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Show Pigs THE WESTERN MINERAL SURVEY 4 Park Nelson Reorganizes (Continued from Pare 1) tion of Los Angeles, Calif.,, on 320 acres located in Section 35, Township 36 South, Range 23 East, San Juan County, Utah. This location is just a few miles North of the Gulf, Aztec and Reynolds Mining discovery wells in the East B landing area. Participation of Park Nelson consists o a full 10 per cent working interst in the well, completed to the tanks, and the entire 320 acres. 2. Park Nelson is joint ventur-in-g on a 5050 basis with Uranium Petroleum Co. the option' of the Cahill Mercury Mine and Mill in Humbolt County, Nevada. It is the plan to have the mill in operation during the latter part of January or the early part of February, 1958. Some 10,000 tons, of approximately 10 pound ore has been mercury-bearinblocked out in one area of the Cahill property. According to detailed reports on the entire hold ings in the Cahill area, there is a possibility of some $600,000 to $700,000 worth of mercury ore at current market prices that can be mined without a costly development program. 3. The company has acquired a 10 per cent working interest in 245 acres of potential oil. and gas land in the Western, Olympic and Wilshire boulevards District of Los Angeles County, Calif. A report prepared by L. Morgan West and P. ,W. Fleming, geologists and petroleum engineers of Los Angeles, indicates that the 245 acres should produce 250,000 barrels of oil per acre. This estimate would provide a return of $750,000 per acre based on a 25 gravity oil having a market value of $3.26 per barrel. The shal-low zones alone, according to their report, will aggregate a conservative recovery of not less than 100,000 barrels per acre. Using this figure for a basis of evaluation, the estimate of oil reserves in the acreage under discussion should not be less than 24,500,000 barrels .with a gross value of $79,870,000. The report of West and Fleming was prepared for Casba Oils of Los Angeles from whom the 10 per cent working interest was acquired. 4. In addition to the above, the ' company is negotiating to acquire g " the assets of Central Oil Co., a Delaware corporation, with offices in Denver, Colo., which consists primarily of the Central Oil Corp. production in the Balten-sperglease in the Baltensperger Field, Kimball County, Nebr. Central Oil Corp.s lease interest consists of a net 30.1238 per cent of the gross oil produced from three wells in the Baltensperger Field discovered in February of 1956. A detailed evaluation report of Central Oils holdings was prepared by E. A. Folumbus, Jr., and D. L. Low, petroleum engi- er initial production of 326 barrels of oil per day. The No. 3 well was dry and abandoned because of casing failure, and the No. 4 well had an initial production of 178 barrels of oilaand 44 barrels of water per day" Presently, it is reported that the lease produces an income of approximately $1,800.00 per month to Central Oil Corporation. In addition to this production in the Baltensperger Field, Cenoverride in tral Oil owns a 1 a number of Utah leases located chiefly in R. 13 E., Twps. 36, 37 and 38 S., and has full interests in gas and oil leases in Rio Blanco 24, 1958 Salt Lake Stock Exchange Mining Hi-tit- es TWO WELCOME SURPRISE! were in the weeks news lowering of the margin or. down pay- ment on stock purchases by the federal reserve, and a dividend declaration by Polaris. TRIMMING of the margin requirement from 70 to 50 per cent touched off heavy buying on the big board and stimulated trad-n- g on the Spokane mining exchange, and in the Spokane market. Some new were brought into the marjuyers ket for the speculative These neers, on March 9, 1957. engineers estimate a gross of 167,-92- 0 barrels of oil from the three wells now drilled, which should gross to Central Oil $97,030. After deducting operating costs and taxes, a net of $71,670 will be realized. Actually, there were four wells drilled on the lease. The No. 1 well had initial production of 244 barrels 326 barrels of oil per day. The No. 2 well had Friday, January over-he-count- low-price- d stocks. WHAT DOES THE CHANGE MEAN TO THE STOCK BUYER? Simply this. He now can buy stocks on exchange- for half cash, arrowing the remainder of the cost from brokers. If he has stock hat can be used as collateral, he actually can purchase an equal number of shares of the security without any cash. He pays for the new purchase when selling the security. Under former 70 per cent margin requirements, he had to jut up 40 per cent of the purchase jrice in cash along with his stock - collateral. THE MARKET also got other President shots in the arm. sent