Show Plans for Further Development Told by United Park City Mines By Robert H H. H Woody Tribune Business Writer United Park City Mines Co last Wednesday spelled out the conditions of payment in a proposed proposed proposed pro pro- posed joint venture to develop its mining properties The conditions are in a 35 page not notice ice of the annual meeting sent to stockholders this week The proposal on the mining mining- as well as another on its recreation recreation recreation rec rec- properties will be voted on by stockholders at the annual meeting July 14 at 1030 am a.m. in the corporate offices in downtown Salt Lake City The ventures are The Anaconda Anaconda Anaconda Ana Ana- conda Co and American Smelting Smelting Smelt Smelt- ing and Refining Co which hold firms firm's outstanding outstanding outstanding out out- percent of the standing stock SPELLED OUT EARLIER The premise of the venture had been spelled out in the annual an annual annual an- an nual report earlier this year by president Clark L L. L Wilson Anacondas Anaconda's manager manager- Utah operations It held that just have a greatly expanded development program with within i n known 0 ore l' l e zones that the ore transport system within the mine needs renovation and that several ex extensive extensive extensive ex- ex exploration projects must be financed to find and de develop develop de- de new ore reserves It forecast that explorations and development would increase reserves reserves s sufficiently to justify construction of a concentration mill at the site BASIC STATEMENTS The notice makes these basic statements on the venture The The must spend at least 25 mill million ion for geological and mining development development development develop develop- ment work within two years and thereafter not less than d during u l' l i n g each subsequent subsequent subsequent sub sub- sequent month 12 period After recovery of capital the would be re required to pay royalties of one- one third of the prof profits its of operation This would be determined on a cumulative basis Anaconda and ASARCO would pay an advance against royalties of a quarter until Ju June e 30 1972 and a quarter thereafter ADVANCE ROYALTIES In addition should there be annual profits during any of the development period the company company company com com- pany would pay an amount equal to 10 percent of these annual profits as advance royalties The notice reports that Anaconda Anaconda Anaconda Ana Ana- conda and ASARCO are in favor of the proposal but will vote their interests in accordance with the majority of the 70 percent of the remaining outstanding outstanding outstanding out out- standing shares An earlier paragraph however however however how how- ever comments leU If If the mining lease is not approved there can be no assurance assurance assurance assur assur- ance as to the future operation of the mining properties properties' Voting also will consider an option agreement to sell and lease resort division land and operations to Treasure Treasure Treasure Trea Trea- sure Mountain Resort Co a Utah company held by Royal Street Developments C Co o of California The notice declares that both Anaconda and ASARCO will vote their stock in favor of the pro pro- Involved is sale of acres of land to the lease of acres for use in development development development develop develop- ment and operation of ski runs as well as summer recreational activities the purchase of certain water rights A condition of the option is that have capital and assets or commitments for at least 45 million It notes that plans to raise the 45 million by private placement of debentures and other Purchase price for the acres of r l' real e a I 1 property along with the various facilities is |