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Show Three Halted AEG Confirms Mill SEC Writes Suspension Orders On Three Mining, Oil Companies For Spokane Area is considered one of the nations major uranium producing areas outside of the Colorado Plateau, The Securities and Exchange We will have facilities which has issued orders Commission should encourage uranium mining Regulation suspending temporally Wash-niuthat a $3,000,000 ura- in the Spokane and eastern A from registration exemptions processing plant would be ington area, the Senator said, under the Securities Act of 1953 constructed a Ford, 20 miles respect to public offerings of northwest of Spokane. Work on , Newmonts Investment tadud- with securities by the following: the dally capacity shuld 5,000,000. (1) Blackstone Uranium Mines, (one of the major mills In the na-Ms Is pretty fate wollld 15. A P Colo. tlon) would get underway Aug. when you consider Inc., Denver, filed Regulation progress 1955, 3, August Newmont's subsidiary, Dawn that initial uranium disclosures notification, the offering of public proposing Mining Co., would be the opera- were just uncovered a short 19 15,000,000 shares of common stock tor and prime contractor. Under months ago. at 2c per share. the AEC contract, the mill would The following companies should (2) Central Reserve Oil Combuy and process ore of other area benefit from the new mill ... They pany, New York City. Regulation mining companies. In addition, have either ground in the immed-uraniu- A notification, filed May 31, 1955, Senator Jackson said, Additional are currently area proposing the public offering of developments in eastern lte or now are have shipped 300,000 shares of capital stock at could result in a sec--1 oping ond mill being established at an-- 1 producing autunite type uranium $1 per share. American Silver Big . Spokane now ore: other location. (3) The Scott Uranium, Inc Dahl Dawn U & O Smoke Grand Loveland, Colo. Regulation A notiGolconda Daybreak fication, filed June 24, 1954, proHecla North Star view 5 the public offering of Silver posing Silver Buckle Sidney shares of Class B common Mascot. Dollar stock at $10 per share. Each of the orders provide an Bunker Hill will probably opportunity for hearing on the ply the new mill with large question whether the respective amounts of sulphuric acid re- suspension orders should be vacated or made permanent. quired in uranium processing. Spokane's budding young ura-- 1 nlnm industry received an added shot in the arm this week follow- ing official confirmation from Senator Henry M. Jackson (D-Wash- Page 7 The Western Mineral Survey, Salt Lake City, Utah July 13. 1956 m .) 400-to- n AU-in-a- ll I m devel-Washingto-n .. m 24,-62- Blackhawk Outlines 3 Joker Finds Blackhawk .Uranium and Metals Co., Salt Lake City, has now opened three ore discoveries at separate levels and parallel horizons, at their Joker Mine in In the case of Blackstone Ura-the Commissions order as- serts that there are reasonable to believe. That the notification is (A) false and misleading in stating that the officers and directors named in the offering circular also promoters of the issuer; TB) that the offering circular is false and misleading In stating that Earl N. Murray, president, 2,850,000 shares of the is-- 1 suers stock but omitting to state that Murray wu not in fact in of the lasuer and that he intended to resign aa president as soon as the stock completed and further lntended to give up any data to stock of the issuer over and beyond 300,000 ana 1 comity, Colo., according to J. C. Madsen, Jr., pres- ident. The first ore body, Madsen said, has been developed to 130 feet in extent and approximately five feet thick and 12 feet wide. This body can still be developed to east and west, he said. The intermediate body is the newest find, he adds. It lays parallel to the other two ore deposits. Madsen said three feet of ore cut by drifting, assays 1.0 per cent U 308. as-ow- ns ev0.i Regulatlon A exemp-contrnot avaiIable jince Central Issue to the unKeserve agreed derwriter 60,000 shares of stock (A) ol wUch Mt lttcluded ln the utaUon of the f300 000 ,station upon exempt erjngs an(j since John V. Holmes is an affiliate of the issuer and an affiliate of Arrow Graphic Cor-righ- t, poration, which filed a Regulation A notification on February 20, 1956, in connection with an offer-fo- r ing of its securities aggregating 1, of-shar- es, underwriters without being named as such in the notification and offering circular, and (5) no notification