in the Lucky Mc Uranium Corporation and the second a discovery in the Shirley Basin District of Wyoming. While Lucky Mc Uranium Corporation was in existence and came to us in a desperate search for new capital and know-how, it was Utah's geologists who discovered and developed the greater part of its reserves, it was Utah's construction forces that designed and built the mill, and it was Utah's management that negotiated the contract with the A. E. C. and arranged for the $10 million financing required to bring the company into operation. Frankly, the $10 million bank loan would not have been possible without the undertakings by Utah to guarantee that the mill would be constructed within the target estimate and that the yellow cake would be produced and sold within the estimated costs. The ore was produced by open pit methods from extensive deposits in the Gas Hills area in Wyoming and the venture was a success from the outset. The loan was repaid in 34 months. Utah's equity investment was $360, 000 and its share of the earnings for the first year during which the mill had been in operation 9 months was $1. 8 million. The company continued to prosper, but in 1960 when Utah acquired the remaining 40% of the Lucky Mc stock the outlook for uranium was far from bright. The government had indicated a change in its buying policies, felt that it was overcommitted in uranium purchases and later worked out contract modifications with those who were willing and able to stretch out the deliveries under contract from 1966 to 1968 by offering as bait the purchase of two additional years of the annual contract amounts but at a price to be based on the individual operator's cost of production. We were one of those who took advantage of this offer to -7-