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Show i : : RON-CIRCULATI- AnaricoK ij 4 CjagxyjCSRiiOR!) VOLUME 2 NUMBER 3U & ,8j 25CrahrCopv SEPTEMBER 28, 1970 v. o Anaconda Co. reveals Lincoln project marginal propertyat Mont. decision i Qjq m BUTTE, Top Anaconda officials for Montana operations have indicated that the company's proposed open pit development of a a O copper-molybdenu- property m deposit in the Heddleston Miing District near Lincoln is more marginal than originally thought. General manager Martin K. Hannifan, speaking in Butte, and James A. Robischon, counsel for Montana operations, speaking in Great Falls, both indicated the was proposedandventure that test results questionable and findings have been forwarded to New York for a MINERAL ENERGY, INC.1, founded by Grant Shumway and Da Mar Parkins, is beginning a mining several properties with program in the heart of the Big Indian Mining District The company has blocked out uranium ora on them. From left are Bill Davis, miner. Grant Shumway and De Mar Perkins. , . Mineral Energy, Inc., a Utah corporation, has started work on a 550 ft. drift to intercept a rich ore horizon in the Big Indian Mining District of southern Utah. Mineral Energy, a young which company completed its is public offering in mid-196- 9, beginning a mining program in the heart of the Big Indian Mining District, famed for its production of high grade uranium ore. The program will initially work the Fry Group of patented claims just south of the North Alice Mine presently being mined by Homestake. Mining Corp. Several reliable geologists have calculated the ore reserves of the Fry Group at 200 million pounds of raw ore, Larry Perkins, vice president of Mineral Energy, said. He said further drilling could extend the proven ore reserves in three directions. Mr. Perkins said the 550 ft. drift is being driven to an ore hole where the ore horizon, dipping downward at 10 degrees, will be intercepted. Besides the North Alice claims on the north, other contiguous mines include the Columbia on the west and the Ike claims on the southwest, Mr. Perkins said. These mines and others in the immediate area have been shipping or to the Atlas mill at Moab, Utah, for many years, Mr. Perkins said. Grant Shumway is president of Mineral Energy, Inc. trust lands near Creek Alice dam was to be where constructed. The request was a withdrawn in July after conservationists strongly objected to the move. Anaconda since has drilled successfully for water in the area, and found artesian sources. Located in the headwaters . area of the Blackfoot River, the Continued on Page 2 Former mine firm co. buys investment contracts Century Corporation, Mountain formerly Rocky papers. Current deposits amount to approximately $2 million, Mr. Mining and .Beeler said. Co., has the acquisition of Continental Mortgage Investment Co., a company with gross assets in excess of $3 million as of Dec. 31, 1969. Century Development Co., a Utah corporation investment firm's outstanding shares, according to Byron D. Beeler, Century president. Continental Mortgage, also headquartered in Iowa City, will be operated as a subsidiary of Century, Mr. Beeler said. Continental has been in years, and real estate, in primarily invests for Beeler said the company presently pays interest as high as 7 34 for deposits of $25,000 or more, with the interest rate graduated down on smaller deposits. At the annual shareholder with meeting Iowa, headquarters in Iowa City, acquired Continental Mortgage through the purchase of the existence and commercial Development Development Mineral Energy starts work on intercept of rich ore horizon corporate headquarters. c The proposed development became a hot political issue after Anaconda appealed to the State Land Board for easements on more than 600 acres of school 11 in June, 1970, the shareholders of Rocky Mountain Mining and Development Co. approved the name change to . Development Century and increased the Corporation authorized capital stock to 10 million shares 'at 5 cents par value. Purchase of Continental Mortgage, approved at the June meeting, was accomplished . through the trade of 2 million Continued on Page 5 Continental Dynamics acquires iron, copper deposits in Nevada Continental f Dynamics,. Inc., has acquired a . substantial interest in 9,500 acres of rich iron and copper ore deposits in the Yerington area of Nevada, Malcolm L Morrison, president, has announced. The properties adjoin United States Steel properties in the area. One-thir- d land of the ore-ric- h has been purchased from G.F. Industries, Inc., of Dallas, Texas, all of G.F.'s constituting holdings. American Smelting & Refining Co. is the other owner, . deposits were contained in the find. 'Informed Nevada mining company said sources made estimates of over a Continental's purchases involve billion tons of iron ore in the 33 mining claims, leases and deposits. Emphasis was made of options to purchase. ASARCO is the value of the copper, which already engaged in boring and tests show to be present in drilling to block out and define quantities of approximately Morrison said. ore reserves in the giant tract. Continental Dynamics, a Utah Confirmation of the rich deposits in the Yerington area corporation, has been active in was made recently by U.S. Steel, silver mining operations, has in a public statement in the Wall producing oil and gas wells in Street Journal, to the effect that Texas, operates a smelter in Colton, Calif., and, through open pit as well as deep-lyin- g interest in the holding two-thirsaid. Morrison 9,500 acres, the The president of penny ds stock 3, Kellcam Exploration Ltd., a British Columbia company with U.S. Steel has been operating in the Yerington area since presently processing about 30 tons of gold ore per day from its own mine. Morrison said the production results in. roughly one barrel per day of gold concentrate selling at $8,000 to $9,000 per barrel, depending on the gold content. estimate offices in Vancouver, is Continental Dynamics owns approximately 74 of Kellcam Exploration, Ltd. Morrison is also president of Kellcam Exploration. 1960. The steel company's was of billion tons of ore in areas where drillings have been made. one-quart- er Additional estimates relate to undrilled portions of adjoining acreage, much of it in Continental Dynamics 'and ASARCO said. holdings, Morrison Mervin Gallagher, Nevada State Inspector of Mines, Continued on Page 5 |