or offering circular has been filed pertaining to a new and separate offering of Central Reserve stock limited to customers of Petroleum Lease Corporation in connection with the acquisition by Central Reserve of additional properties, a ' purpose not contemplated as part of the original offering; and (C) that the offering was made in such a manner as to operate as a fraud and deceit upon the purchasers in that it was not disclosed to the purchasers by way of amendment of the offering circular, or otherwise, that the officers and directors of the issuer resigned and new management The bedding in this third ore deposit is running over 2 per cent U308 and 2 per cent vanadium overlying a 4 to 5 foot thick quartz sandstone member that carries .80 to 1 per cent U308 took office. The order in the case of Scott Uranium states that the Commission has reasonable grounds to believe that the terms and conditions of Regulation A have not been complied with, in that (A) the stock offering, if made or continued, would be made in such a manner as to operate as a fraud or deceit upon the purchasers, in that material changes in the condition of the company since June 24, 1954 are ont reflected in the filings by the company concerning, among Others, (1) annual assessment work and Madsen said. The president states that the looks exceedingly operatiopi to date . . . Every promising fort possible is being made to develop more reserves arid create a systematic and profitable shipper. Blackhawk offices are located at 136 South State, Salt Lake . City. PRECISION BRAND & Seintillaters At Distributors Cost CONTACT: 91 I as The third ore body has been cut by drifting at its intersection with a calyx drill hole, Madsen reports. Drilling has ceeded about 35 feet and the values are consistent, he adds. 121 West 2nd South Salt Lake City, Utah PHONE EMpiio ds (2) in stating that Murray signed to the issuer all of his title and interest in certain mining leases and that the issuer was obligated to pay him $9,000 such leases but omitting to state that Murray acted and is $245,000; intended to act only as a nominee) (B) that the terms and conditions of Regulation A were not complied with, in that (1) an offering of securities was made by means of communications not I filed with the Commission, (2) the notification failed to state all the jurisdictions in which the issuers securities are being offered, (3) the notification failed to disclose Information concerning the sale of securities by the issuer to Holmes, (4) Robert M. Schluster and James S. Richards are acting as- - he adds, drilling However, will be necessary to determine the extent of the body. Mine & Smelter Supply Co. be-niu- Ready For 1956 Mining Congress Montrose Geiger counters for others and not on his own half; and (C) that the terms and condi-grountions of Regulation A have not been complied with, in that (1) the offering circular fails to name the promoters of the issuer and to give other required informa-ar- e tion about them, and (2) the is- suer has failed to file the required 0f st0ck sales, With respect to Central Re. serve commissions order that gertg it Mhas reason to I REVIEW OF 55 Conventioneers attending the American Mining Congress last year in Las of Vegas, Nev. Included Prof. Paul IL Keating ' Golden and acting governor Stephen L R. McNlcholes, who attended as spokesman for Colorados Independent uranium miners. The two waminlng mercury ore samples from the Brets Mercury mine, owned by Shawano Devel-opment Co., N.Y. and now being mined by Com- - stock Uranium and Oil, Salt Lake City and Samuel S. Arentz, on a joint deal. The file- photo Is a reminder that the 1956 Mining Con- gress Is coming up on October 5 in Los Angeles, Calif, at the Shrine Exposition Hall. Discussion will focus on such topics as national mineral policies, stockpiling, taxation, tariffs, etc. One of the largest exhibitions in the Congress his- tory is planned. 1-- annual rental payments in connection wit heach of the 146 mining tracts and 6 unpated mining claims held by the issuer, (2) financial information concerning the company, including information with respect to cash receipts and disbursements, and (3) information concerning the exploratory and development work performed by the company on the tracts and mining claims held and the results thereof; (B) the company used advertising material without filing it with the Commission, as required; and (C) the company failed to file the required reports of stock sales and the use of the proceeds thereof. . |