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Show v KEEP POSTED ON URANIUM ' :xs V iawipcawce in fke Oil and iJUtiiitg World' T Vol. 27; No. 5 The Western Mineral Survey, Salt Lake City, Utah Could Fizzle AEC MILL Change The Atomic Energy Commission is negotiating with National NEW MEXICO BUREAU Lead Co. to assume operations of the Monticello ore buying mill The possibility of another good uranium strike in the boom- in Utah. Present operators the ing Grants. N.M., area has been reported by Richard Bokum, di- Galigher Co., Salt Lake City rector and treasurer of Pinon Uranium Development Co. will end their contract on March It could be a very good strike, Bokum said, but we dont 31. Galigher will continue engiknow yet. Well have to put down quite a few more holes to neering design service at the mill, the AEC reports. determine the extent of the ore body. hard to tell. It could be a complete fizzle. It may be good its The location of the strike is in Section in the Ambrosia lake District near another big :lnd reported recently by Sabre Uranium and Pinon. The most recent discovery was on Pinon land farmed out to Advance Exploration Co., Dallas, U-O- re which in turn farmed it out to Three States Natural Gas Co. Continental Uranium, Inc., Three States was using Bokums through a subsidiary, has acquired men and equipment. four uranium claims on Flat Top Bokum said that Sabre-Pino- n Mesa from Silver Pick Uranim, Inc. and Thunderbird Uranium controls half the value of the Co. s and tract, Advance States Three Gerald Gidwitz, Chairman of the Board of Continental, said the Bokum said his crew sank a deal with the two companies includes payment of Continental prospect hole into a stock, plus royalty on all ore in bed of ore averaging .20 per excess of $200,000. Exploration in- cent uranium or better. He said dicated approximately a survey Feb. 3 showed an ore amount of ore blocked out, based area of 192,000 square feet, an eson prices ranging from $30 to $50 timate based on the sinking of per torn six core holes. The holes showed The claims comprise a total of an ore bed thick, Bokum approximately eighty acres; are said. near Calamity Mesa in the GateCrews are continuing drilling way Mining District, forty miles southwest of Grand Junction, to find out the extent of the Continental Buys Utah Land Federals Record Federal Uranium Corp. now lists current assets of $864,917, liabilities of $628,083, and is shipping 4,000 tons of ore from two of five producing mines. Ac- cording to W. D. Nebeker, president, the company is shipping 3,000 tons monthly from the Ha-do- n Mine and 1,000 tons monthly from the Oakie Mine. Federal will sell its 34 per cent interest in the Daniel Ruddock ore body April 1 to Moore and Schley of New York for $3,350,000. three-eighth- one-eight- this et Colo. h. Gas Hills Shipments Two-State- s Million Plant Will Serve Gas Hills Area $5 Late Reports Pinon Hits New Ore On Ambrosia Lake March 23. 1956 Uranium Co. and Valley Dean, uranium firm, shipped their first loads of uranium ore to the Riverton buying station from the Gas Hills, Wyo. area. Valley Dean shipment of 28 tons came from the Bountiful No. 1 claims and Two States load from the Bountiful 14-to- n No. 9. Two-State- s president is Dr. Dean K. Christensen, Salt Lake City. Lee Epperson is president is a of Valley Dean. Two-State- s Bountiful, Utah firm. Lucky Me Uranium Corp. and Utah Construction Co. have put in their bid to erect a 750 ton per day uranium ore mill in the Gas Hills area in Wyoming. The mill will cost $5,000,000. The companies submitted a joint request to the Atomic Energy Commission last week. They do not expect an answer for several months. The mill will treat ores from Lucky Me and other mines in the Gas Hills and some properties in the Riverton-Lande- r area. port the mill proposal to the AEC. The million dollar structure Me Lucky property is 50 miles will be capable of processing over of Riverton. east tons of ore a year. No 200,000 Utah Construction has been decision has been made definite drilling Lucky Me claims during as location to of the proposed ore the past six months. Sufficient but the reserves are now available to sup- mill, companies tentativeon Lucky Me to build ly plan in Gas Hills. property Merger Vote Due For Two Company Comstock Uranium and Oil Corp. and Mother Lode Uranium Co., both Utah corporations, will pass final judgment on merger of the two companies in separate meetings in April. Comstock stockholders, according to S. A. Walsh, president, will meet April 20 at 10 a.m. in the Hotel Newhouse, Salt Lake City to vote on the agreement of merger dated March 4. Mother Lode stockholders will meet at 10 a.m. April 18 at the Hotel Newhouse. If the merger is not ratified, Comstock