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Show (7 the Oil and Iftitung World" ctf fflcAt Significance in VoL 21; Rt. 9 .. r 'j 0 .o r Nr .$ i?M Lforianis Atomic Minerals Result of Merge this week of three uranium co Delaware and Nevada unites more than ' Canyon area in southern Utah. Jack Turner, Moab uranium magnau., of the new company titled Atomic Fuel Exhu .Idaho, the Bull j president Turner Jorp. Lakeside-- Magic stockholders will exchange stock at a 40 to 1 ratio. The other two companies will trade stock at 100 shares for 1 share of Atomic Fuel. Turner said there are several thousand, tons of blocked out ore on the companies combined properties. development awaits answer on the mill request. In final vote of stockholder of the three companies 72 percent of Magic stockholders approved the merger. Bull Canyon votes Further 27. 1956 v Turner Heads New Three firms involved in the merger include Magic Uranium Corp., a Nevada firm headed by President Robert Chastain of Idaho; Bull Canyon Uranium, an Idaho corporation under President Fred Carter, Moab, Utah; and Bikini Uranium, a Delaware firm. Turner recently resigned as president of Bikini. Col. Ted Enter, Washington, D.C. will serve as vice president of Atomic Fuel. He has been instrumental in establishing the Uranium Association of America- Other officers of the company are Larry Buhler, Moab, and John Black, Pocatello. Details of the merger, effected in Pocatello, Idaho Friday were released by Mr. Turner. j! Western Mineral Surrey, Salt Lake City. Utah A?S weir is also an officer in ' Monarch, a uranium company. The new company is now await iny an answer on a request to the AEC for construction of a uranium mill to be located in the Bull Canyon area. Turner said. He expects to hear from the Commission within two weeks. ' V!' : v Sign Vitro To Develop U-Holdings Columbia Records, New York City, and F. X. Mattenett, formerly vice president of Peoples Gas, Light and Coke Co., Chicago. president. Company properties now being The company has signed a joint agreement with Vitro Min- developed by Vitro Include the erals Corp. for an exploration and drilling program on 160 con- Bonanza, Wild Horse and Red Canyon groups located in Towntiguous company claims located in the Dripping Springs area of district manager of Ford Motor ship 25 S, Range 9, 10 and 11 East, Emery county, Utah. the San Rafael Swell, Emery Co., is treasurer. county, Utah. Two eastern businessmen have Besides these properties the to on serve the assented Board, According to Jack Horton, company holds patented and unVitro general manager, the ex- Clayton reports. They are James B. Conkling, patented properties in Idaho and ploration program is now under- director of CBS, and president of Nevada, Clayton said. way. All merging companies, except Golden Age, signed the joint venture agreement with Vitro. A new $10,000,000 mining corporation was formed this week as a result of eight western mining firms joining forces. The new is Atomic Minerals Corp., a Nevada corporation company headed by Dr. Paul A. Clayton, a Salt Lake City Physician, as The new company is also nego- J. SINCLAIR ARMSTRONG . . . SEC can help. SEC Role In West Boom Regulation By Bob Critchlow Survey Staff Reporter The Securities and Exchange commission has no interest in tiating for additional properties including all assets of Richland Uranium Corp., a Delaware corporation, Dr. Clayton said. Atomic Minerals is negotiating with Harry E. Franks, Richland president of Boston, Mass. The preliminary agreement between the two companies indicates, according to Clayton, that an agreement with his company will be completed in the near future. In anonuncing details of the merger Dr. Clayton named the eight Nevada corporations and their presidents. They are: Lincoln Uranium Corp., Dr. Clayton; Nevco Uranium Corp., Walter J. Corbett; Eastern Uranium Corp., Cleo H. Bullard; Zephyr Uranium Corp., Dr. Creed hampering legitimate acquisition of capital, but it has every interest in protecting the public from fraud. J. Sinclair Armstrong, chair- Haymond; Carbon Cliffs Uranium were 81 per cent favorable and man of the SEC, Washington, Corp., Dr. H. Frederick Hicken;. 