Now Utah is exploring intensely the Bay Copper claims on Vancouver Island in British Columbia. While more drilling needs to be done, the preliminary indications are exciting and indicate the possibility of supporting a 20, 000 ton mill. This is under active consideration. CONCLUSION What is it that distinguishes Utah from other companies that engage in similar fields of activity? I would suggest these factors for your consideration. First, Utah in recent years has had an unusually good record in conceiving and carrying out new ventures. The company has demon-strated an ability to do the right thing at the right time and to recognize and take advantage of opportunities when they became available. The timely addition of new projects has balanced the income stream with over 70% of our earnings now coming from projects or activities we were not in 15 years ago. And, as the next chart shows, the projects were well chosen and once started have continued to grow. In 1967 our profits from iron ore, uranium, copper and coal were all at record levels and we anticipate that they will continue to grow in the years ahead. The reserve position today of our producing mines is far greater than it was in prior years despite the quantity of material shipped in the interim and the mineral deposits which we have located but are not now in production give promise of further expansion in the long term future. Second, our performance has kept pace with our promises, and this in turn stems from two unique abilities derived from our construction experience. One is the ability with our own forces to estimate capital requirements and operating costs accurately. The other is our ability to -15-