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Show EDITORIAL WESTERN MINERAL Starts Monday MARKET GAINS NOTED Signs Legist IS, 1I3S The Weitem Miaeul Survey. Salt Lake City, Utak Page Two that the summer shrinkage in the uranium Geologist Joins Atlas Staff er over-the-count- SURVEY market is beginning to abate were apparent this week. The slow moving, tight market has been on the down side through July and early August. Out of a total of 120 stocks listed this week on the market 12 or approximately 10 per cent of the board showed significant gains. The modest uptrend noted this week could develop a substantial movement as September nears. Example interpretations include the $1 gain of Shumway in two days of active trading- -a progressive sign in this consistent gainer. Timco caused a raise when it emerged from die summer doldrums and added nearly .01 cents in light trading reaching .063l cents Thursday. Royal continued its steady advance by adding five cents to earlier gains. Apache bloomed from 8 cents to 15 cents in one day on news of two holes drilled on the Divide in San Juan county giving Stanford Mahoney and his associates in Apache an optimistic view. The property had not been blocked out and no official assays have been released to date. conAnother optimistic note came from Continental Uranium who George Utermohle, geologist C. fers with Atlas President I. announced it shipped 7,911 tons of uranium ore worth $390,460.78 Burgess. Utemohle will join to buying stations during the second quarter of 1955. (See story the Atlas staff on August 15. this week). On the down side rumors were rampant when Fennell plummeted from 12 cents to .04 cents. A recovery of .02 cents took place after pressure dissipated. Thats a rundown on the Salt Lake market for the week. Usual ups and downs were notable, but the significant moves showed a upward trend. Continental Uranium, Inc., and August heat is still taking its toll of the stockwatchers, but its wholly owned subsidiary, if indications follow through it may prove that the summer shrinkWoodmont, Inc., shipped a total of 7,911 tons of uranium ore worth age will let up on the Salt Lake market for the time being. $309,460.78 to buying stations during the second quarter of 1955, Gerald S. Gidwltz, board chairer over-the-count- Survey Denver Bureau MOAB, Utah George 37, will join Atlas Uranium Corp. Aug. 15 as chief geologist and mining engineer, President J. C. Burgess of Atlas announced today. Utermohle has been associated with San Juan Engineering Co. here since January. An Army veteran of World War II, he graduated from the University of New Mexico in 1950 with a major in geology and minor in civil engineering. He also attended New Mexico Interview Report Davidson Tells Survey Man Of Plans to Build Reserve By O. D. Quinlan Davidson informed the writer As a result of an Interview this week with W. L. Davidson, pres- that his engineers estimate drillident of Lone Star Mining and ed out ore on the Butler Wash Development Co., the writer was at 15,000 tons and probable ore pleasantly surprised to learn it as 100,000 tons more. is Mr. .Davidsons ambition, to At this writing, on the basis build the Lone Star treasury reof Davidsons calculations, it serve to $1,000,000. appears that Lone Star will be In my considered opinion, a producing from four different laudable policy of this kind, could properties, one in New Mexico result only, in Lone Star becom- and three in Utah, by not later ing one of the strongest corpora- than early Spring of 1956, for tions known to the uranium in- to quote him, these ore bpdies are definitely established. dustry. The general policy that dominates Lone Star Mining and Development is opposed to the borrowing of money. The company is uniquely favored in the fact Davidson has had 16 years mining experience including manganese and fluorospar. His company, soon destined to go into the black", has no financial obligations, no over-ridin- g royalties and no working agreements. All property is paid for, and that goes for over 800 claims in Utah, Mexico and Colorado. The company is now in the process of closing a deal in New Mexico (now one-hal- f completed), which if consummated, will give the company one of the biggest uranium deposits in the country. According to aims and purposes outlined by Davidson, there is no desire on his part, or on the part of his associates, to have Lone Star become a promotion in any sense of the word. However, we do desire to become a producer" Davidson deand we are clared, adding, building toward that end. We learned from our conversation, that the company Is in production at the Henry Mountain mine, about 500 tons per month, approximately, and in the Butler Wash mine, expects to be within that amount within the next two months. In recent drilling on the Henry Mountain property, Mr. Davidson said his engineers encountered ore in thickness up to 15 feet, which, in the aggregate, showed assays up to five per cent. At this time, he said his engineers, are driving a drift into the mine of this new drilled out area, and the drift should be finished this week. In addition to a producing mine in the Henry Mountains area of Utah, and another producing mine in the Butler Wash area, Lone Star has a known deposit