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Show C7' ? Vol. 1 C December 15, 1969 No. 42 25 Cents per Copy CMp(5id seiradls telegram 51 t pipes Inerstate Oil Compact Commission (IOCC) last week in Salt Lake City. Gov. Dewey F. Bartlett of Oklahoma was chosen to fill the one-yeterm as chairman of the commission. Other officers named were Ben Ramsey, Texas, first vice chairman; Fred W. Barnett, West Virginia, second vice chairman, ar and W. Timothy Dowd, Oklahoma, executive secretary. In the resolution on oil the imports, commission 1,y water of Kaw Valley Reservoir. Utah mining corporation expects to earn $500,000 through pumping from 14 wells in area, then Oil tanks on the property hold selling reserves to government production until oil company trucks can haul it away. mmv leases L)be wdDD DIM 11 International Sales Development Association, Inc., Salt Lake City, is in the process of acquiring an oil fields that is scheduled to be inundated by l,348,000sacre feet of water by 1973. The oil field includes 14 wells, eight of them producing, in Kaws Valley, Osage County, Oklahoma, according to Richard Kirby, newly installedspresident of Kaw Valley Oil Co., a privately owneds Oklahoma corporation whichs leases the oil claims on the Osage Indian Reservation. Mr. Kirby saidsthe landswill time. He shosved About accoustical prospecting from diamond drill holes," not to mention, taking explosives to the moon and back," were covered in (he broad and varied program at the Northwest Mining Association's Diamond Jubilee Convention in Spokane last weekend. A 1700 persons were registered for the two day meet that- included more than 50 speakers- from throughout the d and locking up the national indicating income from the wells is approximately $1,700 per week presently. The 14swells hadsbeen closed down from about 1956 to 1966 while the assets of Kaw Valley Co. were in litigation. Kirby saids oil reserves inuthe (Continued on Page 2) the traditional procedure of routing its pleas through the governors of the 33 offshore ice drilling" to Northwest, Canada charts following possibility near-recor- tariff-quot- a program. The IOCC group voted to telegraph the resolution to President Nixon instead of All phases of California. Although silver issues appeared to be in the limelight, the timely announcement at the beginning of the meet relative to be flooded by the $95 million Kaw Valley sReservoir, scheduled to be complctedsby July 1973. He said the company wouldsbe able to pump oil from the eight producing wells and any of the other 6 whichs can be brought back into operationsprior tosthat combination stockpile, $:!:! million worth of lead and zinc, kicked the 75th Anniversary Convention off to a winning start. This news was especially well received by Coeur d'Alene District mine representatives that made up a majority of those present, and whose mines account for a major share of profits from these two important minerals. HOLLIS M. DO I .E, assistant secretary of Interior, a guest speaker at the convention, said The former stockpile objective was zero. 'Ihis is a new ball game. It removes the doubt you have lived with for six years." Action on disposal of millions oT tons of lead and zinc in the defense stockpile has been delayed since 196 J, while the industry sweated out the this hoard force prices down. would VIO.OOO RISE in the price of silver was forecast by Charles R. Stahl, of Princeton. N.J., but he also It will take longer cautioned than most people estimated. Silver users are deluding themselves if they think prices be kept down, and the silver-usinindustries are naive if they believe they will fill their melting pots from U.S. coinage hoards and silver from India. Every silver dime or quarter that will g melted enhances the numismatic value of the is remaining coinage," he added. He suggested the silver users could best serve themselves by bidding up the price of silver which would induce the miners to invest larger states that belong to the commission. In other action the names of new committee officers were submitted for approval by Gov. Bartlett: Regulatory Committee, I.R. Trujillo, New Mexico, chairman; Thomas R. Marshall Jr., Alaska, vice chairman, and L.W. Price, Michigan, secretary. Researcli Committee, Kenneth W. Weaver, Maryland, chairman; Donald Bond, Illinois, c hairma ( Paul B. Crawford, Texas, vice chairman, and Leo W. Hough, Louisiana, secretary. MiOee tons of lead and r(it).(M)0 tons of zinc will stay in that stockpile," Dole reassured the conventioneers. The remainder will be led into the market by you producers over a period of 5 to 12 years." A Cuke Mi?fllniwe$tf 5ffiisiiiifi)dl mining technology from PUMPINGdIVELL IN KAW VALLEY, Okla., will be inundated by any import tariff system or combination of a tariff quota system. Such a lead to an system would impairment of the ability of the U.S. petroleum industry to serve the interests of this nation. The mandatory oil import program inaugurated, during the Eisenhower Administration now is under review by a presidential task force. Reportedly, it is ready to recommend a tariff or condemned regosttei? Ciflfifflinijg SPOKANE t 51 election of a new chairman and ' approval of a resolution favoring retention of the present oil import quota system were the final actions of the annual meeting of the The ' 4 amounts of chairman- of Homestake Mining - Co. of San Francisco, the nation's largest gold producer, said low prices restrict the supply. The government claims there isn't enough to grease the channels of commerce, but who can measure the large amounts of gold in low grade deposits?:: McLAUGHLINS contention was supported by a mining amociation resolution which was also sharply critical of the countrys experiment with fiat money. We are hopeful,, hut not optimistic, that mere humans can prevent chaos in the monetary affairs without the discipline imposed by free convertibility," the resolution said. Pressure has been pul on the federal government over the years to permit U.S. citizens to freely buy and store gold. The resolution asks for consistency for gold as with silver, referring to the U.S. Treasury ruling this year, lifting the hail on melting of silver-bearincoins and g money in search and extraction oT new or known original eliminating restriction on persons permitted to bid at deposits. government silver auctions. Another speaxer, Walter L. ANOTHER key resolution Frankland Jr. of Washington broadens the multiple use D.C.. executive director of the concept for public lands. John Silver Users Association, L. Neff, chairman of the discounted any hope that the association's resolution new Eisenhower dollar would committee, said We feel that contain any silver content. It access by the industry to all will probably be made oT copper lands cannot be unduly material." he restricted if the industry is to and nickel-cla- d told a large audience. meet the demands which will be Donald L. McLaughlin, board placed on it." |