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Show lpmzy i v SALT L1KE CITY "Ow VettA etf ItfcJ t 51 The Western Mineral ' ' Vel. 27; No. 10 The Oil and, Minina WctlcT tyHifiicanc Lake City, Utah t. Swank Drilling First Offering Opens Today . ill Trail Asks Okeh 5 . . Public sale1 of stock of a drilling company opens today In Moabf Utah, Colorado, Oklahoma and points east initiating a new type of stock. Swank Drilling and Exploration Co. under G. W. Swank, president. Is the first drilling company in the western states to make this type of offering. Stock will be sold for 10 cents a share for a total of 3,000,000 Underwriting firm for the company is Honnold and Co., Inc. with offices in Denver, Moab and Oklahoma City. The company has been in business in the Four Corners area for four years. In the first two months of 1956 drilling contracts brought a total of $111,213 before taxes, according to the offering circular. Major purpose of the company is to continue to do contract drilling and exploration work for other companies for a percentage interest in any ore discovered. Swank also has 100 unpatented mining lode claims including the Elk. Ridge group in Township 33 S, Range 30 E, Sec. 24, in San Juan county and the Ten Mile Group in Township 23 S, Range 19 E, in Grand county, Utah. Officers and directors of the company include President G. W. (Jerry) Swank; Guy R. Bradley, vice president; Faye O. L. Anderson and Ralph Miller, Kemp, secretary-treasuredirectors. May t of the week in the Utah area was announced today by Spanish Trail Uranium Co., Salt Lake City. The firm will ask stockholders approval on a merge into Twentieth Century Fuels, a Nevada corporation, on May 15. Prominent Hollywood movie representatives will 'lot merger head the new company, if stockholders approve. According to F. A. Mathie, Spanish Trail president, directors of both boards have approved the terms of the merger. Stockholders will put the final stamp on the deal Tuesday at 2 p.m. in the Hotel Newhouse. President of the new firm will be William T. Ilolden, retired . . Wyoming Uranium Corp. stockholders will be asked to vote on a proposal to lease and option ..mining properties to a new corporation of Phelps- Dodge Corp. Blue Lizard Sells $100 Debentures 17 in Lander, Wyo. H. T. Armstrong, president of Wyoming, stated that Wyoming properties would change hands for 49 per cent of the hew Phelps Dodge firm. During the option, Armstrong notes, Wyoming would lease holdings in return for 75 per cent of net profit derived from any ores mined and shipped from these properties. Blue Lizards Mines, Inc., Salt Lake City, is giving their stockholders first crack at a new issue of eight per cent convertible debentures being issued by the company for a total of $900,000. The company, according to company officers, is offering the $100 debentures to the holders of its outstanding common stock of record April 27 at the price of $92.50 The subscription offer will expire May 15 at 5 pm., he said. Public offering of the convertible debentures will open in four states on May 15. Blue Lizard received the on their debenture sale from Washington last week. The debentures are sold for a period ending May 1, 1976. They are however, convertible into common stock of the company at any time prior to this date. Conversion prices on the debentures are: $.25 per share the first year; 50 cents per share the second; 75 cents the third and $1.00 after October 31, 1958 or prior go-ahe- ad to May 1, 1959. at a meeting May Blue Lizard is continuing steady shipments from their mine located in Red Canyon, San Juan county, Utah. More than $335,218 worth of ore has been taken from the mine through January, 1956, totalling 13,766.6 tons. President of the company is Preston Redd, Blanding, who also supervises mine operations. Other officers include Briant G. Badger, chairman of the board; Robert Sorbonne, John E? Lach, John H. Snow and Newman C. Petty. Subscription sales will be made to stockholders at 200 South Main Street, Salt Lake City. Phdps Dodge would have the right to conduct geological geo- physical exploration, drilling and mining on the land. conTerms of the tract would entail agreement of Phelps Dodge to perform not less than 68,000 linear feet of drilling on the properties before Dec. 31, 1956. The leasing firm would then have opportunity to extend the option period to July two-divisio- 1, 1957 n to complete 14,000 addi- tional feet of drilling. If the new corporation is organized it will issue stock totaling $1,000,000 divided to stockholders of both companies. According to Mr. Armstrong, Phelps Dodge Corporation is the second largest copper producer in the world, showing a net profit after taxes for 1955 of $73,804,099. At the Wyoming annual stockholders meeting a vote will be of present called for Mr. Hepburn, officers, including president; Timothy S. Armstrong, Beatrice Herda Armstrong, Lionel M. Farr and Thomas E. Richard. re-electi- of the Los Angeles manager-edito- r Times.. Eecutive motion picture producer, David B. Hempstead, will serve as chairman of the Board and director. Merger terms provide that Spanish Trail r stockholders can exchange five shares of present See SPANISH TRAIL, Pg. 2 - Wyoming Eye Mew Firm Plans f Merge To 20th Century r; Phelps-Dodg- e, j n- - v .v ;. V 'V ; . v t V 1 - jrv 'i- v ;l ' v - j , ,, : . ' t - '. , - !