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Show sf iftcAt Significants in The Oil an4 Mining V)etl4" Triday. Septembei 28, 1956 THE WESTERN MINERAL SURVEY Kaiser Coal Awaits Word To Reopen Mine Dynam. A Makes Strike At First Hole In Kansas Commercial oil has been struck in the first hole drilled on the companys jointly owned oil properties in Franklin County, Kan., according to a special report now being sent to all stockholders of Dynamic Oil & Uranium Corp. The report, signed by Andrew states Reid, secretary-treasurenow is being that the first well completed with production estimated at from 50 to 100 barrels per day. The lease Is jointly owned by Dynamic Oil & Uran- r, Star Milling Pays $75,000 For HM & S 10,000 Tons of Uranium (New Mexico Survey Bureau) The Kaiser coal field neai GREEN RIVER, Utah, Discovery of a new ore body in the um Corp. and several Salt Lake Raton, NJU. which has an estimated four million tons of coal Green River canyon southeast of here was disclosed today by .a City businessmen. is awaiting word from the Fon- Seattle Reid reported that company of-- : mining company. Calif., Kaiser steel mills on tana, Icials received word by telegram The discovery was revealed by Columbia Uranium, Inc., a earlier in the week that they plansto reopen. lad encountered oil in the first Joe Kastler, field manager, this closely-hel- d Washington corporation. W. A. Lindman, general well at p depth of 580 feet, with week confirmed reports that a manager of Columbia who makes Green River his headquarters, 32 feet of oil sands heavily sat- large drilling program to block said at least 10,000 tons of commercial ore has been blocked urated with oil as shown by the out vast tonnages of coal is in out by drilling. core. Engineers on the project progress. should be the well reported that An incline shafe has been sunk to tap the ore body, and Kaiser last year bought out an excellent producer with an 50 tons of ore, encountered before extra long life and above aver- the St. Louis, Rocky Mountain blocked-ou- t 600,000-acr- e the Coal Pacific Co.s and deposit was says ranged upward from .20 age production for that area. was earlier this uranium oxide, and as high as New northeastern in reached, shipped holdings reIt was pointed out in Reids month million. Mexico for $3.5 2.5 reported vanadium. Ore is going to port that the oil from this new the Union Carbide Nuclear buyoil of exwell is a Settlement sheets on the first At an expected demand of 1.5 at Thompson, Utah. station cellent uality. Contracts were milion tons ing of coal a year, the shipments have not been received, sale week the for last late signed mines would 1,000 men, but Lindman said core sample as- The new discovery is on the of all oil produced from this Kastler said. employ Edna No. 3 claim, one of 64 conproperty. tiguous claims owned by ColumWere trying to get as much bia on the east side of the river. The report also states that the domestic and commercial business 120 posi-ioThe company also owns a now in company is strong as we can to keep what we have claims in four other areas. Utah having recently acquired in Kastler said. Fonsome valueable assets including tanaoperation, Including the San Rafael Swell. floated $113 million in just he Edgemont group of mining bonds to expand the steel plant The Enda No. 3 is approximateuranium) claims in South Da- and theyll need 600,000 tons a ly 44 miles by road from Moab, kota, the Gentelman group of year for each new blast furnace." and about 25 air miles from uranium claims in the Pumpkin He said that Kaiser has made Green River. Nearest producing Juttes area of Wyoming, and a two core to addition drills in (Continued on Page 2) diversified security portfolio valSt. Louis before eight by putdown ued in excess of $100,000 (cost they sold out. He said that there basis). is 1,200 to 1,500 feet to cover The company is presently ne- overthe coal. The 10 core drills indicate a gotiating for three additional content of 10,000 tons of coal to properties and various sevthe acre, Kastler reported. royalty interests, as well as eral other producing uranium Kaiser had originally anproperties. The officers are com- nounced a five or ten year posmitted to an aggressive policy sibility for opening the mines. (New Mexico Survey Bureau) of expansion and development Kastler, however, mentioned a Questionnaires have been sent or the company along the lines year and a half on the basis to 70 miners and prospectors in ;hus far pursued. of the Fontana expansion. Core Shows Ore Content the central New Mexico area in an effort to determine the types and extent of ore deposits in the region. high-gravit- Sun Seattle Co. Blocks Out y n, Mill Sun Star Milling Company, an affiliate of Sun Uranium Mining Company, Lucky Star Uranium Company, and Baggs Uranium Company, has just completed the purchase for the sum of $75,000 of the H.M.