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Show July 8. 1955 The Western Mineral Survey, Salt Lake City. Utah Page Thne $6,000,000 Disruption Circle Cliffs Entertains New By O. D. Quinlan Mother Lode Enters Initial Survey Stage Robert E. McConaughy III, secretary of Mother Lode Uranium corp., said today that the company is in the first phase of a geological program, a report of which is to be filed in a few days by geologist Jay Mayhew of Apex Exploration Co., Moab. A complete survey of all of Mother Lode properties including ground and air scintillation services, is contemplated ultimately. McConaughy said Mother Lode also plans to drill three holes to obtain geological data on the various groups of claims. The results of the geologists report will be submitted in a progress letter to stockholders. An interesting development during preliminary work was discovery of the shinarump and chinle outcrops, running across one section of Mother Lode properties which heretofore had been regarded strictly Morrison formation. That particular group of properties, McConaughy pointed out, has a three-folpossible ore hord izon now exposed. Upon completion of the first phase of the program, officials of Mother Lode expect to be in a position to announce the trend of further exploratory procedure. The $6,000,000 option granted to a Los Angeles, Calif, syndicate for the purchase of the fabulous ore claims of the Circle Cliffs Uranium Co. was abandoned when a serious heart attack befell one of the principal optionees, making it impractical to consummate the final transaction. The Survey was authoritative' ly informed of the unexpected in a week to begin dally shipdisruption of the syndicates ments of 50 tons a day. plans by a spokesman of Circle It was disclosed that a black Cliffs Uranium Co. today. formation of ore has been en The attractiveness of the countered (pitchblende with asproperty is in no way lessened say indications thus far pointing by the sudden interruption. Pros- to 6.2 uranium and interesting pects are bright that new bidders speculation prevailing as to the are entering the field and that actual identity of the black foran ultimate program that will mation. They seem to have rival in scope either the Steen mountains of ore there comor Pick deals, would not be at mented a company spokesman. all surprising. The property will require core This is the dramatic story undrilling to determine the blockfolded to the writer today: age of ore, the spokesman deThe optionees on the option for $6,000,000 (men of millions) were partners in California. One suffered a heart attack while this deal was under way. It resulted in the other partner makf of the ing an offer of option in cash and the other one-hain royalties. The Circle Cliffs company turned it down. one-hal- lf The actively interested partner, realizing the option was gone, indicated he is still willing to put up $70,000 for ore leases within 30 days. In the meantime, some Texas millionaires visited the uranium properties Thursday intent on making a similar offer. It was definitely announced that the company has consummated no deal; that it merely awaits a best offer, with the number of prospective purchasers growing hourly. The company has a gang work ing at the property ore. It was disclosed authoritatively the company expects with stock-pilin- g Notice of Special Meeting of Stockholders of Mineral Valley Gold Mining Company Notice is hereby given of a special meeting of stockholders the Mineral Valley Gold Mining Company, which will be held at the Newhouse Hotel on Thursday, July 28, at 3 p.m. for the following purposes: of 1. To vote on a stock merger with Treasure Mountain Mining Company of Utah. 2. To transact such other business as may properly come before the meeting or in the adjournment thereof. Only stockholders of record of July 20, 1955, will be titled to vote at this meeting. BY ORDER en- OF THE BOARD OF DIRECTORS, Moab Mines, Inc., load of uranium personnel examine sknttle-ca- r ore from their Lucky Nine Mine in the Uravan mineral belt of Western Colorado. At right can be seen one oi the mine portals. clared. After examining the surface exposures, one individual said in his opinion the property excells either the Pick or the Steen discoveries. How deep the veins go remains to be determined. The company is continuing shipments of its own accord. Owen Reports Moab Gets Go Ahead Signal Moab Mines, Inc. has been claims located in four principal districts in Utah and Cologranted permission by the AtomThe syndicate optionee who ic Energy Commission to remove mining rado. continues his Interest told a uranium ore from its uranium This report was made today company spokesman today, he William J. Owen, president. by believes the ore will run to a The companys properties in value ranging from 625,000,000 to the Seven-Mil- e Mining District $75,000,000. near Moab, Utah cover approxiA company spokesman disclosmately 1,440 acres; 800 acres in ed that three separate groups of The Phillips Petroleum Co. has the Blanding mining district in San Juan county, Utah; 1,340 conductare prospective buyers drilled 19 holes on the Slick acres in the Big Indian district view with a ing investigations Rock group of uranium claims in San Juan county; 80 acres in toward purchase. the Paradox mining district in near Egner. The commission on th $6,000, Montrose county, Colo., where 000 option, gfven early in May, A contract with the Joy Manu- the companys Lucky Nine mine is understood to approximate facturing Co. who have a rig op- is located, and where current ore $600,000. Intermediaries in the on the premises is about extractions are stockpiled. deal were Alden Higbee, of erating The AEC permit is in accord-danc- e one-hal- f completed. Although a Provo, Utah, and Leo Higbee of with the Atomic Energy of vanadium has been Spokane, Wash., who jointly rep- quantity 1954 and the Code of Fed-lerAct of encountered in two or three resented large insurance Regulations for control of holes, no substantial mintraliza-tio- n in Spokane. uranium source material. Such a has been reported. transfer and deliver permit is The Phillips lease covers 320 required for all mining companacres of patented land of the Le- ies that intend to remove uranigion group, a former Skidmore um ore from its natural place of property. deposit. Thomas J. Hubbard, former maintenance and construction engineer of the Hurley plant of Kennecott Copper Corp.s Chino Mines division in New Mexico, is now general master mechanic of the Magna Mill, Utah Copper division. C0HF0UTE SEUS The appointment became effecBRONZE MEMORIALS tive July 1, according to P. H. Ensign, general superintendent RUBBER STAMPS of mills. STEEL STAMPS Hubbard, now residing at No. 4 Magna Row, will succeed AlCLYDE AND KARL PANNIER, Owner, bert J. Fitzgerald who will retire 243 EAST 2ND SOUTH PHONE following 40 years of service with Utah Copper division. Phillips Drills At Slick Rock al com-panie- s Kennecott Names Hubbard Chief INTERMOUNTAIN STAMP WORKS 04 Russell Cashin, Secretary INTERMOUNTAIN AREA'S LARGEST STOCK OF TRUCK PARTS AND EQUIPMENT ROTO ROOTER CHAIN Sail Lake Counties Only ALL SIZES OF COMMON AND HI-TE- ST CHAIN Roto TOW CHAIN AND RINDER CHAIN 14 Rooter Operators SPECIALIZING Ft., 20 Ft., and 25 Ft. Chain wth Grab Hooks This is to inform you there are NO Floor Drains options outstanding Atlas stock. Any report of such J. C. Burgess, President ATLAS URANIUM CORP. HAFERS, INC. 1336 SOUTH 2nd WIST Salt lain City. BUI For Competent PHONE 14-43- 11 Work Call Moab. Utah 9-31- 43 stock-purcha- se options that you may have heard are erroneous. IN Sewer Stoppages Load Binders and Hoists TO ATLAS URANIUM CORP., STOCKHOLDERS: |