claims in the south Powder River Basin of Cordero-Nedc- It was with a surprisingly d vote that the Senate beat back efforts to keep the oil and gas depletion allowance at its present 27'2 per cent level last week. But it also defeated a motion to cut the allowance to the 20 per cent contained in the House tax reform bill and ratified the 23 per cent figure approved by the lop-side- Senate Finance Committee. The 62 to 30 tally against an amendment by Sen. Allen J. Ellender. to maintain the status quo was considered a victory for liberal Democrats and a sprinkling of Republicans from non-oi- l states, who for more than a decade have been frustrated in their depletion allowance. A attempts to slash the close vote had been predicted for the Ellender amendment. The unexpectedly heavy vote against it may have stemmed from the depletion cut's emergence as a symbol of the Senate's willingness to grapple with tax reform. A.E. Wyoming, done Edwards, president of Nuclear Exploration, and Development Co., said at the recent annual wc fail on this.. .we might just as well tell the American people there will be no tax reform from this of Ariz. TUCSON, Banner Mining Directors Co. have declared an annual dividend of 66 cents a share on outstanding State, of Montana, in Valley County, which was said by Morbeck to have good potential. Some 610 acres in the Big Horn County of Montana in which a geologist employed by the State of Montana is reported to have said coal was exposed on the surface, was also acquired, the report stated. This should have a good future, considering that our ground adjoins severed sections owned by Consolidated Coal Co., who plan to mine their area leases from the very near future, said. Morebeck OUR 16 claims in the vicinity of the Jack Waite Mine have had considerable work done on them,, he pointed out. As soon as a contractor pan be found to do the work, a' road 'will be built to the portal of the lower tunel where there is 12 to 18 inches of lead-zin- c mineralization which we feel justifies some development to determine whether a commercial ore body exists. Silver Beaver listed an unaudited financial statement showing cash of approximately $87 .8 17 and mining slocks and securities of $4,860. As of recent the companys western Utah tungsten placer property has been doubled in size lo a total of 3,200 acres. Edwards said further excavation work and deep bulk lesting is drilling. through exploratory now will in process on the middle The mill at Edgemont, S.p., ore and this of upper arcatuof the alluvial purchase any fan. developed. meeting. At present, two definite sand channels containing significant amounts of ore grade mineral are being followed and defined a exploration, split which is effective Dec. 1 5 1969. The dividend represents a 10 per cent increase over last paid common stock, payable Jan. 20 to holders of record Dec. 12. The dividend is on stock held c stock prior to the thrcc-for-on- YOUR Classified compact meet Continued from Page 1 include a tour and banquet in Park City. Tuesday morning will be devoted to committee meetings on energy resources, finance and publication, engineering, legal topics, public lands, regulatory its symbolism and the strong emotions generated by the debate, the reduction in the allowance to 23 per Cent would provide only a moderate increase in revenue an estimated SI 75 million a year. The House cut to 20 per cent would provide $345 million more. The amendment to match the House cut to 20 per cent lost in the Senate 38 to 52. practices, R-De- l., . D-Wi- s., . The fight by oil state senators to keep the depletion allowance intact and then to prevent a further cut to 20 per Cent was led by Sens. Ellender and Russell B. Long, finance committee chairman and floor manager of the tax reform bill. Sen. Williams later lost a bid to restore to the Senate bill cuts made by the House in depiction allowances for some 100 other minerals. The Senate Finance Committee had left these other allowances, which are less than those for oil and gas, and actually voted new tax breaks for gold, silver and copper. a., The House and Senate will now meet in committee sessions to iron out the differences in the two versions of the bill. The depletion allowances were unfortunate victims of political expediency and emotionalism which any mention of tax reform generally generates in Congress. Regrets will come later, were sure. research and secondary recovery and pressure maintenance. William Eckert of the U.S. Bureau of Mines at Bartlesville, Okla., will review potential tar sands recovery methods. sandstone deposits in Utah will be discussed by Howard Ritzma, state petroleum geologist at the Utah Geological in the JtemasO had Congress," Sen. John J. Williams, admonished his colleagues, if the depletion cut is dropped from the bill, Sen. William Proxmirc, had warned, the tax reform bill will be considered a hypocritical, meaningless mockery. ..a phony, a fake, a pretense." D-L- also acquired 320 acres of oil and gas the in ld if Despite . lanner declares dividend a.. 43-year-o- BEAVER SILVER of Joint venllure explores basin result 1 D-L- in 3 Chuck Hayward Enid J. Hayward Hal Funk Editor & Publisher. Assistant to Publisher Director of Advertising. the early spring 1 970, Morebeck said. Idaho The drill WALLACE, Reaches Readers looking for business investment opportunities, stocks, properties, new & used equipment for sale or lease, employment & other services. & For as little as $2 for 20 words & 10'- for each additional word you can tell your story. Deadline: Wednesday preceding the Monday publication date. FILL IN WORDS - - CLIP & MAIL and Mincralogical Survey. Tuesday night there will be a banquet at Hotel Utah. The second general session will be Wednesday. This will be a general business session presided over by Gov. Docking. IHJlRPHiSt Registrar & Transfer The Professional Stock Transfer Company Salt Lake City Mail to: Rocky Mtn. Oil & Mining Journal P. 0. Box 19243 Salt Lake City, Utah 84119 PAYMENT WITH ORDER PLEASE 322-169- 6 j i |