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Show The National Enterprise , December 5, 1976 Page eleven Whitelock Wffl Conduct Mining GRAND JUNCTION. Corporation (OTC CO-Whitelo- .13. .18) has been awarded a contract to conduct mining operations for Cotter Corporation. a Lakewood, Colo, based subsidiary of Common- (due serrynry to your wealth Edison Co., at the Thornberg Memorial Mine (previously known as the Seven Mile Mine) near Moab. The property was sold to Cotter in July of this year by Whitelock and the other owners for the cancellation of all accent,! feel that public Service is out of the funny . but dleer-ap-! lie on&. ck indebtedness of Whitelock g&t cennat' and a royalty retained by them and the others. Whitelock owns 55 percent of the royalty Niv cousin. interest. to executive vice president, Hal Thornberg, terms of the Cotter contract provide that White-loc- k According will conduct all develop- ment and production mining on the property. They will be reimbursed for all expenses incurred in its operations plus a percentage profit commensurate with standards in the mining industry7, Thornberg said. Cotter will direct planning and development of the program. Thornberg was optimistic about the agreement, saying it gives the company an opportunity to maxamize the potential of its retained royalty interest in production from the property. He said the property includes a total of 144 claims, of which mining has been conducted on less than three. Over a 20 year period, he added, some 450,000 pounds of U308 were mined on the site. Preliminary exploratory drilling conducted by Cotter at a cost of over $100,000, Thornberg said, indicates that considerable quantities of ore may be expected to be Sorg Dividend Skipped in Conservation Effort After pay- tember payout a reduced cents per share. ing a dividend in the first two The company said it plans 1976 fiscal quarters of the year, and a reduced dividend to consolidate its New York in the third quarter, directors facilities in a new location at of Sorg Printing Co. (OTC 111 Eighth Avenue, which 2.00, 2.50) last week voted to would involve substantial exskip a fourth quarter dividend. penditures and necessitate The first two payments were 5 conservation of the company's cents per share and the Sep financial reserves. NEW YORK Intermountain Highlights STANDARD METALS, operators of the Silverton mine and mill in western Colorado, announced that for the nine months ended Sept. 30, 1976 the net value of concentrates produced in its operations was $4,648,458 compared with $4,999,474 for the nine months ended Sept. 30, 1975. Company officials attributed the decrease of approximately $351,000 to lower prices for metals sold (gold, silver and zinc down during the reported period, and lead up). Mining and milling costs were up for the period ended Sept. 30, 1976 since expenditures for stope preparation and stoping were larger than in 1975. reported earn- JUSTHEIM PETROLEUM ings for the six month period ended Sept. 30, 1976 of $29,400 or $.0065 per share compared with $19,400 or $.0042 per share for the similar period in 1975. During the six month period the company spent $16,400 for the purchase of Treasury stock ($13,400 was spent in the same period in 1975). Total outstanding common shares as of Sept. 30. 1976 were 4,508,001. WESTERN GEOTHERMAL announced that it had recently undergone a change in the management of the company. In addition. Western acquired oil and gas leases covering 3,840 acres located in Emery County, Utah. The board of directors valued the leasehold interests at $375,000 in the aggregate. 1,875.000 shares of the com pany's common stock were issued to ten persons in exchange for the oil and gas lease assignments. The newly appointed directors of Western arc: David V. Tolle, Same Makalla, Gilbert N. Freeman, Harry Wells, Charles Kamanski, Frank D. Bryan and Jess Monroy. EMPIRE EUREKA BULLION MINING and 13 other Tintic Mining District companies will be soon merged into NORTH LILY MINING. Target date: early December. The 13 other companies involved are: Big Hill Mining. East Tintic Coalition Mining. Eureka Swansea Extension Mining, Mountain View7 Mining. New Southern Eureka Mining, North Godiva Consolidated, Swansea Consolidated. Tintic Central. Tintic Drain Tunnel, Twentieth Century Mining, Victor Consolidated, Yankee Consolidated, and ATC Inc. MINES, reported that for the quarter ended Sept. 30, 1976 net income increased 584.4 compared to the similar quarter in 1975. For the three month period ended Sept. 30, 1976 revenues totaled $2,340,889 or $.43 per share (assuming full dilution) compared with $1,728,009 or $.06 per share in the same quarter in 1975. Total revenues for the six month period were $4,458,867 or earnings of $.84 per share (assuming full dilution) compared with $3,207,625 or earnings per share of in the six $.34 (assuming full dilution) month period of 1975. In addition to its two wholly owned subsidiaries. The Swab Corporation and The Trenton Gas Corporation (which are engaged in the gathering, transportation, sale, and to a limited extent, the production of natural gas in central Oklahoma), Midwest has formed MEC Corporation and Blackwell Gas Company. These wholly owned subsidiaries are involved in the exploration for natural gas and the reworking of existing CONSOLIDATED will not be into North Lily as previously merged announced. The board of directors of North Lily voted to exclude Dragon from the above mentioned merger by reason of the fact that the holders of more than 16 percent of the outstanding capital stock of Dragon Cons. Mining elected to exercise their w7ells. dissenter's rights.' 80,250 shares of common stock are reserved for the conversion of the preferred stock at the rate of one and one half shares of common per one share of preferred. DRAGON MIDWEST ENERGY, an Oklahoma based oil and natural gas company, recently Midwest has 270,130 shares of common stock outstanding, 53,500 shares of convertible preferred stock ($10 par value) outstanding and has adoptyed a stock option plan which provides that a total of 50,000 shares of common may be optioned to key employees. 2-- 12 |