our geologists on the hunt for both, and in both we have been successful. The first major uranium opportunity that came our way was the Lucky Mc Mine, discovered by Neil McNiece in 1953. The property came to us in 1955 after it had been examined and rejected by virtually every major mining company in the business. We took an option on a 60% interest, embarked on an extensive property acquisition program. Within a relatively short time drilling of these properties had greatly expanded the known reserves. After considerable difficulty we arranged the financing and by 1958 were shipping yellow cake under a contract with the A. E. C. In 1957 we acquired reserves in Shirley Basin, began producing from an underground shaft in 1960. Later the traditional underground mining was discontinued and we produced thereafter by a new solution-mining method which we adapted from the technology developed by the petroleum industry for secondary recovery of oil. By 1960, when Utah acquired the remaining 40% of Lucky Mc, the outlook for the industry was far from bright. It was becoming increasingly apparent that the Government's procurement program had been all too successful and it began to seek ways to limit or stretch out its commitments. We were one of the companies that joined in the "stretch-out program" in the hope that this might keep us alive until a civilian market might develop. One must remember that as late as 1962 the A. E.C. was forecasting a demand in 1980 of only 13,000 tons -3-