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Show Much 9, 1956 Page 5 The .Western Mineral Survey. Salt Lake City. Utah ineco Placer Gold Property Equipment Improves Road, Prepares Calif. Site For Revamp Pineco Uranium Corp. has completed final papers on the companys purchase option of the famous Brink Placer Mining properties, a group of gold claims owned for several years by Otto Brink in Placer County, California. Pineco management also announced today that Alfred M. Bealer, president of Prosper Oil & Mining Co., and mining engineer of Pineco, has been appointed supervisor and geheral manager of the company's mining interests in California. James H. Wren, consulting minand approximately one mile of ing engineer of Sacramento, Calif, sometime ago prepared an ecoadditional channel is yet to be nomic survey and mechanical produced. mining alignment layout of the The Sharp Stick Channel, (12 Brink property located 30 miles feet higher than the El Doraeast of Foresthill, Calif., and one do) has been proven for about f miles from the abanand 2,000 feet and has much reserve doned mining town of Lost expectancy. one-hal- Chance. The survey was designated, Pineco management said, to compute the potentialities of mechanical loading of the underground channel gravel cubics, efficient haulage, and a new washing plant equipped to handle 1,000,000 cubic PINECO PRESIDENT Adrian Gerritsen. Jr. handled primary negotiations for the Brink Placer mine purchase. Mine is located in Placer County. Calif. LONG TERM OWNER Otto Brink, owner of the Brink Placer lie stands 6000 feet from the portal property for many years In the El Dorado Channel. ... . I , f "" . r X V -' , 4't ' 4 t yards of ancient underground river channel. The engineers report also included a design for a surface project capable of handling 7,000,000 cubic yards of available virgin reserves said to exist at the Brink Placer mine. It is claimed $4,000,000 worth of gold was produced (at the former price) from the year 1854 to 1915 when the mine was operated principally by the Ray fam ily of Placer county. Operations of the Ray group are reported to have resulted in discovery of four underground channels and one volume surface deposit of gold bearing gravel. The mine was then known as the El Dorado mine. Otto Brink restored the woik Gravel the 1934. Since Channel in then, it is reported $300,000 worth of gold has been produced there using hand mining methods. A tertiary gravel flow is a principal of the ancient river channel system at the Brink PlacEl Dorado ings of s v v . - j. . " tl k 4 ' v , ;' v " iiir , a if m j ''V - , , . r , I., a ' . ? .. f iion-petrifi- ' . , i t J " I . . ? f ' V .V . J ?. U" h-- ' A s AX' Vf ' - -- . y J.. v5'1v r' ' I 1 v -U V "' ' : '- - v; V ' jr,"' Getting production gravel underway in earlier de velopment workings are Otto Brink, former owner and J. SLUICING RICHARDSON SINCLAIR SERVICE SINCLAIR PRODUCTS EXPERT GAS, OIL AND LUBRICATION TIRES BATTERIES ACCESSORIES ACCIDENTS DON'T HAPPEN THEY ARE CAUSED" 980 West North Temple Phone EM 3-06- 03 ... g. non-manual- ly of a canyon with walls inclination and of about some 1,500 feet deep. The production gToup setup design provides for 4,000 cubic yards daily capacity. This gravel was thoroughly shut evaluated just before down gold mining, by recognized the rim L-2- 08 Placer authorities, who had planned a similar setup to the one now being aligned. The underground mining alignment is scheduled at this time. The surface setup for, volume production is scheduled to be made at the close of the winter. Winterized camp facilities are installed to operate the underground, and with road opening tractor on the property and a a tipple. . 60-degr- d. ed The log was in an excellent state of preservation, it is claimed. Numerous instances of trees in excellent condition after 20,000,000 years are claimed to have been found on the prop erty. Four independent underground channels are said to exist on the property. non-petri-fi- .'j lava-cappin- OLD AGE RELIC Outlined area contains non petrified log found 300 feet below the surface in the El Dorado channel on Brink property. Log is estimated 20,000,-00- 0 years, old. snowmobile available for emerThe washing plant consists of gencies. Management disclosed that gena 1,000 cubic yard trommel eral manager Bealer spent three screen, side delivery boxes, and months at the California property jigs. No tailings problem is pres- last fall, residing on the location ent as waste disposal is down a during that period. slope, 1,500 feet long. er property. The underground The surface movement of Pineco also announces the comchannels are They cubic yards of White Lead pany bulldozer has been improvhave a soft, irregular Calavaras Channel gravel is situated so as ing and building additional roads Slate bedrock which is regarded to enable tailings disposal over on the premises. practical in trapping the gold. A log estimated to Gulf Uranium and Development Company be 20,000,000 years old was found 800 feet below the surface in El El Rancho Hotel Dorado Channel on the property. Gallup, New Mexico lava-cappe- ' . The White Lead Channel (60 feet higher than the El Dorado), is about 400 feet wide in the underground workings. A gravel pass raise has connected it to the El Dorado to the washing plant (This channel is traceable at various locations, reportedly to Canada). The Home Ticket Channel (104 feet higher In elevation than the El Dorado), for the most part is virgin over the deeper El Dorado workings. The El Dorado adit drains the mine. Mine water is used for plant wash water. Production costs should be quite reasonable in view of no timber being required to hold the ground. The gravel is not cemented and is mined from the footwall to the This varies from four to twelve feet. Two feet of soft bedrock is taken to Recover trapped gold values. A new washing plant and classifying grizzly with trains of side dump ore cars is dumped by pulling them over ed One channel at the lower ele vation, running 6,000 feet; a sec- ond located at an elevation 12 feet above the first; a third which is 60 feet higher than the firs and a fourth at a point 104 fee higher than the lowest channel Weight of the gold runs as high as five ounces which makes i easy to recover. The economic survey report o: James H. Wren, consulting mining engineer, includes the following description of the property: The El Dorado, (Channel a lowest elevation) has' over 6,000 feet of proven channel worked NOTICE Or ANNUAL STOCKHOLDERS MEETING AND SPECIAL STOCKHOLDERS MEETING PLEASE TAKE NOTICE that a special meeting of the stockholders of Gulf Uranium and Development Company will be held at the offices of the corporation at El Rancho Hotel, Gallup, New Mexico, at 10:00 o'clock A. M. on the 12th day of March, 1956, to consider and vote upon increasing the corporation's authorized capital to 50,000,000 shares. Immediately after conclusion of the special meeting of the stock- holders, the annual meeting of the stockholders will be held for the purpose of electing directors and the transaction of such other business as may properly be brought before the meeting. The annual meeting was postponed by action of the Board of Directors in order for it to coincide with the date of the special meeting. If you cannot attend these meetings, you are urged to fill out the company's proxy and mail it to the secretary promptly. It is important that the wishes of a great majority of stockholders may be ascertained with respect to all matters which may come before the meeting. The stock transfer records of the corporation will be closed as at March 5th, 1956, and all persons listed as stockholders on that date will be entitled to one vote for each share held. Dated: February 16, 1956 Mattie Ponsma Secretary |