Eisenhower Congress a record peacetime budget and said he inwould ask for a short-terlimit. debt crease in the national He said he would prefer deficit spending to a missile program. Sales 1000 at .04 Vi Bullion Mg. 2000 at .03 Clayton Silver 1000 at .19 Cons. Eureka 500 at .32 Crescent Eagle 1000 at .05 Crotf Oil 3000 at .04 East Standard 2000 at ,06ft; 2000 at .07; 3000 at .06ft Empire 1000 at .05 Eureka Bullion 1000 at .05 Eureka Lilly 3000 at .10 Eureka Standard 500 at .25 Grand Deposit 1000 at .01ft Horn Silver 2000 at .03. Kennebec 1000 at .11 Little May 10000 at .01 Majestic 2000 at .04ft Mono Kearsarge 3000 at .19; 1000 at .19ft.; 4000 at .19 New Park 100 at .80 North Lily 500 at .65 North Standard 1000 at ,01ft; 14000 at Bonanss .01ft 1000 at .08ft Royston 2000 at .03 Sliver Shield 50000 at .01 SUver Standard 8000 at .03ft Park City Cons. South Standard 1000 at .19 Tar Baby 2000 at .26; 200 at .26; .25; 500 1000 at at .26; .23 Tintic Central 1000 at .02ft at .70 Untie Standard 600 at .67ft; 700 Western Alloys 1000 at .06ft; 1000 at .06 Willis ton 4500 at .15 Utah Con. 1000 at .02 Victor Con. 1000 at .01ft; 1000 at .02 Zuma 1000 at .04ft Curb Sales m Congress appropriated nearly 550-- , missile 000,000 for astepped-u- p program. . . .It all adds up to at at .26; 1250 10 Oat .27; 500 Bristol Silver 2000 at .15ft Tlntlc Central 4000 at .03 Tintlc Standard 200 at .70; 200 at 100 at ,72ft; .75 Cons. 200 at .70 West Toledo 5000 at .05 Zuma 4000 at .04ft Utah-Wy- o. Cataract Mining Corp. Announces Completion of Drill Agreement greater spending and renewed inflationary pressures. The stock market margin cut abviously was aimed at helping counteract the current business recession and the slumping stock market. Cataract Corporation holds an additional large block POLARIS directors declared an announced Miningthe completion of acreage adjacent to these leases today unexpected dividend of 5 cents of an exploratory drilling agree- on which negotiations for addita share payable March 20 to stock- ment with the California Comional drilling agreements are curholders of record February 20. Oil Standard of (subsidiary rently going on. Announcement of It was the firms first dividend pany of whereby California), is expected Company since a payment last March. The California Company has agre- their completion shortly. 5. In addition to the above, the The disbursement will amount to a deep test on a large to drill ed This general area of the Green company has an option to pur- $114,850 and bring total payments block of leases totaling approxiRiver Basin is tremendously interchase a full 5 working interest to stockholders to $7,036,992. loare which acreas 25,000 at the present time to most mately in 770.25 acres of the Turner field HECLA, (parent firm to Po cated adjacent to proven gas pro- esting Pracon tiie Aneth area of San Juan laris), now paying 7 per cent on duction in the Green River Basin of th emajor oil companies. tically all of the major companies County, Utah. Specifically the your money, today also declared of Sweetwater County, Wyo. have large lease blocks and are diviacreage is located in Sec. 23, 24, a regular 12 Vi Northwest new Pacific The performing geophysical work or 25 and 26 of T. 40 S., R. 22 E. One dend. . . Lower Hecla dividend entire the drilling at this time. Since the well has been successfully com income because of Bunker Hills Pipeline, servicing feed- area is located laid has already Northwest, adjacent to the pleted on the property by Pan recent dividend cut had made a er lines and is purchasing gas Pacific Northwest Pipeline, an American Corporation and as de- Hecla dividend cut seem probfields the from adjacent .. assured. is proven outlet for gas 320 to stock to these leases. velopment warrants, additional able. It will be paid " -wells will be drilled. The five per of record 220. . . (Continued from Page 3) The ' California Company has tion without changing the origin- cent working interest is a carried COEUR D ALENE MINES and to pay all expenses in conal purposes and objects. interest throughout so that the RAINBOW were in demand at agreed with the drilling and com2. To amend Article VII of the corporation will not be required higher prices as reports grew nection of this project, and CataArticles of Incorporation, to in- to put up any money for drilling that two good intersections of pletion NOTICE OF ASSESSMENT will have crease the authorized capital or completion, nor is the corpora- silver ore have been made in the ract Mining 20Corporation NOTICE is hereby given that t cent carried working per stock from 1,500,000 shares to tion liable for any dry holes property of Rainbow which is con- ainterest