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Show Page 2 APRIL 13, 1970 OIL & MINING JOURNAL I a ' P . i i f Painted Desert adds Blue Star Idaho property Painted Desert Uranium and i Oil Co..after much negotiation has added another very promising property to their holdings, reports Mr. W. M. Fredericks, public relations man for Painted Desert. I In line with their expansion program they have acquired a substantial interest in Pinehurst Silver Co., a holding company handling the property of the old Blue Star Mining Co. Blue Star is reported to have shipped a carload of silver-lea- d ore when the price of silver was low and the price of lead was only 3 or 4 cents a pound. The mine has been idle since that time. The new Painted frozen ground a new find of ore in a vein about 4 feet wide. The ore assayed at 1516 ounces silver and 68 per cent lead to the ton for a value of $258 per ton. Additional work is palnned at the site and elsewhere on the property .as soon as the steep and thawing muddy ground permits, Mr. Fredericks said. companies, according to Desert holdings consist of about 8 claims (160 acres), adjoining the famous Page Mine silver-lea- d which has an estimated production record of about $40,000,000. Runted Desert vice president and mining engineer E. J. Minmaugh has recently exposed by blasting and trenching the Mr. Fredericks. silver-lea- d Western Nuclear Co., another Painted Desert neighbor in that area, has continued drilling operations all winter, and plans to build a. treating plant costing about $12 million. This plant will handle about 2,000 tons of This new acquisition is located in the Bunker Hill Pinehurst, Idaho. This is the silver belt of the famous Coeu dAlene Mining WICHITA District. In addition to this new property, Pointed Desert holds about 2600 acres (about 4 sections) of choice uranium acreage on the Spokane Indian Reservation. It is located near the producing Midnight Mine, which is operation their treating Texas -- FALLS, calculated total open flow of 13.4 million cublic feet of gas per day. Both wells were drilled by Galaxy in joint ownership Galaxy Oil Company has announed that for the nine months ended February 28, 1970, on 'gross revenues of $2,450,496, it had a net income of $343,578, after a provision for deferred income taxes of $368,800. This is equivalent to $ with during the quarter, The Company stated that one its most significant achievements in recent months has been the completion of an agreement in reduced common shares outstanding. . REVERBERATORY METALS. INC. PRICE: $1.17 BONNEVILLE SECURITIES, INC. (801) 322 Resources Company, -- Le Flore County, Oklahoma for a calculated total open flow of 8.5 million cubic feet of gas per day and the No. 1 Stae Unit located in Latimer Oklahoma for County, a . K United Park City Mines Co., conceding that its mining to date has been experience frustrating, said in the annual report that it has developed a long-rangmultimillion dollar to program develop its mining properties and is currently negotiating with other mining companies to finance and operate them, the Wallstreet Journal noted last week. e, Salt Lake City, Utah - 3515 "i Published wMkty in Salt Lake City, Utah by Charles E. Hayward, of 4386 W. 3780 South, Grangar, Utah 84120. Mailing addraaa: P.O. Box 18343, Salt Lake City, Utah 84119. tha mining and oil industrial of tha Rocky Mountain Ragion. Artidas and information harain ara true and factual to tha bast knowledge of tha publisher. Information and opinions publish ad ara tha sola responsibility of tha publisher and do not reflect the attitudes or opinions of tha merchants, brokers, corporations and service firms who advertise harain or otherwise sponsor this publication. Advertising ratasc display Advertising NNNtlMNINMIMlINMIlNIMemWNMIMlinN $2 col. inch Classified Advertising .a.............." ..