OCR Text |
Show Lone Star Co. Plans Boost In Production Stocks To Watch By O. D. QUINLAN ore was that, the new Morning westfar in the shoot developed quoted on the Spokane mining market for ern pari of the old Hercules mine the first time today. An offering at Burke, Idaho, is 500 feet long of 700,000 shares at 25 cents each and contains It revealed that had been heavily oversubscribed, grade ore production at the the company as leases on 480 second-quarte- r acres in the Mount Spokane ura- Galena mine in the silver belt nium district and 160 acres in of the Coeur dAlenes totaled 30 Ferry county. Autunite expos- 26,000 tons of ore averaging cent 1.4 of ounces and silver two on per found ures have ben company properties in the Mount copper to the ton. Day Mines 25 Spokane district. One adjoins the per cent share of the quarterly Daybreak discover mine. Day- net operating profit was more break drill hole No. 1 is only 90 than $100,000. feet west of the Morning Sun Sunshine reported a first half property line. Some of the Day- net income of $347,730, compared break officials also are on the with $497,898 a year ago when its Morning Sun board. crews worked one day longer Dahl Uranium Mine has found each week. Second quarter earnzones in two diamond ings were $142,377, against $205,-35- 3 at its property in the drill holes in the first three months of Mount Spokane district and has last year. Earned surplus, after wide dividends of $446,646, totaled uncovered a new eight-inc- h showing of the green autunite on June 30. July produc60 feet from the original discov- tion was 18,164 tons, vs. 15,472 in ery. Drill hole No. 1 showed min- June . . . Sunshines share of eralization from the 22 foot production from Alberta oil wells depth to the 35 foot mark. Hole in which it has an interest has No. 2, about 340 feet distant, reached about 300 barrels daily, found ore at 37 feet. Twelve new which is netting the firm about holes are to be drilled. $300 a day. New wells are being Day Mines informed stockhold- brought into production at a rate ers it has commenced develop- of about 10 each month. A Canament of uranium deposits" in the dian subsidiary, Sunshine Exnew Kettle Falls district of Ferry ploration, Ltd., opened offices in county, Wash. It is significant Calgary this week. that this conservative Wallace Lucky Friday had a net income mining firm did not say it was of $128,140 in the first half of exploring for uranium. Ferry this year compared with $221,-06- 9 county adjoins Stevens county, in all of 1954. Sales totaled home of Washingtons first uraEarned surplus on June the Midndte $463,638. nium producer 30 totaled $330,400 after payment mine. The Company estimated its second quater net profit (af- of $130,648 in dividends. Lincoln Mining announced a 1 ter depreciation and amortization but before depletion and in- cent dividend payable August 22 come taxes) at $140,122 vs. $30,-59- 0 to stockholders of record August a year ago It disclosed 2. Sun Uranium zinc-lead-silv- Over-the-Count- er er ... better-than-avera- ore-beari- ng No appreciable change has taken place in the management of UCOA. John H. White, president, is moving ahead with his pro- gram of uranium development in Wyoming. A publid statement may be looked for in a week or 10 days. At present low prices, UCOA appears to be an attractive BUY". Company is financially sound. Current bills will be paid. The same ore indications and the same management prevail. Rumors of Mr. White resigning have proved unfounded. Rumors were about of some of the principals selling out. These proved untrue. The principals have not sold large blocks of stock, but, on the contrary they have purchased stock. It is possible there may have been a fight for control, which appears to have spent itself to no avail. I Lone Star Uranium and Drill-Company, which last week began production on the six to eight foot ore vein discovered on its claims in Apache county, Ariz., with Initial shipment of 19 tons, plans soon to boost daily production to from 30 to 40 tons. Lone Star owns 750 acres in the area. Shipments are now from a strip mining operation. However, there are two shafts that have an eight foot ore body exposed. The discovery is in the Saytah area of the Navajo Indian Reser- $5,-226,4- ... UTAH UNLISTED MARKETS A. P. KIBBE & CO 42 WEST Industrials BROADWAY SALT LAKE CITY Phone Municipals 11 1 TWX SU560 JOSEPH McMANUS & CO. faney-Hlet'kl- eif COMPANY, Inc. Salt Lake City, Utah 240 So. 2nd East TWX SU 25 Specialists in Atomic Industries Namei .. on Thorium and its uses to: - Address City that the thousands of dollars in ore extracted therefrom, paid for construction of the Newhouse Hotel and the Newhouse office building. Because of the advancing price of metals Cardiff, appears more attractive today than ever, with property of greater potential production than ever dreamed if