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Show rebnury 3. 1956 Page 5 The Western Mineral Survey, Salt Lake City, Utah Mid - Continent Uranium Corporation I9SS tfear It is with considerable pleasure that we review the excep- tional growth of Uranium Corporation during the year that has elapsed since we publicly offered the companys capital stock. The acquisition of outstandingly promising uranium properties . . . and the proving up of uranium reserves in preparation for full scale mining . . . places among the nations most promising uranium companies. Mid-Contine- nt "Mid-Contine- p ... nt etiieu with Lt. Governor Stephen McNichols of Colorado at the helm . . . and represented by practical mining men whose abilities are recogis on the threshold nized in mining circles . . . of becoming a great mining company. Sparked by an aggressive management Mid-Contine- . . . nt GENERAL INVESTING CORP. nt of ore The increase in holdings during the year, combined with the build-ureserves has placed Uranium Corporation in the ranks of the in point of number of claims held, nations top uranium companies as well as in ore reserves. Mid-Contine- Chef January, 1956. anomalies indicated by the radiometric survey conducted from the air. The Mesabi Western Corporation is controlled by William N. Boeing, Jr. ... in Earlier in 1955, uranium stocks were booming and in great demand temof true. Because the more recent months, the reverse has become uranium stocks porary lack of public interest, not only are on the bargain counter, but the owners of many fine properties are finding it necessary to seek help from established mining companies such as that have the organization and funds to do the preliminary work, that prelude the productipn and sale of uranium ore. Lieutenant Governor Stephen L. R. McNichols, and for the past several months, Acting Governor of Colorado during the illness of Governor Edwin C. Johnson, visited our office this past month. lie told us that Uranium Corporation had received so many mining proposltons that it would take several months to separate the wheat from the chaff. well-founde- $4,000,000 Ore Reserves Mid-Contine- Acquisitions have increased original holdings from approximately 3,700 to around 20,000 acres . . . acres of carefully-selecte- d uranium properties more diversified into groups of claims located in the promising mining districts of Colorado, Utah and New Mexico. The gross value of proven uranium reserves now approximates $4,000,000. The companys enhanced property holdings were achieved at no sacrifice to its cash position. This is a remarkcombined with an extensive able demonstration of business know-hoof the companys activities. area the within of mining properties knowledge The Grants properties acquired from the All States Uranium Corporation was the years most important acquisition . . . These six properties, totalling Valencia and McKinley counties 200 claims, are located in the uranium-ric- h of New Mexico. The Barbara J claims part of the West Limestone group, can be quickly developed into a paying mine. It contains known ore reserves drilled. It is optimisin excess of $2,500,000 and is not more than one-thir- d ore tically expected that the six Grant properties may contain uranium having an aggregate value of $25 million or more . . . Five of the properties have not as yet been subjected to drill exploration. ... w The companys drilling program in Utahs Yellow Cat area bias resulted in the blocking out of uranium ore having an estimated gross value of $350,000 with an additional $700,000 of ore inferred. These reserves are on a Utah State School Section and consist of two ore bodies approximately 800 feet apart. Both of these bodies are open on two sides. Drilling and blocking out of the ore recessed for the winter months is now scheduled for resumption in the Spring. New Ore Body The John Incline ore body, also located in the Yellow Cat area has been under development or eight months. Production from the mine has consisted six months, about mostly of ore from the development headings. In the past ore body of apnew a and was completed, 400 feet of development drift is favorably Incline The John property preciable size has been opened up. the Parco of the district mines situated between the two best producing 23 on the south, and Norbute Mining Companys Ringtail property on the north. The company believes the geology of the nine John Incline claims favor the probabilities of locating additional important ore bodies on these has an 80 interest in the John Incline property. claims. owns the other 20 interest. Charles Steen A group of 29 uranium claims in the Sangre De Cristo Range in southern Colorado have also been acquired. Five paleozoic beds on these claims have of the ore been found to be highly mineralized with U308. The thickness to 0.40 0.15 from ore of vary zones range from 4 to 20 feet. Samples and geological staff engineering U308 by chemical assay. are highly enthusiastic on the potentialities of these claims, which could prove an acquisition of major importance. nt Mid-Continen- nt Mid-Conti-me- nt Lieutenant Governor McNichols is one of the founders and a director of Uranium Corporation. He said the company had taken Robert E. Williams and an option on a property which his Norman Ebbley believe has the possibilities of developing into a mine with reserves comparable to that of any known reserves on the Colorado Plateau. We have great confidence in the mining knowledge and judgment of both Mr. William and Mr. Ebbley, both of whom have had over twenty years of practical mining experience. Most of this time was spent on the Colorado Plateau. Between them they know the geology and background of almost every important mining property in the area. Mid-Contine- nt Potentially Profitable Uranium Deals The situation as it now exists, has opened up opportunities for soundly established companies to acquire good properties at bargain prices. Because of the high calibre and the broad contact of its management . . . has received more than its share of propositions . . . We believe that the company can be complimented on the properties it has already acquired . . . All have mineral potentialities that should prove out extremely profitable for the company and its stockholders. Negotiations are being conducted for the acquisition of leases and options on mercury, the success of these tungsten, manganese, lead and zinc properties long range policy negotiations would fit very nicely into of diversifying its mining interests. shares at prices above the To those of your who purchased present market . . . may we suggest that you take advantage of the current market to acquire additional shares at current low prices . . . Only a few shares were trading at $2.50 a share, and even months ago, believe that the present price is much too low, when We sincerely higher. the of to value the related companys proven uranium properties and poore reserves. tential additional Mid-Contine- Mid-Contine- d nt ... Mid-Continen- Mid-Continen- ts ts Mid-Continen- ts -1- 956-Year For Production ts . . . 1955 was a year of property acquisition and the buildFor ing up of ore reserves the year 1956 should see the initiation by of full scale mining on the Barbara J claims . . . and on other properties where sufficient ore reserves have been blocked out to assure continued production. our belief in the future of Uranium In conclusion, we would like to will emerge as one of the nations . . . and that we believe stronger and important independent mining companies. Its stock at prevailing prices is one of the best buys for participation in the future of the uranium industry. Mid-Contine- nt Mid-Contine- Aerial Mineral Exploration . . . As part of a joint venture with Mesabi Western Corporation airextensive an last summer utilizing a helicopter, conducted of north Douglas, Wyoborne radiometric survey over Converse County anomalies fourteen of separate a total disclosed ming. The aerial survey 300-od- d claims controlled by the Jackalope of appreciable significance on en auired a. interest Oil and Mining Company. A is now conducting an exploratory drilling program of the Mid-Contine- ... nt Mid-Contine- nt re-affir- m Mid-Contine- nt nt 80 WALL STREET Telephone BOwling Green 9-61- 00 NEW YORK 5. N. Y. Teletype N. Y. 1 -- 3390 nt |