87 per cent of Bikini voters D.C. and six other members of Enterprise Uranium Corp., and Golden agreed. this are Haymond, SEC the staff George stressing No public offering is planned stand On their continuous visita- Age Mines, Inc., Ernest C. at this time. Turner said. He ex- tion itinerary throughout the napects total stock outstanding will tion. Atomic Minerals was recently total six million when negotiaIn Salt Lake City Thursday incorporated in' Nevada for the tions are complete. Armstrong pointed out the SECs amount of 910,000,000. increased interest in the InterNew officers of the company mountain states due to the rise are prominent Salt Lake businessin mining activity. men with eastern representatives He outlined the SECs role as the on board of directors. a law enforcement agency and detailed the western mining growth . Christopher E. Athas, owner of the Sucecss Pharmacy, Salt Lake and its resultant problems. Boom Problems City is vice president. Dr. Creed U-Ois At present the SEC primarily Haymond, Salt Lake dentist, is il secretary and Walter G. Corbett, (See SEC, Page 2) Oklahoma City, Okla. April 23 Stockholders of Oasis Ura nium and Oil Corporation, of Fort Worth, Texas, today approved sale of the assets of the company to Cataract Mining Corp. of New York and Denver, according to an announcement by Russell W Atomic Resources Corp. has anALBUQUERQUE, N.M. Brown, president of Oasis. nounced completion of financing by private placement of income debentures with a small group of New York investors through Purchase consideration, accordResources Corp., and approval by its board of directhe ing to J. Roger Wallace, president tors Empirefor construction of a mill to process uranium-vanadiuplans of Cataract, involved both cash ores be produced from the companys properties in and an exchange of stock between the which willarea of San Juan County, Utah. Dry Valley the two concerns. It was also revealed that a stock interest in the company has by Molybdenum Corp. of America which owns Among the assets acquired by been acquired uranium-vanadiumining claims leased to Atomic ReCataract are 13 producing ol certain sources. welsl and one capped gas well. James V. Reynolds, independent mining operator of AlbuOasis has been querque, NJU., has been elected president of the company and will Additionally, shipping uranium ore from their direct operations from the Albuuerque office. The company also maintains an office in Dallas. (See CATARACT, Page 3) Mc-Garr- y. Cataract U. Buys Texas Assets Atomic Rcsoures Eye Mill Possibility For Dry Valley m m BRIGHT FUTURE Christopher Athas, Dr. Paul Clayton and Walter G. Corbett, Atomic Minerals officers set stage for new firm. Bleak Has $114,000 To Plan Exploration, Drilling funds Escrow from sale of stock have been released to the Bleak Uranium Company by the Utah Department of Business Regulations, permitting issuance of stock to purchasers of 3,000,000 shares through the underwriting program of last year. Bleak, through general manager D. L. Herrick, announced coincidentally that it will continue its development of its claims in the Piccolo Pete area of White Canyon, and will move into early exploration of its 204 Montezuma !rom Public Issue. Exploration of Piccolo Pete Property will total $19,000. Drill-n- g expendiutres are $10,000; tunneling $7,500; roadsites, drilling, $1,500. Exploration of 204 Montezuma Claims will cost $20,000 divided into prospecting and drilling for $19,500 and surveying for $500. Bleaks reserve for additional equipment and operations is $75,-338.3- 5. Bleak has driven more than feet of tunnel at its Piccolo claims. Pete property, and operations are Termination of the escrow was continuing. No additional sale of authorized by M. H. Love, direc- stock is contemplated, Mr. Hertor of the department of business rick said. regulation securities commission, following application of the com400 pany. Colorado Program The Utah securities commission Antonides Bros. Mining Co., originally authorized sale of six Glenwood million shares. Springs, Colo, this Bleak notified the commission week reports Union Carbine Nuthat the reduction in needed clear Co. has commenced drilling ll capital is occasioned by the fact properties in the that the original incorporators area of Moffat county, Colo. have expended $36,000 in explorUnion Carbide optioned the 130 ation for which the corporation claims from Antonides. Antonides is not obligated. plan to start a drilling program The company has developed a this summer on 50 claims adjoin-ingth- e Union option. The claims plan of operation and allocation of funds on the following basis: lie northeast of the Trace EleBleak received $114,338.35 from ments Corp. block of land. Lay-Maybe- |