in its history. Attention has been called in this column to the stock of operating companies in the Alta district. Although they have not been on the active side, they should respond to any pickup of the market and prove leaders. It is dificult to understand why purchasers are not buying West Kerr-Mc-Ge- State. , 143 sell at depressed prices because some buyers fail to appreciate the value of real mines, preferring to play chalk marks. Those stocks purchasing under-price- d with ore bodies are bound to reap profits. Olympic is an excellent purchase. Horse Canyon Uranium became active this week on the upside, the stock selling at .01 c bid, .02c asked with active buying. It languished for several weeks at .01 cents. Harold H. Cutler, president, is highly regarded for sound judgment. Spokesmen of the company are of the opinion that Horse Canyon property lies in the same channel with the rich vein of ore owned by Circle Cliffs Uranium Co.; which adjoins Horse Canyon. Significant developments are transpiring in the Circle Cliffs' area. Strike News Catches Abe Survey Denver Bureau From Manford DENVER to Denver to Bagdad. Thats the way the tnews travelled to Abe Sapersteln, owner of the world famous Harlem Globe Trotters, that he hit ' his first honest to goodness oil well. The well was drilled, four miles southwest of Manford Oklahoma, by Mountain Valley Oil Corporation of Denver. News that the well was flowing 216 barrels of oil a day was telephoned to Den. ver. Glen Perkins, former sports-caste- r and associate of Saper-steln- s now with Mountain Valley, cabled the good news to Sapersteln who was In Bagdad. Sapersteln had bought a substantial interest in the well from his first oil venture Perkins. lie cabled back Perkins the had following message: Mazzeltov!" Which means something like Nice Going." Lithium Forms Research Corp. A formed Department newly of Product Research and Development has been announced by Herbert W. Rogers, president of Lithium Corporation of America, Inc. Walter M. Fenton, formerly sales manager of the company, has been appointed director. J. Douglas Campbell, formerly head of the firms New York sales office, has been appointed Director of Sales, succeeding Fenton. WANTED TO BUY 250.000 240,500 300.000 500.000 200.000 7,500 200.000 Shares May Day Uranium Stock Shares Uncompahgre Uranium Stock Shares Gem Uranium Stock Shares Overland Oil Co. Stock, Denver, Colo. Shares Seagull Uranium Stock Shares Johnston Testers Stock Shares Radar Electronic, Inc. Stock, New York Address 308 West Second St., Tyler, Texas OFFERING CIRCULARS AVAILABLE RANGER URANIUM EXPLORATON Olympic Uranium is reported to have made a big copper strike in Nevada. Stock like Olympic & Please send information The tremendous transformation taking place in the Cardiff mine at Alta has attracted hundreds of visitors. It is regarded by mining men as one of the greatest of engineering feats. The project is going ahead under the direction of W. H. H. Cranmer and A. Wondershek. Veteran miners of earlier years recall and shinarump formation, with operation at a minimum cost, Drilling will be unnecessary for the next 60 to 90 days, then only to determine which way it appears advisable to proceeeds. Field officials, who have been flying and prospecting in New Mexico, reported Lone Star Drilling has struck another vein four feet wide with approximately 18 inches of overburden. The vein seems to be growing wider and somewhat thicker. e The manager of the mill in Shiprock is quoted as saying the ore is as good as any he has seen coming off the reservation. Officials are thrillec with the property. Officers are Robert Yarber, Dallas, presidenl and Jack Tynes, Dallas, secretary and treasurer. Private Wire System to Information Available upon Request on the Anticipated nse of Thorium in the Industrial Atomic Energy Program 22-35- asked. equipment has been purchased and delivered on the property. The property is in the chinle quality. Leading Cities Phone 2c vation, An estimated $50,000 worth of Toledo and Olympic. West Toledo is reported to have recently shipped $69 a ton ore and expect to hit the contact soon, after which, the ore should be of a higher Correspondent Oils Uraniums It is claimed Bonneville Basin Uranium is shipping $1000 per ton ore out of Wyoming. Officials of other companies operating in the general locality believe a sufficient amount of good news pressure exists to push Bonneville up to 10 cents a share. Early i nthe week it was 2y4c bid and 12, 19S3 August The Western Mineral Survey, Salt Lake City. Utah Page Four DEVELOPMENT & CO., INC. (A Utah Corporation) OFFERING 3,000,000 SHARES PAR VALUE OFFERING PRICE ( PER SHARE FBINCIFU OHDEHWRITEH Capitol Securities, Inc. 303 Darling Bldg., Salt Lake City Dial 5-3- Please Send me a copy of the offering circular relating to RANGER URANIUM. Name Address City and State. |