Directors a meeting, held on Janin the entire project. which may be encountered in sub- trolled by Coeur d Alene Mines, 10,000,000 shares. an assessment No. 10, 1958, uary After seismograph operations 3. To amend Article IX of the sequent drilling. The initial dis- Polaris is doing the exploration was levied on 2 2c of share California per by The Articles of Incorporation, to per- covery well of Pan American work under a profitshhring agre- are completed of Consolistock the drilloutstanding Company, it is expected that mit the number of directors to be Corporation was completed April ement. Co. This & Gold dated commence Copper will by decreased to not less than three 4, 1957, for an initial production RADOROCK is earning over ing operations immediateassessment is payable or increased to not more than of 192 barrels of oil per day. A $250,000 a month from the Radon early summer. 427 West Dana Ave., Mesa, at ly Cataract Corporation Mining twenty-five- , by the stockholders substantial amount of oil has been uranium mine in Utah, and HEC Arizona. Any stock not paid for or directors. sold from this lease but due to LA also is making a nice profit by Feb. 22, 1958, will be adver, 4. To amend Article XIII to high shipping costs of 95 cents under its operating agreement a time hasnt worked, he said. We tised for sale and any stock not provide that the Board of Direc- per barrel to the Salt Lake mar- with. Radorock, Radorock stock Second the motion. paid for by March 22, 1958, will tors shall have authority to act ket, the well has been shut in holders received dividend checks LAMBLASTING the govern- be sold at public auction at 1:00 in behalf of the Corporation in pending a tie into the pipe lines for 5 cent a share & bring to ments handling of its uranium p.m. at the companys office, 37 all matters except as limited by now being completed in the Aneth $563,749 the to tal they have re- mining program, Colorados Gov- Canyon Road, Salt Lake City, a vote of the stockholders at field. ceived in the short time the com- ernor McNichols said it is dis- Utah, to pay assessment and costs. stockholders meetings, or by the has been in existence. ELEANOR RUSSELL, graceful that the business the In addition, the corporation is pany HILL has started sup- little people started has been BUNKER corporate Secretary 5. To delete the first paragraph negotiating for additional produc- plying the electronics industry turned over to the larger organiGOLD CONSOLIDATED which all of of Article XVI which prohibits tion and acreage, of with zations. super CO. & COPPER purity antimony benefi the directors from exceeding the should be of substantial use in transistors which are CLAYTON and SUN CONS Date of first publication Januthe of stockholders corpora, for sum of $50,000 as the indebtedness to the so important in the new missile Utah uranium venture is paying ary 24, 1958. of the corporation without the tion. and space age. off. . . November and December IMPORT QUOTAS FOR ALL production netted both companies authority of a resolution of the A special stockholders meeting stockholders. has been called for February 8th, METALS were advocated by $6600 . . .SUNSHINE MINING is The full text of the amend- First publication of the notice ap- Idahos Senator Dworshak. De- stepping up its development operments may be seen at the office pears in this newspaper. At this claring that virtually the entire ations in Alaska. A good return on of the corporation counsel Rich- meeting a full geological report domestic mining industry is suf- their investment is anticipated ard T. Cardall, Suite 211, New-hous- e will be made to the stockholders, fering from a flood of cheap from this area. Realty Building. By order Mr. Hayes also announced tha foreign ore, he urged the Senate HERES A GOOD THING to of the Board of Directors. the immediateto Committee has Interior the corporation requested keep in mind in speculating and Sal' a one the consider of Governors of DANIEL HAYES, Pres. Board ly package pro- all types of investments: OpDate of first publication Janu- Lake Stock Exchange to resume gram to revive the industry. At- portunity is always knocking, tacking the problem a metal a' you dont knock opportunity. trading of the company stock. ary 24, 1958. inCounty, Colorado, Counterest in leases in Kimball override ty, Nebraska, and 5 and working interest in leases and a producing well in Weld County, Colorado. After a full evaluation of the interests has been made by our consulting geologist, a final determination on this acquisition will be reached. one-eight- h three-thirty-secon- ds . nt cent-a-cha- re Legals . . . Legal Notice by-law- s. 8) Give To Conquer Cancer (2-7-5- 8) |
