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Show "Otr TL it; Mo. HletoA The Oil and Mining World' Significance in ctf Jtyti' ake City, Utah, November 4, 1955 39 $21 Million Reduction equipment designed to extract wax from oil shale will soon be installed by the Nevada Oil and Chemical Corp., to mine a huge body of oil shale located south of Elko, Nev. Patents on the new equipment are owned by L. K. Storrs, president of Storrs International Chemical Refining Co., Salt Lake City. The equipment will be installed on the Catlin deposit. The Nevada firm obtained oil shale leases from a son of the late Robert 1. Catlin, prominent western miner. ore reserves Radon group of claims, in the north portion of the Big Indian area, three miles northwest of Mi Vida, is conservatively estimated at $21,000,000, by W. D. Nebeker, president of Federal Uranium Corp, owner of the said. Prior to his death, Catlin visualized an active mining rode. J. Officials of Sovereign' Uranium Corp., which completed sale of its public stock issue this week, check a survey report during a recent Inspection of Moab Uranium Co. holdings in Mineral Canyon, near the Green River west of Moab. Left to right are Dr. Allen Bronston of Fort Worth, Texas, Sovereign president; Philip Augusta of Dagget Securities, Newark, N. J, underwriter; C. M. Wood of New York City, vice MOAB VISITORS president; and R. A. (Bob) Pitzer of Moab, vice president Uranium Co. Moab of the Sovereign Bosses Visit Moab To Scan Possible Location sues in the last few was pointed out. months, it In California The role of federal agencies on strategic and critical minerals and metals matters Will be the major discussion point of the Western Governors Mineral Policies Conference next week. The conference being held in was Sacrament, Calif. Nov. called by Governor Charles H. Russell, Nevada, Chairman of the Western Governors conference. gusta of Newark, N. J., informed local Exploration Laboratories representatives Sovereign by C. M. (Mickey) Wood of New York City is vice president. telephone today. The $300,000 issue was placed Company holdings include uraon sale last June 22. nium claims oil in of the offer- Nevada and prospecting Official close-ou- t ing makes Sovereign one of the on state land in New Mexico. is expected to ancomparatively few uranium com- Sovereign Moab panies which have been able to nounce a venture in complete sale of their stock is area soon. 7-- Sovereign is headod by .Dr. Alien Bronston of Fort Worth, Daggett Securities, Inc., Texas, president of the National there. 'and property permits the CITES OWN CASE U - Firms Should Merge, Merger into one huge pany of the entire list of uranium companies listed on the Salt Lake City Stock Exchange, would be the means of solving the various problems of present small and large uranium companies, In the opinion of Jack Turner, Moab. Turner with a group of mining com- over-the-count- er associates has completed purchase of the stock of Lakeside Monarch Mining Co., which Turner said will be strengthened by the acquisition of the resources of several well financed, privately owned uranium properties. One of the uranium properties to be merged with Lakeside Mon arch according to Turner will add $75,000 worth of ore production a month to the combination. . Turner said his group also has two excelelnt properties one producing 100 tons of ore per day that will be added to the portfolio of Lakeside-Monarc- h in the next three months. This property, Turner said, Is privately owned. It has 20 feet of ore drilled which assayed from .25 to JO per cent. With but one oegment drilled, he pointed out that 10,000 tons enter- prise involving extraction of wax content from MOAB, Utah Sale of the public stock offering of Sovereign Uranium Corp. has been completed in New Jersey, Philip Au- Governors Meet lOe Per Copy Nevada Firm To Try Oil Shale Experiment Reserve Ore Estimated On Radon Group in the Uranium properties. Nebeker told a Survey reporter the Radon group is now producing 50 tons of ore per day, that Federal expects to increase that tonnage to 100 tons a day by the end of .November and to 200 tons by the end of December. The Radon group constitutes the biggest known ore reserve of Federals vast holdings, Nebeker said. The property is operated by Hecla Mining Co. for Federal. Federal stock is now about $3.25 a share. Nebeker said officials of Federal are looking at the potentialities of several small uranium companies who have evinced a desire to merge with Federal; At this moment, no additional merger deals have been effected, he One Tear $3.00 Turner Says of ore was drilled out in a week, choice properties plus the presthe operation going down to five tige of a listed property of the - feet exchange. C. Michels, resident manager of NOCC in Salt Lake City this week, forecast work should be n started on construction of a a day reduction plant in about seven weeks, at the Catlin deposits at Elko. He estimated the plant to cost $75,000. A company