| OCR Text |
Show Page 2 Friday, November 16. 1956 THE WESTERN MINERAL SURVEY WESTERN MINERAL SURVEY PRIM LOMAINB - VIW1 CIRCULATION Ml Chnrrh Rtiwl 2403 Curtla Bt, Denver Phou KJf At.ptf .HI ADVZSTUINO Box 2608 KU Salt 2402 Curtla Ltkt 49 City, Utah Bt, Denver Alpine Entered ae aeeond daaa matter at Salt Lake City, Utah, under Act ol March X 1879. ratea: (or one year. Snbecrlption 13-0- 0 (or two yean; 18:00 Flaaae mention Wee tern Mineral Survey when writing to advertisers. Advertising ratea on application. M. L. HILL Editor All news appearing In the Wee tern Mineral Survey la obtained (ram source believed to be reliable but no responsibility la assumed (or accuracy of statement. Reproduction of any material from this publication must have written permission from the publisher. PHILLIPS PETROLEUM (Continued from page 1) Hollys interest for $2,000,000.00 cash. Two weeks ago, Phillips signed agreement to drill section 36 as announced. Phillips has good reasons for this move. For one thing section 36 lies directly north of the famous miles orebody and only 1 mile3 straight north from it. Approximately, 1,200 ft. from the north-eas- t corner of section 36, one-hol- e drilled revealed a U308 with grade ranging .10 to an- - Saber-Pinnon-Paci-f- ic ot .20. Thus it is believed that the Report Shows U. S. Production Of Basis Metals In September Zinc Produced In United States Lead Produced In Domestic mines produced 42,400 tons of recoverable zinc in September, a decline of 3,400 tons, or 7 per cent, from August, according to the Bureau of Mines, U. S. Department of the Interior. The decrease was attributed to the smaller number of working days in September than in August. Cumulative total production from January through September was 400,900 tons compared with 383,-50- 0 tons in the like period of 1955. In the states east of the Mississippi River, output of recoverable zinc totaled 13,600 tons 1,000 tons less than in August. All the zinc producing states except New Jersey shared in the decline. Settlement of the year-lon- g strike at the Sterling mine at Ogdensburg, N. J., enabled the mine to resume shipments of ore late in Sept. Output from the West. Central States of Kansas, Missouri, and Oklahoma also decreased, reflecting the effect of the shorter working month; production of recoverable zinc was 4,800 tons compared with 5,400 tons in Augunst. The combined Western States produced 24,000 tons of recoverable zinc, a decrease of 7 percent from August. In Utah, increased output from the United States and Lark mine at Bingham led to a 10 per cent gain over Augunst in the state total. The New Park Mining Co. mine at Park City, which suspended operations at the end of August, resumed production on a curtailed basis on Sept. 17, according to press reports. Idahos production showed a 3 per cent increase, and Arizonas was virtually the same as in August. The other Western States showed decreases ranging from 7 per cent in California to 23 per cent in Nevada. Output of recovable lead from domestic mines was 27,300 tons in September, a decrease of 3,300 tons or 11 per cent from August, according to the Bureau of Mines, U. S. Department of the Interior. The decline was due mainly to the smaller number of working days in September than in August. Cumulative total production from January through September was 260,000 tons compared with 254,-60- 0 tons (final figures) in the like period of 1955. States east of the Mississippi River together produced 800 tons of recoverable lead, the same tonnage as in August. L)eclines in northern Illinois and Wisconsin were mostly offset by an increase in the southern Illinois fluorspar-zinc-lea- d district; outputs in New York and Virginia increased slightly. Production of recoverable lead in the West Central States of Kansas, Missouri, and Oklahoma totaled 10,700 tons, or 2,100 tons less than in August. The Labor Day holiday and 5 Sundays in the month reduced the operating period at the mines, and the lead content of ore mined by some of the large producers fluctuate downward. The Western States together produced 15,800 tons of recoverable lead compared with 17,000 tons in August. Output increased in Utah because the larger production from the United States and Lark mine at Bingham more than offset a loss resulting from suspension of operations during most United States of the month ... at the New Park mine in the Park City region. Decreases in all the other Western States were chiefly due to the shorter working month and a lower lead content of some of the ore mined. Mobile Uranium & Oil Changes Name At Stockholders Meeting Mobile Uranium & Oil Co., of Billings, Montana, held its first annual stockholders meeting Oct. 31, 1956, in Salt Lake City, Utah. At this meeting the stockholders voted to change the name of the company to Monada Petroleum Corporation. One new member was elected to the board of directors. He is Mr. Harold Shapiro of Miami Beach, Fla. Mr. Shapiro is the former mayor and is currently serving as a member of the Miami Beach City Council. Monada Petroleum Corporation just completed its third producing oil well since March, 1956. These producers are all located in the Osage Field, Weston County, Wyo. This new producer flowed in excess of 480 barrels oil per day and is current producing 100 barrels per day through a 1264 inch choke. This new producer proves adjoining acreage which give Monada two or three locations for more production. Monada recently acquired 480 acres next to a new discovery in Crook County, Wyo. This property has sixteen possible locations -- Black square Is area to be drilled by Phillips Petroleum orebody Saber-Pinno- n extends through section 36, which is to be drilled by Phillips in the immediate future. The area is of major importance as Phillips announced their intention to construct a mill, ' while are currently negotiating with Homestake