OCR Text |
Show 26, 1953 April Lone Page Three The Western Mineral Survey, Salt Lake City, Utah Star Claims Magnolia Stockholders ONE OF BIGGEST IN UTAH'S HISTORY Get Progress Report (Continued from page 1) nothing will be due and owing on properties. Jle pointed out that there are no working commit, ments, and, with the exception of the State School Section Leases, there is only one royalty, that being in the amount of 7 per cent against $150,000. He regards the future of lone Star bright, he added. Stockholders of Planet Uranium met at 2 oclock Saturday afternoon in the Newho use Ho- Austin One of the biggest uranium mine deals in the history of the uranium industry in Utah is disclosed with announcement a syndicate that including Maurice Yates, of Salt Lake City and H. O. Tex English, of Casper, Wyo., has completed negotiations for purchase of the Ruddock Uranium interests, on tel and accepted the offer of which a price of $10,000,000 had Lone Star Mining and Developbeen placed. The previously ment Corporation, to purchase transaction eclipses in money all of the assets of Planet Uran- value the sale in 1954 of the ium, Inc., for 112,000 shares of Vernon J. Pick mine to Floyd B. Lone Star capital stock. Odium, which represented $9,- - WE OFFER B. Smith, secretary-treasure- r of Magnolia Uranium and Oil Company said today that and his sons, Billingsley Ruddock a letter will go in the mail in 000,000. and Merritt K. Ruddock, of Den- about 10 days to Magnolia stockinclude involved the Properties ver and Moab, control the Rud- holders, acquainting them with and Almar Min- dock Uranium interests. A. B. the potentialities of several addierals Company holdings. tional uranium properties that Ruddock is a financier of southclaims are in the Big ern California and President of Magnolia has picked up recentIndian District of San Juan the Board of Trustees of Cali- ly. He said the future is optima County, Utah. tc for the company. fornia Institute of Technology. The Daniel and Ruddock Claims, also in the Big Indian District are controlled by Almar Minerals Company. It is reported a multi-millidollar ore deposit was blocked out last year on these claims, of which the Ruddock interests control 51 per cent. Most of the remaining interests of the company are now controlled by the new Federal William H. Gibson, president a radius of 20 miles of each Uranium Corp., a Nevada-charterand a director of Elk Ridge Uran- other, approximately 40 miles organization. ium Company announced the west of Blanding. Several moving picture stars company has 43 claims, all surThe par value of Elk Ridge who are associated with Messrs. veyed, located on Elk Ridge in stock is 15 cents. The issue sold Yates and English include Robert San Juan County. at 30 cents a share. There are 'The Atomic Energy Commis- 1,245,000 shares outstanding and Taylor, June Ally son and Humphrey Bogart. The same group sion drilled the Oakie Group and the public offering was 610,000 of stars is identified with Yates supervised the Companys drill- shares. Capitalization is 1,500,000 and English in development of ing on the Hope-Lyma- n claims. shares. oil fields near Newcastle, Wyo- Mr. Gibson said there are 44 Leland A. Walker, geologist for ming. claims Elk holes on the Hope-Lyma- n Ridge graduated from the The negotiations for transfer with 80 per cent of the holes University of Utah as a profesof the properties have been in mineralized. He said there are sional engineer and for 25 years was with the U. S. Smelting and progress many months. Home-stak- e nine ore holes all told. holes All on the Oakie group Refining Company, last serving Mining Company, Ventures, been have chemically assayed. as manager of their Utah mines. ComLtd., Golden Cycle Mining Gibson said total drilling to date For two years, about 1951 he was pany and Floyd B. Odium, of as indicated, aggregates, 3035 deputy manager of the Grand Atlas Corporation are other firms feet. He said the each Junction office of the Atomic Enof depth who attempted to buy the prop- hole varies in accordance with ergy Commission. Since 1946 exerties. the of the property. cept while he was so employed On the Oakie group the Company by the AEC, he was employed The name and set up of the has an estimated 41,144 tons of in private practice as a mining new corporation that is to own ore the weighted chemical as- enigneer. and control the Ruddock prop- says were .421 per cent. In addition to Mr. Gibson, who erties, has not as yet been deGibson said a drift was driven is a general partner of Western termined, the syndicate disclosed. 185 feet with 200 feet more to Powder Company, the other offiA. B. Ruddock, of Los Angeles, go in order to reach the bottom cers are Eastman Hatch, presiof the fartherest hole from the dent, industrialist and insurance portal. We are presently in ore, eexcutive; Lawrence N. Ossman, Mr. Gibson said. He indicated no M.D., vice president, and for KEMP & KELSEY shipments are contemplated until many years a physician and surAIRSERVICE, INC. the Company is in a position to geon of Salt Lake City; Jules D. and Air Taxi Service produce a minimum of 75 tons Roberts, secretary-treasureof ore per day. Gibson said there vice president of Mountain Fuel Flight Training. Air Ambulance are eight other groups all of Supply Company; Val A. Brownand Aiicrait Repain which have been definitely de- ing, director, SALES & SERVICE president of Browntermined to be mineralized channels as a result of bulldozing and ing Arms Company, a resident BEECH & PIPER of Ogden, and Curtis W. Jones, drilling. Salt Lake Municipal Airport a director, a resident of BlandThe total acreage in the 10 Salt Lake City, Utah groups of claims is approximate- ing and a civil engineer and mine PHONE ly 840 acres, all located within operator. Cal-Urani- um Cal-Uraniu- ms Exploration Program Reveals Elk Ridge Ore on ed SUBJECT TO CONFIRMATION UNITED URANIUM & OIL CORP. O Great Basins Petroleum Co. Western Oil Fields, Inc. ROGERS & COMPANY 706 Kittredge Bldg., Denver, Colorado AL. 89 SHOULD YOU BUY A LOW PRICED OIL OR URANIUM STOCK? We ieel we can help you answer this with our new booklet, HOW TO BUT AND SELL LOW-PRICE- This booklet, STOCKS. D free to you without obligation, discusses many important questions vital to intelligent buying and selling by the average small investor in the current oil and uranium stock boom. Write or call for this booklet now. W m mw mm m w I. W. Hicks & Co.. Inc. Investment Bankers. 312 Colorado Building, Denver, Colorado Please send me a copy of your booklet, Stocks.' Sell Low-pric- AComa 33 How to Buy and ed Name Address. City .State. over-burde- n r, 03 PORTABLE URANIUM ANALYSIS LABORATORY Requites no chemical oi Mathematical turning! Completely no auxiliary equipment! self-containe- d! Needs .S.A4C. J. ONLY THOSE WHO REGISTER CAN QUALIFY TOR PBIZE MONEY 1479 SOUTH HUN ST. W. REYNOLDS COMPANY Hose 14-11- 33 |