spokesman said a much larger reduction plant is planned as soon as the pilot plant operation has been proven, and a market for the wax prepared from shale has been fully guaranteed. Ben I. Rankin, Salt Lake City, is president of NOCC; Jack Frost, Salt Lake City, is and Fred R. Harrell, of Dallas, K. Texas, is secretary-treasureL. Storrs was chosen a director. It was announced the company plans eventually to erect and complete an oil refinery to produce finished products from the oil fractions obtained in the Storrs processes. Discussions leading to construcn tion of a per day plant for the heat treatment of coal, using the Storrs processes, are reported to be taking place this week between company officials, who are licensed for use of the processess, by Storrs International Chemical & Refining Co., of Salt Lake City, Utah. The spokesman said the heat treatment plant will be located at a strategic point In Carbon County, Utah. a day plant, The 100-toMichels said, will be the first unit of an ultimate installation to handle upwards of 1,000 tons daily. The two programs will be carried simultaneously, company officials said. vice-preside- r. 100-to- n it , ieves hb merged organization will be better off than Federal its was when it consummated asortment of with a large merger, receiving royalties varying a month. The Pueblo is the site of Anaconda's Jackpile, one of the world's largest uranium . mines. Ulysses Puisano, chairman of the Laguna finance and planning committee, says that maybe 3000 will share in the royaltysplitting, maybe 10,000 if all the applicants benefit. lie said the tribe has received so many claims of 18, 116 and 132 Laguna blood kinship that it Is considering making only persons who are at least one-haLaguna eligible. lf New Mexico Bureau A record price of $726.94 per acres was bid at the Navajo Indian Agencys gas and oil lease sale held in Window Rock, Ariz. last week, Indian Service officials said. nt Laguna Family Tree Spans U. S., Royalty Offers Reveal owners. the new Turner indicated merger proposal will be along the lines Federal Uranium Corp. took, and if put through, he bel- N. M. Lease Sale Sets New Record 100-to- When Federal was put together, In obtaining control of onarch, Turner said he and it did not have as much produchis associates feel that a fully tion potential as Lakeside-Monarc- h listed company will provide the will have, Turner said. public what they need in the form of a mother company that can succesfully absorb many valuable uranium properties that have been badly managed. Turner emphasized his group will be interested in talking merger possibilities with officials of uranium companies of merit, NEW MEXICO BUREAU but he did not think his group Who are all these others?" is a question puzling leaders should accept watered deals of New Mexico's Laguna Indian Pueblo as they attempt to diwhich would be uneconomical. vide uranium royalties received from the Anaconda Co. lie said Lakeside-Monarc- h Since first announcing will give eligible members healthy stock b closely held. There Is a shares of the royalties, the tribe has received letters from per2,000,000 share capitalization with sons all over the country New York, Chicago, Atlanta, Seattle 1,300,000 shares outstanding, a claiming they possess varying degrees of Laguna blood. majority of which stock b In the Since 1953 Laguna, located about 55 miles west of AlbuquerPossession of the new group of from $8000 to $50,000 que, has been Lakeside-M- Fever Rises A total of 18 companies picked up acreage at the sale. Phillips Petroleum Co. made e the hid on a tract directnorth of recent the El Faso ly Natural Gas oil discovery, the No. 1 Kelly State. The price brought the total bonus for the 160 acres to $115,310.40. 160-acr- The high price per acre wasnt A total of 1230 bids was a new high and it took seven and f hours to finish reading the bids. .Oil and gas companies paid more than one and a quarter million dollars in bonuses for the leases on 53,392 acres in San Juan county, NJM. The leases are for periods subject to certain drilling requirements. Of the total acreage, 30,409 acres which went for bonuses totaling $983,415 was on lands allotted to individual Indians. The rest, 22,983 acres, was located on tribal lands and leased for the only record set. one-hal- 10-ye- ar $300,658. Am. Cyanamid Tells Results American Cyanamid Co. announced today the operating results for the first nine months of 1955. Net sales of the company and its wholly-owne- d subsidiaries were approximately $336,268,000 as compared with $293,326,000 for the first nine months of 1954. Consolidated earnings (before taxes approximated $52,754,000 for the first nine months of 1955 As against $38,997,009 for the corresponding period last year. The provision for Federal and foreign taxes on income was and in the preceding year the amount for the nine month period was $18,300,000. Consolidated net earnings were $27,254,000 as against $20,97,000 for the 1954 period. . $25,-500,0- 00 |