in the Circle Cliffs area, man, announced today. An extensive strip mining operation which is calculated to increase the ultimate yield of ore by fifty per cent over previous estimated recovery was recently begun at Rattlesnake mine, operated by the subsidiary. Dollar value of ore shipped during the second quarter was because of the opennew Block B ore body ing of the in Continental Number One mine, Gidwltz explained. Block A is an extremely high grade deposit and contains most of the tonnage now blocked out in the mine. Shipments in the future will continue from both ore bodies. Grade of the ore shipped by Rattlesnake mine was decreased slightly due to terminal operations in the small stripping area used for a pilot study for the stripping program, Gidwltz said. Stripping of the large ore body at Rattlesnake is proceeding rapidly. Further extraction of ore cannot start until all the over - burden is removed. This should be finished during the first quarter of 1956. Continentals corporate offices are in Chicago. Field offices are in Grand Junction, Colo, and decreased its two operating mines are located in San Juan County, Utah. The company is listed on the American Stock Exchange. Second quarter royalties for 1955 paid by Continental Ura which company engineers be- nium, Inc. to the Utah State lieve will be very large and Land Board amounted to which Davidson said he intends This brings the total royalties to drill in the near future. $23,-763.0- 9. NELL INSURANCE AGENCY Complete Insurance Protection Performance ALL FOBEfS Auto M. lu. & 6. HELL, Manager Plane Bes. Phone Subscription ratee: for on year. for two yean: please mention Weetern Mineral Surrey when wrltlny to adrortleere. Adrer tiainr ratee on application. ; PnbllshOT HARRT B. wTT.T.wn dltor OAH, MUTCH Eeatniw Editor O. D. QUINLAN Adr. Manarer FRANCES JENKINS Contribntinr Editor L. M. HILXj BUREAU DENVER Schlumberger Well Surveying Corp., Lane Wells Co., Western Natural Gas Co., F. D. Shuffle-ba- r ger of Albuquerque, and American Smelting, Refining and Mining Co. paid by the company to $103,-604.9- 1. All newe appearinf in the Waeten Mineral Sumy la obtained from aouiuee believed to be reliable but no rMponat-Ulit- y la aaeumed for accuracy of Beprodoction of any material from thle publication most have written permiedon from the publisher. Denver Institute Hears Analyses Survey Denver Bureau The uranium DENVER in- Royalties to the Land Board, demand Gidwitz explained, come from dustrys of analya more rapid method ore produced at the companys for was evidenced the half-doze-n sis by Continental Number One mine, papers presented Thursday located on a school section near at the Denver Reever-increasi- and Friday Institute conference at search Royalty payments from mines the Albany hotel. on school sections contribute to These papers covered all phases the support of public schools of uranium production from throughout Utah. assays to fiejUl exploration to Continental and its subsidiary control of the refining process. also operate Rattlesnake mine in P. Blackledge, head of James the same area. The Chicago based Denver Research Institutes metalcorporation has field offices at lurgy division, said that experGrand Junction, Colo. ience has shown that most chemical techniques are slow, costly and destructive of samples. Analyses based on measurement of natural radioactivity, he DEAS0N AND NICHOLS said, are often inaccurate due to in the ire and the presence of thorium, a naAssay and Ckimlst turally radioactive metal. Blackledge said the new y techniques are rapid and inexpensive; they 6 an be completed 160 South Wost Temple in a few minutes instead of the several hours required for standPhene Moab, Utah. non-equilibriu- m X-ra- 62 ard chemical procedures, at one-fift- h the cost, and with accuracy comparable to other methods. New Issue MOAB MINES, INC. (A Utah Corporation) Jft 3,000,000 SHARES NON-ASSESSAB- CAPITAL STOCK LE OFFERING PRICE 10c PER SHARE The Company has properties in the Seven Mile area, Big Indian area and the B landing area in Grand and San Juan Counties, Utah; properties in Wray Mesa, in the Paradox Mining District, Montrose County, Colorado. Purpose is to explore these properties for uranium and other minerals. copy of the Offering Circular may be obtained from: Jnstin Stepplei. Inc. Mountain States Secnritiei Corp. 30 Bioad St. Suite 460 Denver Club Bldg. New Yorh City. N. T. AC Denver 2, Colo. A 2-8- This issue is not registered in Utah. Mountain States' Securities Corp. 460 DENVEB CLUB BUILDING. DENVEB NAME...... STREET 26 IS.OO $3.00 Please send Offering Circular relative to Phillips Petroleum Building 47 ir. 8. SUITE - Fire - Theft u School of Mines in 1937-3Newe - Advartielnc Circulation Denver, Goto. Xitteredie Bid. Utermohle has worked in Ven- 733 Bureau Chief NORMAN LEVINE ezuela, Alaska, Kansas and Texas, For the news of moat elfnlflcance In as well as on the Colorado Pla- the mininy and oil world. teau. Former employers include Surety Bonds Or LIABILITY Silt Uk Cltr. UUh U eeeond due matter at Salt Entered city. Utah, under Act of March 3, Uter-mohl- e, Continental Notes High Ore Shipment for First Half -- Clrealmtion Phon 1 3141 Mem AdwtUiny Cburch Street 431 MOAB 2, COLO. MINES, INC. PHONE CITY STATE MS |