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Show April ?6. 1953 Page Eight Favors Bonding Transfer Agents As Protection to Stock Buyers NEW ORE PROCESS PLANT SOUGHT RY CONTINENTAL Continental Uranium, Inc., announced that it was applying for an AEC contract to build a uranium ore processing Moab in San Juan near plant 200-ton-a-- County, Utah. License arrangements have been made on the Burwell process of treating uranium ores, developed at the Grand Junction plant of Uranium Processes. The Burwell process is owned by Blair Burwell, Raymond Sullivan, Minerals Engineering Company of Grand Junction, Colorado, a thne Gidwitz interests o Chicago. The Burwell process an tidpates operating plants in the field close to the sources of ores at considerable economies over present installations. Industry interest in the Burwell process has been quite strong during its development Bonding of all stock transfer and a safeguard to the interests agencies is urged by J. Walters, of the stock purchaser. Jr., who said it will prevent a duplication of the issuing of stocks. He said it would give stock buyers confidence to know Blair Burwell is the holder of patents now currently being used by Climax Uranium and Union Carbide in their uranium plants. The new process is the result of long continued research and experience in the problem. Production could be achieved in six months after breaking ground. Continentals ore reserves at its Rattlesnake and Lisbon Number One mines in the area currently have sufficient ore reserves 1 provide a substantial portion of the ore requirements of the mil with new reserves being rapidly developed in the current drilling program. Four drills now operating on the Rattlesnake property are rapidly extending a large ore body for which plans for open pit mining are being prepared. "Meet Me at the er!" r re-12- Survey DENVER, April 26 Liberty Oil & Uranium Company of Denver has announced plans to begin almost immediate development work on oil properties re-ent- er 96-16- 5 1 silver-copp- U-Cent- that their securities have been transferred and registered by a bonded transfer company. in if a stock should "hn-nvalue Walters said a transfer agent could sell a stock short, c execute a delivery and after in the metal's first price I purchasing the stock at a lower I the transaction on change since September, when level, c. smelters Zince also it his books as a transfer. He said gained stepped up production during he heard complaints in the East March but stockpiles continued recently that transfer charges are to dwindle. Smelter stocks total-- 1 too high here and transfer a gened 90,837 tons at month's end, I cies are reaping too large profits, tons at the end of Feb-vs. y He said 100,000 shares of a and 201,100 tons a year ago. ny stock cost $1000 and it is HILL's deep - level I livered in one certificte. When gamble at the old Crescent mine, I a sale is made at 2 cents the just west of tiie Sunshine, appear- - commission will be $2.50, plus a ed to be paying off. More than I stock tax plus 50 cents for trans-10- 0 ore aver-- 1 fer of the stock. He said all issues feet of 30 ounces about of silver I should be mailed in trading ten aging per ton over a width- - of 4 to 5 der, or 1000 share lots. Walters feet has been opened on the new was of the opinion that 3200 level. Deevlopment work is of securities has not taken place yielding about 100 tons of ore I here, but he believes a law bond AT THE GALENA MINE, now I ing transfer agents would be a paying off for American Smelt- - deterrent to such a procedure An increase in the price of zinc I and new ore discoveries in the I Coeur dAlene minig region high- lighted mining developments during the period. c a pound to I ZINC advanced Liberty Plans New Drilling Program Denver Bureau pan-ruar- er re-issui- it acquired last week in Callahan County, Texas. The Denver firm, which was underwritten by Carroll, Kirch-n- er and Jaquith of Denver, acquired the properties, involving 19 producing oil wells and several offset locations in a total of 686 acres, from a group of investors including film star James Stewart. H. L. Anderson iof Denver, Liberty's president said the selling group included Stewart, F. Kirk Johnson, Texas oil million-nair- e, and L. A. Warren of Abiline. Fifteen of the producing wells are in the War-KiField and four in the Scott Field. Insiders said the transaction involved about $500,000. rk ing & Refining Company, Day and Mines, Vulcan Silver-Lea- d Callahan Zinc-Leon a similar ore similar gamble, silver-cop- er to that first discovered on the 3800 level two years ago has Gerald Gidwitz, board chair- - I mine. been opened on the new 3400 man of the company, said that I strip An extensive strip mining pro- level. Continental expects to strip a I gram to uncover an estimated txt rptiw SILVER SYNDICATE iI new area of 140,000 square feet I minimum of 60,000 tons of ura- MINE, Sunshine cut an encourag immediately north of its present nium ore with a value of more ing new vein of silver-copp- er than $2,000,000 will be started ore on the 370 Olevel, about midwihtin a short time by Contin-o- ff way between the East and West to the Pend Oreille