Mindollar deal ing in a to develop their orebody and erect It may very well be concluded that this area is destined to play a very important part in the supply of needed uranium ore for military and peaceful uses. And since Phillips with its huge financial resources and know-hohas committed itself to drill section 36, and in view of the huge ore discoveries in the immediate area, Saber-Pinno- n multi-millio- n w SECTION 36 offers a speculation Section 36 is owned jointly by Sterategic Metals Research, Producers Uranium, Congress Uranium Corporation, and the Mayflower Corp. of high magnitude. LUCKY FRIDAY, Silver-Lea-d Mines has joined the select ranks of Coeur dAlene district producers which Jiave declared more It than $1,000,000 in dividends direccame about recently when tors doubled the usual quarterly dividend by declaring an extra dividend of 5 cents a share. Shareholders will divide the $130,648 fourth quarter disbursement on Dec. 15. The disbursement will bring 1956 payments to a record $326,620 or 25 cents a share vs. $195,972 or 15 cents a share in 1955. Total payments will then amount to $1,044,424. GOLCONDAS share of the dividend will amount to $27,500. Its stock investment in Lucky Friday looms more and more important a3 time goes by. BUNKER IIILL reported nine months net income of $2,455,868 or $1.55 a share vs. $2,354,004 or $1.48 in the same 1955 period. Third quarter earnings were 64 cents a share vs. 38 cents in the second quarter,.- - The company said zinc sales are increasing, and lead sales are high. DAY MINES made a net profit of $264,407 or 9 cents a share in the first nine months of this year, against $210,817 or 7 cents a share in the corresponding 1955 period. Third quarter net was $91,477 vs. $30,640 a year ago when a labor strike adversely affected earnings. Net operating profit was $134,477 against $43,640. Amount of ore was more milled 44,438 tons same of double the than period last year. The tonnage figure inshare of cludes the firms 25 Galena mine the from production American Smelting & operated by its in prointerest Refining plus Aurum leased the from duction gold-silve- r mine at R e p u b 1 i c, A hidden DMI asset Wash. of standing is 50,000,000 board-fee- t DMI on timber properties, with an value of $500,000'. estimated had CALLAHAN Zink-Lea-d $26,-112 third quarter net earnings of compared with $34,666 a year ago. LEAD sales are good to excellent, with peak level shipments to the tetraethyl and cable industries. Lead offerings in response to a new government request for . - ... which can be drilled. They offerings for the national stockare expected to be small alpect to drill the first well on this pile though fair zinc sales are anticiproperty by Jan. 1, 1957. pated. SUNSHINE upped production considerably in October to 17,133 tons from Septembers 13,369 tons. The figures include ore mined from adjoining properties under ex- Free Information MINERS soon will be tunneling to the Silver Syndicate vein from the new 4000 level of Sunshines main Jewell shaft. Only a few feet of sump work and cutting of ore pockets remain to be. completed in the shaft. THE SILVER MOUNTAIN shaft also is nearing its 2000-foobjective. Extensive lateral work then will be undertaken at the property .adjacent to the Lucky Friday mine. This is a joint undertaking of Hecla and Bunker Hill, with assistance from the Defense Minerals Exploration Administration. LINCOLN has declared a dividend of $12,489 or 1 cent a share, payable Nov. 30 to stock of record Nov. 10. It is the second such declaration this year and brings total declarations to $652,861. GLADSTONE miners are retimot bering the 79-fo- ot shaft recently destroyed by fire and the lessee has offered a $2000 cash reward for information leading to the conviction of parties responsible for the blaze. IIOMESTAKES first-hal- f profits were at a five-yea- r high, of $2,184,399 or $1.09 a share vs. 85 cents in the first six months of 1955. Income from Utah uranium is credited for most of the improvement. LABOR PEACE in the Coeur dAlene Mining Region appears assured for at least three years. The 16 Operators bargaining unit, which includes Day Mines, Golconda, Nabob, Sunset Mines and Sidney reached agreement Union on a with the Mine-Mi- ll ' . - three-yea- contract r providing wage increase of 10 cents an hour this year and about 7 cents in each of the next two years.-ThBunker Hill company has offered v the union similar increases and agreement is reported near. -- Texas-America- e Co. n Options Property In Panama, So. A. Texas American Oil Corporation announced recently that it has acquired an option to purchase a 1,152,938 acre concession in the Republic of Panama from Mas Petroleo de Panama, SA. Texas Americans wholly-owne- d subsidiary company, Caribbean American Petroleum Corporation of Panama, SA., will control this new undertaking. During the six agreements. months ORE VALUES in the Yankee option period operators Girl vein on the new 2700 level plan to do geological and geophyseast drift in adjacent Sunshine ical work. Consolidated ground are very simThe concession lies on the Caribilar to those found on the deeper bean coast approximately 75 miles 3100-folevel. from the Costa Rican border. profit-sharin- g QUOTATIONS on Unlisted Uranium ot and Oil Issues Also Reports On Companies Listed and Traded on the Salt Lake Stock Exchange Cromer Brokerage Co. (Incorporated) Suite 3-- 4 39 Exchange Place Salt Lake City, Utah KEEP HRREAST OF NEW DEVELOPMENTS MAIL COUPON TODAY! Subscribe to the Western WU'mtal urteif Right now the circulation of the WESTERN MINERAL SURVEY is keeping pace with the uranium industry in general booming! Keep posted on latest news and quotations by ' reading the WESTERN MINERAL SURVEY regularly . . . every week. I year $3.00 Circulation Dept. 42! Church SL P. 0. Boi 2608 Sal! Lake City. Utah 2 years $5.00 Name- State- - |
