Perhaps the past mistakes were unavoidable, when we recall that the birth of this industry was not sanctified by the normal laws of supply and demand. Rather it came into being to provide a domestic source of raw materials for the production of atomic weapons, and the inducements offered by its only customer were very seductive indeed! The response to these temptations was tremendous, and the Western Hills were covered with prospectors--amateur and professional alike. Most of us here remember those exciting days. At that time, Utah was a relatively small company, with a long history in heavy construction, and only beginning to branch out into the field of mining. We had an iron ore operation in Utah and another fledgling iron ore. mine in Peru. We also believed implicitly in the future of the energy market, and we wanted to participate in it. We had neither the capital nor the skills to engage in petroleum or natural gas, but we saw our opportunities in uranium and in coal in the Western United States. Both represented calculated risks, with uranium decidely the lesser of the two risks, because of the government purchase program. So we set our geologists on the hunt for uranium opportunities. The first major opportunity that came our way was the Lucky Mc mine discovered in 195 3 by Neil McNeice. This property had been examined and turned down by virtually every major mining company in the business. Not having had the benefit of their long experience in mining, we gambled, took a six-month option which would give us a 60% interest in Lucky Mc Uranium Corporation, and embarked on a drilling program which in a very few months had greatly expanded the known reserves. By early 1956, it seemed certain