stockholders will be asked to vote on a proposal to increase the par value from two cents to 10 cents and to exchange five shares of current shares for one share. This move would leave the company with 6,000,000 shares total capitalization. They are part of an area which was mined for radium during World War I. Gidwitz said the previous operators have been mining the properties and have completed considerable workings. These acquisitions represent another step in Continentals program to expand its ore holdings, .1 ' ' Gidwitz said. Our goal is to acquire at least half a million tons of additional ore reserves and we are interested in discussing similar transactions with other uranium companies. Continental is the largest independent uranium company and, as a member of the American Stock Exchange, the only uranium company listed on a national exchange. Presently Continental has an option on Spencer Uranium Co. holdings in Monument Valley, Ariz. and is in the final stages of exploration to determine the nature of the ore body. Lisbon Officials Move Quarters Lisbon UraUtah nium Corp. this week moved its field office to quarters in the new Moab postoffice building. Lisbon Uranium, a Salt Lake City company headed by A. P. Kibbe, as president, has extensive operations in the Big Indian district southeast of Moab. The Moab office will be Lisbons principal field headquarters, it was reported. MOAB, ' ' 4fc v A v T t v y t y Columbia-Genev- a Steel near Columbia will enlarge operations to include new purchase area. the furnaces of Provo. Million Dollar Purchase Made By Columbia One of Utahs chief iron producers this week bought an estimated one million dollar interest in the Rex Ore body in the rich Iron Mountain area from eight Utah residents. Columbia Iron Mining Co., a sibsidiary of U. S. Steel Corp. bought 18 or 19 claims of iron ore deposits from Mr. and Mrs. Cleo Wood, Hurricane, Utah; Mr. and Mrs. Melvin Murie, Mr. and Mrs. Rex urie, William C. and Ernest Murie, all of Cedar City. The claims range from two to twelve acres. said addi- mill. Present plans for building estimate it will take one year to complete the mill. Work will begin on the mill as soon as AEC answer is received, officials said. Drilling and mining are being continued on Lucky Me property. When rimstripping operations are completed the locality will lend itself to open pit mining of the deposits. Lucky Mo. has been one of the leading shippers from the Gas Ilillls area to the Riverton mUl. It was the first company to ship to the mill when it opened two years ago in March, 1954. TO date the ore production has been subject to exploratory demands, officials of Lucky Me state, however extensive metallurgical research has been carried on to determine the extent and quality of the ore. Pilot plant tests at Grand Junction during January, February and March and laboratory work by Battelle Memorial Institute provided data on ore characteristics and process metallurgy. The ores from Lucky Me property differ somewhat from the. general Colorado Plateau type of uranium. However, officials state, it has been demonstrated that the deposits are amenable to beneficia-tio- n and will prove an important source of uranium. These studies were conducted by Utah Construction metallurgists in collaboration with Robert R. Porter, Salt Lake City con- i STEEL FOR THE WEST From this pit of the Iron Mountain mine, Columbia Iron Mining Co., produces millions of tons of iron ore for officials tional corporate stock will not be issued to finance building the U-Fir- ms Columbia supplies raw material to the Geneva and Ironton plants of U. S. Steel from their operations in Iron county. The Iron Mountain purchase is part of an expansion plan. The claims lie in the productive slopes of Iron Mountain, west of Cedar City. Reserves in the southern part of Iron County are estimated to be about 200,000,000 tons of minable ore. Columbia recently opened a new pit in the vicinity of Desert Mound. sulting metallurgist. Porter has done considerable work in uranium mills and properties in South America and large scale operations in Canada, as well as Australia. Utah Construction, one of the large construction companies in the world, has worked extensively in mining and milling problems. The original announcement of the option agreement between the two companies indicated that the exercising of the option by Utah Con would give control of Lucky Me to Utah Con. In return, Lucky Me would have the mill plus the extensive ore body now outlined by the two firms. Lucky Me holdings include more than 3000 acres in the Gas Hills. The property was first staked by a Riverton machine Neil E. McNeice shop operator who made the initial discovery in the now famed Gas Hills area. 1 t |