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Show IRK AT UTAH APEXJATCHED Ownership of Ore Body on 2400 Level to be Decided Out of Court. In refutation of newspaper advices that legal claim had been made to apex rights of the rich ore body encountered en-countered on the 2400-foot level by L'tah-Apex Mining company, says the Boston News Bureau, it can be stated authoritatively that no legal complaint com-plaint or threat of injunction proceedings proceed-ings has been made It is to be remembered that the Utah-Delaware Mining company (formerly (for-merly the Utah Consolidated Mining company, which lost a $1,250,000 verdict ver-dict to Utah-Apex a couple of years ago) has been permitting the Utah-Apex Utah-Apex company access to the latter's levels through its own workings. Utah Delaware has been pumping and doing do-ing development work for Utah-Apex on the latter's 2100-foot level -since November, 1924. This saved the latter lat-ter the expense of sinking a shaft from thej000-foot level down to the 24(jp1fat-; lateral, which would have rcitJfrcio(to a year to accomplish accomp-lish laljled Utah-Apex to begin without aii. iff time developments on its fylKPTootcvel through the Utah- DeHarc' workingi using the Ltah-DelaWe Ltah-DelaWe . organization. Expenses werehrile by both companies on a proportionate basis. WjieVlitah-Apex encountered this newtoj&6dy o ntbe 2400-foot level it excUd the-Whole Bingham canyon. It meant the addition' of millions of tons of ore. Development work thus far has shown the new ore body to be the richest strike ever made by Utah-Apex. , . As development work has progressed progress-ed Utah-Delaware has intimated thai it had the apex of this new vein. Within the past week that company notified President Haffenreffcr o( Utah-Apex that it would cease mining through its own workings and was making geological examination with a view to deteriiiining"the exact ownership own-ership of the apex to the new vein. The Utah-Delaware management, however, has made no legal claims and has made no threats of injunction injunc-tion procedings, but it has indicated that Utah-Delaware owns the rich 2400-foot level vein, During the coming com-ing fortnight geologists will make a thorough examination with a view to determining actual ownership of the disputed ore body. Of course Utah-Apex would not submit to what it believes to be an encroachment upon its property. Incidentally In-cidentally ,the company has the wherewithal to defend its position in the courts, if necessary, with net current cur-rent assets of well over $1,350,000, of which cas hand government securities amount to over $1,200,000. The above statement is in conformity conform-ity with one made by General Manager Man-ager J. O. Elton, of the International Smelting company, which owns the Utah Delaware that work on the 2400-level 2400-level of the Utah Apex would be carried car-ried on to establish ownership of the ore body and that no "steps toward litigation had been taken. When enough work has been done to furnish fur-nish conclusive data, the matter it is t thought, can be settled out of court. |