&S. Mill, located at 2145 Indiana Avenue, Sait Lake City, Utah. According to H. G. Metos the mill has a top capacity of 100 tons per day and is currently geared to mill tungsten ores. It will also mill lead, zinc, copper and gold ores. Arrangements have been made to mill all tungsten ores mined by the Sun, Lucky Star, and Baggs Uranium Companies from their operations on the Newfoundland Range located 40 miles north of Knolls, Utah. N.M. Questions ng Prospectors On Ore Deposits Hickey, White Plead Guilty To Fraud Themill will start operations In Great Salt Lake Oil Discovery5 It will within few a accept days. ores from other tungsten producers from the states of Utah and Nevada and other states. The mill is located across the highway from the Salt Lake Tungsten Company, which refines tungsten ores; and with these facilities available, tungsten can be millec and refined to government specifications through these two plants. Flans are being formulated to receive tungsten ores at the mines of producers or from designated receiveing stations. Sun Star Milling Company was organized on September 6, 1956. The officers of the company are H. G. Metos, president; Tom F. Costas, vice president; B. N. secretary and Sid Spencer, treasurer and the directors of the company are P. S. Marthakis, George Comarell and Jack Tallas. Mel-dru- The Securities and Exchange Commission announced today that Jess M. Hickey and Loui M. White pleaded guilty in the United States District Court at Fort Worth, Texas, to three counts of an indictment charging violations of the registration and anti-frau- d provisions of the Securities Act of 1933, the mail fraud statute and the conspiracy statute in the sale of investment contracts evidenced by oil and gas leases on acreage situated in Davis, Salt Lake and Tooele Counties, Utah, coupled with agreements to test drill the area. this Act and the mail fraud statute. They were also given three year suspended sentences for their conspiracy, which sentences are to run concurrently with suspended three year prison imposed for violating the mail fraud statue. Both were placed on probation for the duration of these suspended sen-tencs- es sen-tnce- s. The indictment charged that Hickey and White employed a device, scheme and artifice to defraud investors and effected sales of securities means untrue Hickey and White were each statements ofbymaterial of and facts sentenced to a six months prison omissions state to material facts. term and fined $5,000 for violating the anti-frau- d provisions of Among the false representathe Securities Act of 1933. In ad- tions they made to Investors dition, they were each fined were: thatthey believed they had $10,000 for conspiring to violate found the greatest undrilled oil .Th questionnaires were sent out by the Albuquerque Chamber of Commerce industrial committee as the result of a meeting held in Albuquerque recently to discuss action to be taken toward field in the United States, maybe the establishment of an ore rein the whole world, and so big duction mill on smelter in the that it may exceed, in oil in area place, even the colossal oil deArthur W. Brown, head of the posits of the Near East in Iran chamber committee, wrote in a and Iraq. letter accompanying the questionThey also claimed that the out- naires: standing geologists of this counAction at this time is believed try supported and shared the find- necessary as it is felt the estabings and opinions of Hickey and lishment of ore processing faciWhite with respect to their theory lities in the central state area, of a gigantic oil field underlying at a such as Albuquerque point the leases offered for sale in the or Belen, would prove to be a Great Salt Lake Basin; that in real stimulant to both large and drilling the first well, Hickey small mining activities. and Whitehad found what they Miners were asked to provide thought was the biggest gas distillate well ever struck any- as realistic and factual informawhere before; and that oil was tion as possible on questions flowing up and out of the well such as types of deposits, any past at the southeast tip of the Great production and how much ore Salt Lake until the flat in which might be delivered if a reduction the well was located had become plant or smelter is located in the mess. an area. oil-sodde- n |