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Show Sale of the Week Idaho Mining Man Bays 159 Claimi in Blanding Area for $51 Million. Se "?Cf VoL 26; No. a M Off Jjfof 7ke Oil ahdUnihfWttlf glfdfar 0 U 29. 1955 One Year $3.00 10c Per Copy ovations Now Moab Uranium StockhoL To Get 10 Percent Divideh v.- - The Moab Uranium board of directors today approved payment of a 10 per cent cash dividend to all stockholders of record June 30. C. M. Hickman, chairman of the board made the announcement. This is the first time, Hickman said, that dividends have been paid by smaller stock companies on the Colorado Plateau. Hickman said payment is subject to a vote by all stockholders at the annual meeting Monday, but, he added "it will almost certainly be approved." Moab Uranium also announced today that company property placed In production. The first shipment of ore will be made today from the Lackey Claims in Big Indian Wash. The firm holds interests of more than 2,300 mining claims over the Plateau area. Properties include claims in Mineral Canyon, LaSal Mountains, the Arches National Monument and Cedar Mountain. These claims lie In San Juan, Grand and Emery counties in Utah. They include the Claxton, Deans, l, Mineral Mountain and Winder claims. Uranium Problems, Gains, Head List At Oct. Las Vegas Mining Congress Chieftain Operates The program for the 1955 Metal Mining and Industrial Minerals Convention of the American Mining Congress, to be held in Las Vegas, Nev., Oct. 10-1has been drawn up by a nationwide committee of mining industry 3, La-Sa- Bettles to Let Contracts national policies which affect the mining industry; the industry's role in national defense; labor relations and developments under the Act; public reTaft-Hartle- y lations; revision of the mining laws; special problems of strate gic minerals; the outlook for var ious branches of the mineral in Arrangements for this national dustries. meeting of the mining industry are moving ahead rapidly under Also tariffs and taxation; the direction of Roy A. Hardy, stock piling progress and the statGetchell us of government mineral purconsulting engineer, Nev. chase and expansion programs; Mine, Inc., Reno, the future outlook for the ura Hewitt S. West, president, nium industry, and Government Manganese, Inc., Las Vegas, Nev. programs in this field; developis of the general ments in the industrial minerals committee. industry; gold and silver; explor The program committee is ation and geology; milling and headed by L. J. Randall, presi- metallurgy; underground mining dent, Hecla Mining Co., Wallace, developments, and open pit min ing will be discussed. Ida. an Rich So. Utah Claims Sell For 5 Million To Idahoan Jay Bettles, a Wallace, Idaho mining man, negotiated purchase of 159 claims including the rich King Edward and King Drilling equipment at woik on Chieftain Uranium Mines, Inc. Red Canyon property. Security measures are being redoubled pending assay aid coie inspection. Don E. Bogle, geologist, reports. James claims for $5,445,000 in Blanding this week. The contracts on the properties will be turned over to two wood Wash area of San Juan companies from Couer d'Alene, county the claims were origiIdaho, Bettles said. nally located by Seth and A. He reports that a nationally Shumway. A working option was known mining firm will operate then given the Ransom Brothers and develop the properties in the Mining Co. of New Mexico. near future. Shumway family members were Located in the upper Cotton- - instrumental in the Bettles trans action. One of the claims in the group has produced about $200, 000 in uranium ore since produc tion started last year. In The two companies purchasing from Bettles also own 150 claims U. on the Lisbon Fault and nearly View of Chieftain property in Zodiac Uranium Co. has ac- 300 claims near the Utex and Red Canyon located neai Imand Bins quired a majority interest of Federal workings south of Moab. perial, stock of Diamond Uranium Corp., Lizard mines. The company also which holds extensive properties Lost Yields Park has property producing in the in the Navajo Indian ReservaCottonwood area. Foot Ore Vein tion of Arizona, it was announced A showing of three and by Zodiac officials. to is begin feet of ore resulted from a Developmet work Odlum-M- t Mesa Immediately on the new proper- recent drilling of the Upper Lost Park properties of ties. Leland Davis, geologist for Zo- Uranium Corp., it was announcMerger diac reported several outcrops of ed by Sherman D. Gardner, field Diacommercial value on the geologist. Foreseen The property adjoins that of mond Uranium properties. in claims six: owns also Lost of the Zodiac Park Point property the Circle Cliffs area with an out- Shumway Uranium Corp., where If discussions lead to a mercrop of commercial value already an important ore discovery was ger, Odium would acquire addiopen. This will be developed reported last week. It is on Elk tional ore reserves on his al30 within 35 west miles of days. Blanding, Ridge, beginning ready vast