Show Cranmer Sees Great Development I I Pi Parks Park's I I I By By- Robert W. W Bernick Tribune Business l Editor New Park park- Mining Co faces faces the greatest growth period In Its history W. W II 1111 II Cranmer Salt Lake City y president said Thurs Thurs- day r r Cranmer said In conjunction conjunction tion with Ith the annual rep report rt to to shareholders ra to be released short short- shortly ly hat hat Before Defore long we should ld be re- re rel re-I j evidence nce in the form torm of ot substantial income from our uranium ura urn natural gas gal end and copper copper holdings This happy state of affairs has brought about an association with witha a firm of eastern Investment bankers known throughout the world he said They are capable of supplying us with large amounts of capital when when ant and If we e need to It-to It to reach our goal of that of ot a major mining corporation the veteran mining ruining figure told told The Tribune He lie said eald there wi w s a a significant cant similarity of metal meta tion between the Butte Bingham P the q g gold old and capper zone Is IB In the center I then lead and zinc and and andon on the outside silver sliver The Park City District has yielded over on dollars worth of ore Yet Judging from our findings and present indications indications indica indica- tons even thicker more productive the tive limestone beds bed lie ile below I he reported 3 o ti Park he be said is now launching an exploration and de de- project at the May lower Mine Yo which will wl cost approximately ap- ap proximately The project ct 3 fa aimed at development of copper copper cop cop- I I per prospects In the district The underlying underlying productive limestone beds at the Mayflower I Mine lInt are being tapped by by- bythe the deepest deepest shaft In the Park Jark City District he said Expects Substantial 1960 Dividends Dividend In III emphasizing a program ot of I i diversification Mr Cranmer noted noted not not- ed ed cd that holdings of ot Lucky Me Mc Uranium Corp stock by New 11 and r related l t d firms iirma now had I I a market value of several Jevera million ml dollars rs I I He Ito expects that Lucky Mc Me oper op op- er orating t ng uranium mine and millIn millIn mill In Wyoming's Wyoming Gas Hills District will pay Ply off its loans this year and and and- launch launch a a program of of of- sub I 1 sub dividend payment in 1 1960 i 1 I The Affiliated Oil Inc I. I is engaged en en- aged In a syndicate operation which has developed more than billion cubic feet of nat natural ral gas gae in place at West Water Field Grand County Utah he be said The golden time for development development develop develop- ment went w work Jn the minerals indus Indu industry Indus try Is during depressed market martet periods said Mr Cranmer This is feasible only when when- when when- as is in the ease of or New w Park Part Park the company compan his bs diversified inter Inter- interests e ests est ta The public pubU 1 Is la 1 feeling the th pinch of t paper money paper money inflation Gold will eventually come into Sown ltd ifs own Hence we are are engaged In rehabilitation re r. habilitation a and n d development work rt OD on the Yale Gold Oo pr property la Sn Nevada NeT He all also described activities 1 of or t. t I 1 to 1 the Mountain Park Quarries Inc building stone firm which enJoyed enJoyed en Joyed toyed a lively market for stone quarried in the the the Park Park City area Other affiliated firms firma Include East Utah Mining Co and and the Cardiff Mining and Milling Co System Permits Permit Reasonable Return Mr CraI Cranmer mer said eald that the unique unique unique uni que leAsing leaning system put into place at the Mayflower MineI Mine permits the miners to reap P the I harvest of higher er earnings earning and nd still make a reasonable return for the company company Each miner is an Independent l contractor this contractor this Is his right I guaranteed to him by th the Constitution Con st of ot the United d States State I Mr Cranmer said New Park I was pioneering in diversification tion in order to keep ahead for forthe forthe forthe the shifting demand for various metals and minerals The company reported Income from ore sales last year of ot with allocated to leasers at the Mayflower Mine Net s lIO 33 The firm concluded the year with a small loss We e would have ended with a profit If ft we had not continued our program of ot dl diversification by bythe the he investments In we made Jast last year iii ht the Oil Inc natural gas gaa prospect the Yale gold mine and other activities he said During 1957 the company faced losses losse In the forepart of the year and and anda a close closedown down However this v- v vai ai as' overcome In the latter part of 1957 1951 by institution of leasing The 1957 1957 net nel was Income from ore sales was wag |