Show I I V I 1 I I I East Utah To Join In Oil Gas Exploration East Utah Mining Co is planning to participate in the growing Western oil oU and gas business W. W II H. H. H Cranmer president announced Monday at annual stockholders meeting of the firm He said id that the company already Is authorized by its charter to engage in such a n business However It has not done so to date Mr Cranmer said that in view of the he I depressed conditions in the mining In Industry Industry inV In- In occasioned by drop in metal prices we are giving serious consideration consideration tion to participating in the growing development and exploration for oil oU and gas in the area Specific Action rends Fends I j J I I I J I Ho said no specific action actio would be beI betaken taken until certain matters could be beto presented to th the board of directors of the firm for their consideration n. n The The I directors will decide the course we weI I should take he said i Mr Cranmer noted that the firm was in fair financial shape Current assets totaled and current as as' as asor of or May 31 1952 Total assets and liabilities were 1 I I V He reported however that explorations explorations explorations to date In properties of the firm firmat firmat firmat at Park City had proved encouraging I Mine Superintendent Clark L. L Wilson said that We are just as encouraged now now about chances of finding ore are as we weI I were nearly a year ago 1 The firm in two Defense Minerals Exploration Administration projects has expended of at a matchIng match match- I ling Ing fund half of which was put match match-I up by East t Utah and the remainder by D M E A. A t I hUgh High Grade Ore I I On one project In western part of the East Utah ground several high-grade high but small showings of ore have been I encountered Drifting on them will willI I await conclusion of or the work now being j t carried on of off aU the East Utah crosscut i from the General Connor tunnel This I I Is the second project and Is some to toI I I feet from completion I The completion entails drifting to the north property line of the East Utah i claims in hope Of f encountering the I hanging wall of ot the McHenr McHenry fissure Mr Wilson said that rock alterations I in diorite face of the drift indicated a aI aj I j I structure and hope that ore will be beI bel I l found with further driving He noted that previous operators in the ground I I had believed that this eastern section I of East Utah ground contained an andesite andesite ande- ande I site flow I I Wont Won't Abandon Operations Mr Wilson also noted that it was In Inthe inthe inthe the diorite that New Park Mining Co encountered much of its ore are on adjoining adjoining adjoining adjoin adjoin- I ing property Mr Cranmer emphasized that the I firm does not Intend to abandon its m mining ning operations If U sufficient encouragement encouragement Is found in present explorations explorations explorations In favor of the oil and gas busi bust ness But both Mr Wilson and Mr Cranmer Cranmer Cran Cran- mer agreed that present prospects would II for the most part exhaust most of or the unexplored area of East Utah ground Only alternative would be to sink shafts I and begin the search again at greater depths Robert depths Robert W. W Bernick ernick In Mondays Monday's Telegram I SHIPMENTS TONS ShIPMENTS-TONS TONS I New Park 1389 Park Utah Keetley 1026 Park Utah Silver cons Total tons 2915 STOCK SALES SAIES THURSDAY New York Exchange Park Utah 1200 at 2372 v Silver King at V New Park 2900 at V FRIDAY FRIDA Park City Consolidated 1500 at East Utah at New York Exchange V Park Utah 1000 at Silver King It t New Park at 2121 2 V MONDAY East Utah at New Park at Park City Consolidated 2000 at I New York Exchange i Park Utah at V I Sliver Silver King 1000 at t New Park at TUESDAY I East Utah 2000 at Continued on Page Six I I I I I Stock Sales Shipments Continued from Page One I Park City Consolidated at New York Exchange Park Utah at 2 25 New Park 1100 at 2 25 WEDNESDAY East Utah at 1600 at 2200 at Park City Consolidated at New York Exchange II Silver King at 2 75 New Park at I |