-- ". JOKER NO JOKE Blackhawk Uranium ore reserves on property continue to mount in Little Gypsum Valley, as drilling moves ahead. A E C Expansion Seen For 1956 A half-millio- n dollar expansion planned for the Atomic Energy Commission concentrate sampling plant and the is program analytical ' laboratory at Grand Junction-.;:.-:- From Colorado Mine Blackhawk Uranium and Metals company, Salt Lake City, this week published their first, complete stockholders report with J reports on properties in Colorado, Utah and Nevad. The company is now stockpiling ore at the Joker Mine, located in Little Gypsum Valley, north of Dove Creek, Colo. Grab samples of the stockpiled ore run .635 per cent U308, officers report. Fifty tons have The letter notes that claims are in been stockpiled to date. the Salt Wash member of the The Joker mine received press Morrison formation. Blackhawk comment some weeks ago when owns acres 100 in this area. ore reserves disappeared from the property. According to the The company is also planning report the stolen ore has been an exploration program of the traced and is now being held at Rosetta mink in the Yellow Pine the mill at Naturita, Colo. Mining district in Nevada where Blackhawk will continue ship- they hold five claims. ments to the Naturita mill. Blackhawk president is J. C. According to the Board of Di- elude two claims in the Cottonrectors a 2,000 pound sample of wood district near Blanding, ore from the Joker Mine has two claims in the Circle Utah; been shipped to Salt Lake City. Cliff area and 10 claims in the Hand samples assay over 2 per Castle Valley near the Tennessee cent U308. Mine. Prospecting on these Queen The company has been apclaims will be started soon, the proached, the report notes, by a prominent Uranium Company report said. to buy the Colorado property for Blackhawk president is J. C. $150,000. Directors will consider Madsen, JiJ5alt Lake City. Stock the proposal in the near future is currently quoted on uranium the report states. listings in Salt Lake at 1 and 1 Details on other company hold- cents. ings indicate shipping operations s on adjacent properties to two Indian Creek claims. Royal, Big Horn and the Moki group are in the same vicinity. Boyles Brothers Drilling, Salt Utah uranium millionaire k Lake City, has signed a Charles A. Steen lost a judgment agreement with Blackhawk to four plaintiffs in Salt Lake for development of Indian Creek City Federal court this week after claims. a nine day jury trial. The company also reports that The men asked $1,320,000 dams five claims located in ages in three separate suits for Mining district are now damages, charging Steen with under option to sell for $100,000. libeling them. Buying company was unnamed. Alan Simpson received $5,000 A small incline shaft has been sunk on an outcrop of uranium to for general damages; J. E. Simpa depth of 20 feet on Henry son $5,000, general damages; Mountain Mining district claims. Charles W. Yetter, $5,000 general 1 ; Both establishmets are operated by the Lucius Pitkin, Inc. of New York. The total expansion cost will amount to $660,000. The AEC has allotted $298,000 for the concentrate sampling plant. Plans are now being drawn and bids will be asked for soon. Lab expansion will cost $362,000, and bids will be asked after the first of the fiscal year, July 1, if the move is approved by the Senate. Both installations are located in the center of uranium activity in the Four Corners area. The sampling plant is delivery point for nine uranium mills in the west. The lab assays ore samples from government buying stations to establish payments to uranium miners for ore Biddy To Service Wells In Colorado Rex O. Biddy this week announces incorporation of the R. & R. Well Service Co. Inc., Rangely, Colo, to do general oil well servicing. The company incorporated for 5000 shares at $100 per share. Directors of the company besides Mr. Biddy are R. R Redding and Elvin E. Urpuhart. Black-hawk- Hiskey Readies SEC File Form Hiskey Uranium Co. will this week file a long form registration statement with the Securities and Exchange Commission. They expect a reply within 20 days. The company, under president Everet Holbrook, has properties near Loa, Garfield county, Utah of 110 unpatented consisting claims. LATE REPORTS split-chec- Godd-spring- and no punitive damages, and Henry D. Clark, $5,000 punitive damages. The four plaintiffs are from Grand Junction. Delhi-Taylo- r Oil Co. stockhold- ers heard from Dr. Elton Soltes this week, that the company has potash reserves near Moab, Utah, in their first test area that would produce for 25 years. He also gave details on the latest potash discovery in the same area. |