holdings in the Zodiac has also acquired the Gardner said the of ore Utah-Coluranium fields. Odcontracts and was on hit the first drilling equipment interception ium recently purchased option of Frontier Drilling ad Explora- of the ore channel. He expected to buy Cal Uranium from Mt. tion Co. Work is being pushed that further exploration of the Mesa. ahead with the drilling equip newly discovered channel will A rumored merger between disclose a larger quantity of ore. ment Floyd B. Odium's Lisbon UraZodiac is a closed corpora nium Co. and Mountain Mesa tion. There has been some trad Uranium was still imminent Silver Refund to Tip cents a share at among refive ing Silver Tip Uranium, Inc. has Friday despite negative individuals who own stock. been ordered to return money ports. Odium spent last weekend in to all persons who purchased Salt Lake City confering with AEC Fund Cut Fight stock or sub Maurice rates, Salt Lake City, A vigorous Senate fight will scriptions by the Utah Securities official of Mt. Mesa. Yates! top be waged to restore cuts in Atom commission. Approximately $22, now in New York with Odis ic Energy Commission funds, ac 000 will be refunded by Charles ium. cording to Sen. Bourke B. Hick- H. Harrington, company manager. Exchange ol s one share of The commission decided that enlooper (R., Iowa). The agency Lisbon for one of Mt. Mesa might be crippled without the the stock sales had been made ilwas hinted this week by inlegally. Harrington was also money, he said. formed brokers. On the conto furnish the commission 100 dollars asked million At least trary Mt. Mesa directors are of the AEC cut should be re with an accounting of monies said to be contemplating a stored in a supplemental money which came into his possession public offering in place of a bill before Congress adjourns, or control as a result of sales of merger. to the company. Hickenlooper said. ZodiacBuysClaims Navajo Lands From Diamond Col-U-M- ex Vi Trans-Wester- n Still ot on - Story CoL 1) o, Over mining men are exthe October pected meeting, representing all branches of the mining industry. Federal policies with respect to the; domestic mining industry, and recently enacted legislation affecting mineral production are among the major topics to be considered by the industry at the 2,000 to attend Las Vegas meeting. Special attention will be given to problems of the rapidly expanding! uranium industry and to the latest technical developments in the mining and processing of ores. The committee decided to schedule convention addresses on Oct. Offering Seventeen sessions will be held during the convention devoted to these subjects. Four of these will be given over to matters of interest to uranium producers, and five will deal with practical operation problems in underground and open pit mining and mineral treatment. Officials of the Federal Government charged with the conduct of defense mobilization, mineral policies, labor relations, and administration of the public domain have been invited to address the meeing in October. Members of both the Senate (Continued on Page 2) Date Montana Firm To Drill For Oil, Uranium Soon - The formation of a million dollar BILLINGS, MONT. uranium and oil exploration corporation, the Mobile Uranium & Co., with claims and lease holdings in Montana, Utah and Wyoming was announced here today. Luther K. Wise, president and general manager of the Community Gas & Oil Co., made the announcement. He will also serve as president of the newly organized corporation. Wise revealed that Mobile Uranium & Oil Co. was incor- of the Osage Field of Weston porated July 15 in Utah where county, Wyo." the company holds 158 uranium "A second well scheduled for claims on the rich early drilling will be located on Colorado Plateau near Moab, a Mobile lease in the Field in Toole county, Utah, n Two other Billings men, Mont., with drilling activity in Montana business cir- slated to comence approximately have been named to top August 20." cles, offices in the new corporation. Core drill testing of the Utah a uranium claims is scheduled to They are William J. Frates, building contractor, who is vice start within 60 days. First core president and E. E. Henman, a drilling will be done on 46 claims heavy equipment dealer, who is in the Shinarump formation in secretary-treasureMillard Canyon, San Juan county, The company's oil lease hold- Utah. Surface showings as high as ings are located in Toole Petrocounone Garfield Carter and percent have already been leum, Weston established on some of these ties in Montana and county, Wyo according to Wise. claims, according to Wise. He "We have already assigned noted that this was an unusually drilling and exploration priori- high service percentage. Mobile Uranium & Oil Co. ties to our Company's is to be registered with stock "We Wise explained. holdings,'' the our Denver to office of the first expect begin drilling 5 on Page 5) end well August in the southern ore-beari- ng Kevin-Sunbur- st well-know- r. tri-stat- e Secur-(Continu- ed |