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Show Page 4 April 27, 1956 The Western Mineral Survey, Salt Lake City, Utah Utah Mining Exec. Calls Low Blows To Industry Expansion Site $40, mining activity in the United States in the year 1955 bore a marked resemblance to a fighter who had suffered Lead-zin- c three knockdowns in the previous round and was making a iant, but weak, come-bac- val- k. Miles P. Romney, manager of the Utah Mining Association, this week expressed his views on the zinc outlook to members at the American Zinc Institute. the three knockdowns suffered in 1955 were: 1. Continuation of 2. excessive imports of Closely approaching end of the stockpile program, and 3. The increased cost of production and averthe present, and long-terage, low price of the metals produced by the lead-zinmine operator. lead-zin- ' ' - a- - . v. 4 's a t ... c; .. if, ? . ... v m c The Utah mining official called for help from all interested parties to aid the ailing metals market. The time of decision depends on the level of general economic activity and on the life length of the stockpile cushion, he said. In reviewing mine production of zinc for 1955, Mr. Romney pointed out that it was 100,000 tons lower than any year from 1947 to 1952. MILES P. ROMNEY Lead-Zin- c Obstacles . . . Decrys In Brief The U. S. oil industry has drilled more than 100 times more wells per square mile o potential oil land in the United States than has the rest of the world on its potential oil lands. Improved drilling equipment and techniques enable oil men to drill wells over nine times as fast today as they did thirty years ago. Lead, too, was on the deficit side, he noted with 50,000 tons short of production levels of any year from 1947 to 1952. Prices, steadied by the high level of economic activity and by the long range government stockpiling programs, advanced the 1954 average yearly price gains 1.084 cents in lead and 1.548 cents in zinc. The average has been 15.138 cents for lead and 12,229 cents for zinc. Kennecott will build smelter and widen Ray Mines pit. MORE BUILDING Ray Mines Division Mizpah Cut For Non-Complian- Kennecott 1 ells of Plans Charles ce On Reg. A Law Uranium & Oil Kennecott Copper Corporation has started a $40,000,000 program Corp., Mizpah at its has Ray Mines Division in Aribeen temporDenver, Colo., arily suspended from registration zona involving the building of a by the Securities and Exchange smelter at Hayden and extendng commission for failure to comply Domestic consumption of both metals continued at a high level, Romney continued, as did total imports of metal, ores and concentrates. with Regulation A. .. The Commission issued a susWhile government stockpiling order on the Regulation pension of lead and zinc continued A exemption company with rethrougout the' year, he notes, mi- spect to Mizpahs public offering, nor tonnage of either metal was stating it has reasonable cause accumulated because of the high to believe that the company consumption demand. failed to file reports on Fohn Factors making up the mine under Regulation A. operators cost of producing metal required Also, the SEC said, there is continued their upward trend, he reasonable cause to believe that pointed out. notification and offering circular However, a nine year compara- contain false and tive b'ase shows prices of metals statements in that themisleading issuer is sold by the lead-zin-c mine oper- no or business in longer engaged ator to have ended the period at no has and functioning almost the same level as they actively address. The order adds present began. Averages for 1955 were that officers and directors are no lead 15.138 cents; zinc - 12.229 participating in company cents; silver 90.5 cents, and gold longer affairs. $35. The order provides an opporRomney also notes that minfor hearing, upon request, ers wages have advanced about tunity on the question whether the sus40 per cent, bullion freight 25 pension order should be vacated per cent and the consumers index or made permanent. 15 per cent during the same period. These and other cost factor increases, Romney states, represent an impact of from 20 to 30 per cent in actual increase in the opTwo hearings ordered on reerators cost of production. quests by western mining firms have been cancelled by the Securities and Exchange Commission on matters pertaining to public stock offerings. Lucky Lake Uranium, Inc., Salt Lake City and Mineral Aggreor . I 2-- A - NEW I ! MINILAB MINERAL TESTING KIT Portable Efficient Practical Profitable MAKE YOUR OWN TESTS Easy Instructions Over 50 Elements Over 175 Minerals Introductoiy Price - $59.50 MINILAR - Sox 332 Murray, Utah Phone CR 80 Lucky Lake Backs From Hearing MINING COMPANIES Have Production, or $25,000 We can Arrange a Merger more Cash With a Company With IF You $250,000 ANNUAL INCOME - Whose Stock Is Currently Selling For $2.25 Per Share IN NEW YORK CITY Call DAvis 2-58- 56 After Today gates Corp., Denver, Colo, with- drew requests. Both companies were temporarily suspended Regulation exemptions temporarily suspended for failure to comply with terms and conditions of the Regulation with respect to public stock offerings. Lucky Lake hearing was scheduled for April 16 and Mineral Aggregates for April 23. The requests for hearing were withdrawn, without prejudice, according to an SEC bulletin, and, accordingly, the Commission cancelled the hearings. SEC Suspends L. A. Firm its open-pi- t mine Jit Ray, R. Cox, president, announced to- day. The program is expected by 1958 to result In a 20,000 ton In crease in the divisions annual copper production. In 1955, Ray Mines Division produced about 50,000 tons of copper. The present mining limits of the pit will be extended so that adjacent and deeper sections of The Securities and Exchange the ore body may be mined. Commission has issued orders The program involves relocatemporarily suspending and denying Navajo Uranium & Thorium tion of a creek along one edge Corp., Las Vegas, Nevada, from of the pit and relocating many registration under the Securities surface installations which were Act of 1933 with respect to pub- built years ago to serve former lic offerings. underground mining operations. Navajo president and promoter Additional mining and milling is Jules J. Satin, Los Angeles. be required for The SEC provides an opportunity equipment will the production increase. for a hearing upon request. The Commission asserts that it Constructon of the smelter will has reasonable cause to believe permit Kennecotts Ray Mines that the terms and conditions of Division to 'handle its own outRegulation A have not been com- put which heretofore has been plied with by the company. done on a toll contract basis by Reasons were that notification a custom smelter. fails to reflect prior sales of securities by the issuer and its affiliates within the past year. Also, the Commission states, the aggregate amount of Navajo securities to be offered would exceed the $300,000 limitation preA two day conference for the scribed by the Regulation. uranium and atomic industry is The Commission said the notifi- slated in Denver June sponcation and offering circular of sored by the Atomic Industrial the company contained untrue Forum, Inc., New York and the statements of material facts in Denver Research Institute, Unirepresenting William U. January versity of Colorado. as an officer, director and stockUranium geology, exploration, holder. Navajo further failed to dis- development mining and proclose according to the SEC, that cessing topics will be combined he resigned, did not receive stock with government laws and regulaissued to him, and advised the tions, industrial demand for company that he would not be atomic energy and the economics connected with the company in of the atomic energy utilization. any capacity. A day tour is planned with Navajo Uranium filed its Reg- visitstwq to Charles Steens Mi Vida ulation A notification on Nov. Climax Uranium Co.s mill mine, 10, 1955, proposing the public and other uranium mines and offering of 6,000,000 common mills in the Four Corners area. shares at five cents per share. Proceeds were to be used for Special barbecues will be held equipment and for exploration of at Dead Horse Point and the -National properties in Colo. Monument. Registration Uranium Forum Dates Announced 25-2- 6, Colorado- |