manage-- 1 Rattlesnake mine near Moab, Rambo stoping areas. ment for such a remarkable Utah. More than $150,000 worth SUNSHINE increased produc- showing! I of ore has already been taken tion from its own and adjoining SIDNEY and MASCOT, which I from present mining locations at properties 16 per cent in March have joint uranium prospecting the Ratlesnake site, Gidwitz said, to 21,687 tons. ventures in Utah and Colorado, I The operation, which will - ed SUNSHINE CONSOLIDATED an exploration and oper- - I quire deeper mining than that''1 current production of ating agreement on 21 claims in needed at present Rattlesnake lo- reported over 200 toOns monthly or about southwestern Stevens county, cations,. will involve moving 26,000 tons anually. The annual Wash. The claims are about 6 more than cubic yards rate is equal to all ore dug from miles north of the Midnite ura-niu- m of earth to 1,500,000 uncover the ore dethe Sun Con mine from its ini- mine on the Spokane In-ti- al posits. production in 1943 through I dian reservation and are adja-195- 0. The decision to undertake this Receipts from the firm's cent to state leases held by major mining program was 50 per cent of March output will reached by company engineers Phelps Dodge Corporation, exceed $20,000. AMERICAN SILVER and and management after drilling HECLA said it has found ura- - Frontier Uranium, which has tests showed substantial and nium ore in about half of eight large holdings in southern Utah, ore deposits under the holes it has drilled at U & I filed on a dozen mining claims a widepread surface, Gidwitz said. Uraniums Radon property in short distance northeast of the He pointed out that company -- mile Utah. A road has been I new Sidney-Masc- ot and geologists have put holdings. engineers bulit to the shaft site mine CLAYTON SILVER disclosed I down 63 drill holes, the major-buildin- gs are going up and sink- - I n will be the operating company I ity of which have produced I next month. y for a joint uranium venture with samples of commercial grade f U & I stockholders postponed a I Sunshine Consolidated and Silver I ore in the new area, decision on merging with Floyd I Syndicate calling for expend!-- 1 He said that ore was found in Odium s Federal Uranium Cor- - I ture of $300,000 over 10 years. I thicknesses from a few inches to poration of Nevada until a stock- - I The firms have leased more than I 32 feet in grades up to two per holders committee can go to 7700 aCres in Lemhi and Custer cent underlying almost the en-SLake City ana investigate I counties, Idaho, and are consid- - I tire area. Ore with a content of the merger In- - ering claims on the Colorado I one-ten- th of one per cent is con- I Plateau. gidered to be of commercial AT THE SILVER MT. PROP- - I grade. ERTY east of Mullan, Hecla I Engineers are completing construction of mine I tailed profile maps of the area I 1954 of income net $303,ported buildings preparatory to sinking I and are attempting to delineate Al1953. in 083, against $185,337 a 2080-fo- ot shaft. the extent of the ore body. Gid- BUNKER HILL hit a new witz said, however, that contln-Droducthough regarded as chiefly a zinc the company recovered three-ye- ar high of $20.50 uing drilling tests thus far show 15,213,109 pounds of lead and I Toronto recorded the heaviest I no termination or abatement of 13,484,689 pounds of zinc during I volume In its 103-ye- ar history. II the ore channels, I Per-ton the year. costs, already with 12,815,000 shares changing Continentals corporate offices among the lowest in the nation, hands In a single day. A feverish are in Chicago. Its field offices to $3.05 Interest In uranium and other are in the Continental Uranium were reduced again from $3.25. In 1952 costs were I rare metal stocks was said to be I Building, Grand Junction, Colo-$4.I a ton vs. $4.70 in 1951. Hats I mainly responsible rado. Continental to Begin Big Strip Mining Job For $2 Million Ore ad ... - re-sign- , " , Popular gathering place of uranium men when on the Western Slope in Colorado is this modem building housing the Uranium Center, located in downtown Grand Junction. Headquarters offices of some of the uranium industry's top moguls are quartered here including uranium finder Vernon Pick. the office of multi-millionai- re (Denver Bureau Photo) Subscribe Now Western Mineral Survey Salt Lake City. Utah 421 Church SL Published Once Each Week Late Hews, Quotations. Information Service, on Mining, Oil Financial KEEP POSTED ON THE GREAT URANIUM BOOM $5.00 Two Tears $3.00 One Tear CIRCULATION DEPARTMENTS 421 Church Street Salt Lake City. Utah or 722 Kittredge Building, Denver, Colorado alt much-publiciz- ed de-star- ... CRUSHER-JA- WS Subscription Order Enclosed find $ Mineral Survey for. Name and for which send me Western Rebuilt and Hardfaced Castings of all Types Repaired ALL WORK GUARANTEED Phene AH 6420 Se. Slate 39 TRUCK PARTS AND EQUIPMENT Specializing in Brakes Benedix and Medland Vacuums Wagner Air and .Hydraulics Rebuilt Hybrovax and Air Valves -- ROLL CRUSHERS Address City. er, ... ALS WELDING 21 Monay Parts and Equipment for all Makes of Trucks HAFER'S, INC. 1563 SOUTH 2nd West ted Salt Lake City. Utah PHONE 31 |