Show a JIJI i fV t fI fIt Ii 1 ff j 41 it Jt I U Long Awaited Green Light for Park S Sports ports Area Will Form Firm To Develop 10 Acres for Recreation Here PARK CITY By Dy Robert W W. Bernick Tribune Business Editor Shareholders of United Park City Mines Co Tuesday approved formation of a firm to develop mc more acre than acres of surface lands owned b by the mining company company com com- pany In Park area arel They will vote later at a special special specIal spec spec- ial meeting on some of ot the specifics specifics Involved In the program But Dut as outlined United Park City Mines Co would transfer all aU of or its surface rights to mining claims In the Park City mining district the Park City Hotel properties properties prop prop- and several land options to the new and as yet unnamed d development de development de- de firm All water rights would be reserved to Future sate sale of water would bring new Income to the mining firm Swap Property surface properties are appraised appraised appraised ap ap- ap- ap praised at also would advance 1 the new firm In cash For this consideration consideration consid consid- the development company com corn pany with an authorized capital of would give shares of Its stock at 1 a share n Shareholders of United Park would be permitted to exercise rights to purchase at 1 la a share some shares of the stock of the development firm Rights which would be non transferable would be on the basis of one share of the development firm for tor each two shares held of United United United Unit Unit- ed Park City Cily Mines Co S S. S K K Droubay vice president and general manager said he at this time whether Anaconda An An- Co or American Smelting Refining Co both of which are substantial stockholders of United United United Unit Unit- ed Park City Mines Co would exercise their rights to purchase the stock of the development firm Shares of the new firm not subscribed subscribed subscribed sub sub- scribed to by stockholders would be offered publicly Other Claims Droubay said that had been acquiring lands mining claims and options on lands inthe Inthe in inthe the area for the past several years Included in the properties properties properties proper proper- ties other than mining claims are options on the Handley Ranch and a parcel owned by the the Church Church He He- emphasized emphasized that it Is important im Im- that the surface rights of the firm be placed in beneficial and cc economic use se 11 as there were some proponents of ot th the Wasatch Mountain State Park who wished to extend their area to include holdings of and other n ruining ruin ruin- n- n ing firms We believe bellev that that by careful dev development development de de- v l p 1 nt of our bur t properties ro we c can n maintain them on the tax tolls rolls to the benefit of the counties counties counties coun coun- ties and the state Droubay said John M. M Wallace president president president dent outlined the benefits of the recreational development which development he said was outside t the Ufe e watershed watershed water water- shed of Salt Lake City and within within within with with- in 30 to jo 40 miles of Provo Ogden and Salt BaIt Lake City areas comprising comprising com com- 75 per cent of the population population tion of Utah He said the area is located on major west east surfaced hard-surfaced highways and given ghen to not only recreational development such as skiing kUng horseback riding golf and tennis but to establishment of prime prune summer homes and lodge development t Wallace said a conservative approach approach ap ap- preach to the l land d programs Willbe will willbe willbe be followed The new development development develop develop- ment firm will wilt not build facilities fad fad- ties but will WU enter into arrangements arrangements arrangements arrange arrange- ments with those who will Careful Careful Care Care- ful tul architecture land use and other controls will obtain he said Initial co consideration is is' being given to ski lift construction to publicize the advantages of the area he said Greatest Potential He Be paid tribute to Harold Kay a former tonne University of Utah foot foot- I t I u uw ua a w MISS PAGE PACK U last t week weer M s. Senior Cheer Leader Bo So ball batt star now how a resident of Honolulu Honolulu Honolulu Hono Hono- lulu for pushing for the Uie development development development develop develop- ment of the surface areas of the mining firm Mr Kay Is a substantial substantial sub sub- stockholder of United Park City Mines Co He lie rose at atthe atthe atthe the meeting to assert that he felt with increasing Interest In recreation recreation allon summer home construction home construction and other factors the new development development devel level firm faces a brilliant future Droubay outlined previously announced announced an nn new ore developments of In an area below the historic historic his his- torte workings of the Judge and Daly West WesL portions of the mine Ho lie said several thousand feet of lateral distance in potential host rock for high grade silver lead silver lead zinc deposition remains to be ex ex- Potentially he said this new region offers otters promise of 0 a whole new Park City District He lie said that geologically this potential could be greater than wan the sliver silver discoveries by tho the Bear Boar Creek Crook Mining Co in Utah's Tintic The mining firm has wader made some improvement In working capital and In reduction of costs The latter Hem item however was affected affected affected af af- by further cuts in prices of lead and zinc metal in De- De cember |