Show United Park City City Mines lines I 01 Stockholders Okay Olay Development Plans I. I I t T B By Robert H. H Wood Woody Tribune Business Editor United ParI Park Cit City Mines Co entered a anew new chapter as stockholders approved two major proposals proposals' at the annual meeting meet meet- ing Tuesday O One e authorized the Anaconda Co and A American in 5 1 Smelting Refining Refining ing Co to go a ahead h e a d with i t h a program to develop develop devel devel- I op new mineral targets and fo to 0 overhaul v e r ha u I the mines mine's s tion system Suc Sue Mr It 1 development would c be f followed by construction of a mill to process the ores The other approved an option agreement agreement agree agree- r f ment to sell seU and lease the firms firm's recreation recreation recreation tion properties to Royal Street Development Development Development Develop Develop- ment Co Newport Beach Calif The meeting was livened by the presence presence pres pres- ence e of corporate gadfly Lewis Gilbert y who in this case was more querulous than man critical Mr Gilbert first took note that the Union Pacific calendar at company compau headquarters headquarters head head- quarters still had the May sheaf in place posed several questions and aril subsequently subsequent subsequent- ly v voted ted his shares for the two pro The he ventur Anaconda and ASA ASARCO ASARCO ASAR- ASAR CO hold percent of of the firms firm's outstanding outstanding outstanding out out- out out- standing stock But the mining venture was p premised on the condition that the majority of the other stockholders approved ap ap- proved n The total vote for the venture including in including ing illg Anaconda and ASARCO share participation participation participation was percent for and 12 percent percent percent per per- cent against United Park City has shares outstanding Discounting Anacondas Anaconda's and ASARCO'S ASARCO's ASARCO's ASAR- ASAR COs CO's holdings the tally was percent for lor and 12 percent against Conditions of the min mining ng venture are The must spend at least 25 million for geological and mining development development devel devel- within two years and thereafter not rot less s than during each subsequent subsequent quent month 12 period Third One Royalties After recover recovery of capital the ventur ventur- ers are to pay royalties of one third of the operations operation's profits This would be determined on a cumulative basis Anaconda and ASARCO would pay an anad ad advance ance against royalties of a quarter until June 30 1972 and a quarter there thereafter fter Should there be annual profits during an any of the development period the company company company com com- pany would pa pay an amount equal to 10 percent of these annual profits as advance royalties Questioned about a possible conflict of interest as to who would purchase the concentrates produced Clark L. L Wilson United Park City president said the firm had received bids from three companies Anaconda ASARCO and Bunker Hill Co Mr Wilson also is Utah operations manager for Anaconda He explained that he as an inside director had not seen the bids and would not know what they were until the day they were opened Warren King vice president of Royal Street and president of its new wholly owned Utah subsidiary Treasure Mountain Moun lain tain Resort Co said he hoped work on the construction of three new chair lifts could start this year He said discussion with several banks and the Federal Housing Administration indicated favorable possibilities of con condominium construction He showed outs lay-outs showing major developments developments developments de de- de- de occurring at the base station of the present gondola and nine-hole nine golf c course urse in the Deer Vall Valley y area just east of Park City Connecting Link While Park City its itself lf wo would n not t be directly involved it would essentially function as s connecting link akin to to a mall maU between the resort He said hope is to enlarge the present nine-hole nine golf course to holes 18 by acquisition acqui acqui- of additional property to the north Should that not be possible the firm has an option to acquire the acre acle Ranch to the northeast That would then become a a a- site for an hole 18 championship championship cham course A con condition of the option is that The Resort Company have capital and assets or commitments for at least 45 million by Dec 21 Treasure Mountain Resort Company had previously indicated it plans to raise the money by private placement of debentures debenture and other ties Purchase price for the acres o oreal of real property along with various facilities facilities facilities ties i is |