(2 for 20 words Editor & Publisher. feastanttoPitiisher Director of Mortising..... agreement, King Resources paid to Galaxy a substantial cash or NMMtVlMSMIH sseasaMsssstNSH general manager, said an agreement for a four-poiprogram to undertake the new efforts should be approved by the board shortly and presented to shareholders. United Park Citys mining experience has been frustrated because of a lack of capital, an obsolete mechanical plant and the resulting necessary system of wearing out an ore body to try and find something bigger and nt UPC a minimum of five wells primarily to test the Muddy Formation, one of the most prolific zones in the Rocky Mountain Region. It is contemplated that King will drill additional wells and, upon recovery of its investment, that King will reconvey to Galaxy 38ths of its original, interest in the properties, including any production therefrom. Galaxy also announced that in January, 1970, the Company acquired exploratory permits covering 330,000 acres in the Arctic Isles off the north coast of Canada. Although there is no present production or drilling on interest of several major oil companies. ot. such scheme, he said, have underestimated such a 298-370- 3 Hal Funk net loss of a $347,074 compared with net income of $187,698, or four cents a share, in 1968. Revenue climbed to $3.5 million in 1969 from $3 million in 1968. The proposed calls four-poi-nt plan for the company to: Undertake a greatly expanded development program within present known ore zones. Improve methods of its ores; begin extensive exploration projects to find new ore reserves; and transporting As a result, plan construction of a concentrating mill at the been able to truly profitable companys mining-propert- site. y Monthly Recommendations for "Lease Drawings" Alaska Colorado Montana New Mexico a far the effects of plan on domestic GEOLOGY INVESTMENTS WILLIAM E. SWANSON P.O. Box 6384 Denver, Colo. 80206 Utah Wyoming EVALUATIONS CONSULTANT Phone (303) 722-513- 6 relations committee of the American Gas Association, said the proposed I tariff system on oil imports 1 would only serve to discourage the badly needed development I I I of gas reserves. Richard Interstate Chuck Hayward EnidJ. Hayward 'not a Its 1969 operations resulted in operation. prices.' Ihc proponents he said. has develop Tunnell said the report Kan., general MMMw.i..H.NH The companies werent identified in the report, but Clark L Wilson, president and recommends a tariff scheme to achieve a 30 to 60 cents a barrel rollback in domestic crude oil the government .Subscriptions $10 par year 25 Cants a copy 291-240- 3 consideration and agreed to drill at its (King Resources) sole cost any of the activity of Wyoming. Companys property, the area is Under the terms of the one that has attracted the exploration activities. Herbert D. Clay, chairman of Second clast postage paid at Salt Laka City, Utah Phone: approximately 33,000 acres of leases in the Powder River Basin better, (Continued from Page 1) Sawing '6 Florence Mining District of Idaho, which appear to have great potential. United Park City notes new program plan sound K Denver, Colorado, covering Galaxy's one half interest in Oil import t gold claims located in the Per Share FOR UTAH RESIDENTS ONLY Copies of the offering circular may be obtained from the undersigned only in states where the undersigned may legally offer these securities in compliance with the securities laws thereof. 601 Kearns Bldg. January 1970 with King Steve Gose, President, stated that the Company has recently completed the No. 1 Daniel Unit located in Galaxy drilled two dry holes and is testing one well for gas production. as compared to the reported six months earnings of $.06 per share after adjustment for January 20, 1970 Company of Denver, Colorado. Additionally, plant located at Ford, nine months period, This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made only by the Offering Grcular. Imperial-America- n Management .10 per share earnings for the Washington. The plant is filling an order for about $4 million worth of uranium oxide, for use by eastern power and light 93,200 Shares Common Stock. $1.00 Par Value Per Share explore their own holdings on the Spokane Indian Reservation when the weather permits. Other Painted Desert holdings include about 5 gold claims located near Pierce, Idaho, and 3 Galaxy reports on activities area, between mining Smelterville and NEW ISSUE uranium ore per day. It will process into yellow cake about $112 million worth of uranium ore which they have blocked out there, according to company officials, and which may be mostly used by power and light companies. Painted Desert plans to C. Byrd, Ottawa, counsel for the Oil Compact 1 8 Commission, which includes 29 states, said each state has a vital interest in the exploration, development and conservation of its natural resources. J I I I Wo specialize in lilvcr, gold and uranium stocks and selective mining stocks. Wo accept collect calls ee buy orders. . |