3- This company was formed in 1953 to take over the 30-year concession which Utah had acquired to mine an extensive iron ore deposit controlled by the Santa Corp., an agency of the Peruvian government. Our management felt that it was prudent to have a partner in the enterprise, and Utah received originally $3,000,000 in preferred stock (since retired), half the voting stock, and 41-1/4% of the equity stock for its position and $1,880,000 in cash. Utah's share of the earnings of Marcona since its inception through October 31, 1959 have amounted to $9,649,000, of which $4,165,000 has been received as dividends and the balance reinvested. This is exclusive of Utah's profit on the retirement of its preferred stock or its earnings as a contractor in the construction of mine, port, and camp facilities. Utah's second major source of profits at the present time is from the mining, milling, and sale of uranium, for we are now the largest operator in Wyoming, also deriving our uranium earnings from two sources: the Lucky Mc mine and mill in the Gas Hills; and a newly opened shaft in the Shirley Basin. Lucky Mc is an open pit mine with ample reserves of better than .30% ore, a 13 million pound contract now extended through 1966, an efficient mill of 1200 tons daily capacity. Lucky Mc as a result of a merger in February this year is wholly-owned by Utah and was acquired in two steps. 60% was purchased for $360,000 when the company was a largely unexplored prospect. The remaining 40% was exchanged for some 240,000 shares of our stock having a market value of over $12,000,000 at the time. In the interim Lucky Mc, under Utah management and sometimes working with Utah as a contractor, had proved up the original properties, doubled the reserves through the acquisition of new properties,