Show i I Steen Fails in Effort To Join Three Park City Mining Groups PARK CITY CITY- F By Robert W W. Bernick Tribune Business Editor Proposed merger of ot New Park Mining Co East Utah Mining Co and Grand Deposit Mining Co recently failed tailed to the nee weary essary majority of ot shares hares of ot New Park ark stockholders Charles A A. Steen prominent area mining figure now re residing in Reno announced the merger Ifor Ifor I Ifor proposed was dead adding for one will abide by the decision deci slon sion of the stockholders I There were shares voted for tor the merger at the New New Park meeting and shares against The Tho proposition before the stockholders required 1712 1022 shares be voted for the mer merger mer-I mer ger I Despite the adverse vote at the New Park session the East Utah Mining Co meeting was held and approved the merger for forto forto I to shares against I Apparently the principal obJection ob oh to the merger at the New Park session came from a group I largely centered In southern Cali Call California fornia who felt that the proposal involving an exchange of ot shares I was was too favorable to stockholders ot of East Utah I At least that was the view exPressed expressed expressed ex pressed by a Beverly Hills stockholder stock stock- bolder holder who said he ho voted about shares against the merger I On the other hand Edgar Scho Scho- en a Chicago attorney said he I voted at the East i Utah meeting agaInst merger because he felt that hat East Utah had oil on and gas assets which weren't counted In fn Inon inOn on the ratios of exchange ol ot I shares He wanted to amend the proposition before the meetings but his proposal was voted down I IThe I I The Grand Deposit meeting was adjourned I I Mr Steen remarked at the meetings that you have to be crazy razy to be the principal principal stock stock- bolder In these companies and serve for two years without compensation compensation com I as president Sessions Hear fear Review of Events I I IThe The special sessions did produce produce pro pro- I duce a review of events of the mining firms Mr Steen announced agreement agree agree- went ment with Anaconda Co giving New Park access in its Mammoth project at Mammoth Juab County County Coun Coun- ty to the Lower Mammoth shaft shafton on properties of Empire Mines I Co an of an Anaconda subsidiary I I New Park plans to use this shaft in the future as a production production production tion shaft s But an early order in inthe inthe I Ithe I the project would be to drive about 1940 feet of drift from the area to connect with present ex ex- pi orations and developments ot of of I gold silver and copper ores at atthe atthe the present Mammoth Unit I I Anaconda Co has been extremely extremely ex cooperative and generous I I in its negotiations with New I I Park Mr Mr Steen remarked He added that the driving of the drift I also would be important to ex et exploration I the of-the of the Ophir formation I Ia I a above ove the water levels in the area area aea I I Anaconda or and/or Em Empire p 1 r Mines Mine etc would pay for 25 per perc percent percent c cent cent nt of the cost of th the shafts shaft's r rehabilitation re- re re rehabilitation I I habilitation at the th Lower Mammoth Mam- Mam Mammoth Mam-I Mam moth and would get 15 cents a at aton aton t ton n for ore hoisted up that shaft W when when en production commences I Mr Steen also announced that Combined Metals Reduction Co bl had d been conducting amenability tests on the Mammoth ores and although both oxides and sulphides sul sut P ldes have been discovered to date he said management had bad reason to expect Dauer Bauer Tooele County mill mUl could process the ores efficiently Ore Runs Q Qa a To Ton In South Area In the south area of exploration U tion tUn n New Park ha has haq encountered en 1 o ores ojea ea running 40 40 to the ton tan poss cross an ang t ft rl ra p IY silver and copper In the north area values of ot 50 to 55 56 a ton principally In gold and silver have been encountered William project manager said lId miners were raising in development develop develop- ment and exploration work from tho the foot 2600 level to the 2300 foot level and to conduct explorations Lions to the went Some 16 persons per sons are employed at the property property prop prop- erty and crews are making about 10 feet a day In raising on the theore theore theore ore body New Park has a ad adequate d e q qua u a t e means to carry forward work outlined out outlined lined tined at the Mammoth project Mr MI Steen said At the Mayflower lease operated op op- crated by Hecla Mining Co Inthe in inthe inthe the Park City district a fissure has been encountered in the Madison Madison Mad Mad- ison formation which is bedding out on Its flanks To date this fissure which has good milling ore running to values in silver copper lead and zinc has haS' been uncovered to a length of 20 feet Net smelter return values run 2026 a aton a ton it was reported Mr said Hecla has some 1000 feet of lateral potential potential poten poten- in the Madison to explore in west part of the property not counting other targets In other formations known to be tive uve At the Ruidoso tyM NM silver prospect in which all three firms have hav located claims surveys by Charles A. A University of Utah disclose some 20 anomalies which could contain potential silver ores Outlines Exploration Work York for Winter Mr Steen said Raid exploration work during the winter would toe tie largely confined to sinking on the East Utah Mining Co where silver s with values at 33 ounces to the ton have been encountered In n the last las t 23 feet I I I I I I I I I I I I I I would still sUll term this a very avert very exciting prospect Mr Steen said t ept t 1 I of the work over a widEr wide at area at I f t elevation J in a a national li 1 l forest In southeastern o New M Mex Mex- i Ico Glenn C. C Hanni Salt Lake attorney attorney at at- torney said the suit against W. W H. H H Cranmer Canmer ui r former f president t of New Park and other former New Park management in New NewYork NewYork NewYork York courts was in stage of dis covery It It 1 se ks' ks urn toy tot ol so some somei e 1 million dolla 1 all alleged g d in lathe n the civil proc proceedings edings to to be due ue the o corn com om panics from Us Its former officers Also New Park and East Utah I are a apart part of a aj class lass which I would benefit Mr Hanni said In a suit filed med by a stockholder I against Utah Construction and Mining Co seeking return of allI all the properties of the Lucky Mc Me Uranium Co which was merged with U-C. U I |