OCR

go into service in 1956. Arrangements were also made for long-term charters for additional large ore carriers to carry Marcona ore. Pima Mining Company In August 1955, Utah Construction & Mining Co. acquired a 25% interest in the Pima Mining Company. Union Oil Company of California also holds a 25% interest and the balance of the stock is held by Cyprus Mines'Corporation. Pima Mining Company controlled a copper deposit near Tucson, Arizona, which it planned to develop as rapidly as possible as an open pit mine. Utah had been selected to construct the mill and to perform the preliminary stripping required to bring the mine into operation. Utah also performed under contract certain engineering and geological studies evaluating the property. Lucky Mc Uranium Corporation Utah entered into an agreement giving it an option under certain terms and conditions to acquire 60% of the capital stock of Lucky Mc Uranium Corporation, a corporation controlling certain lands in Wyoming that gave favorable indications of containing extensive quantities of low grade uranium susceptible to open pit mining methods. Studies were then put under way to determine more accurately the nature and the extent of the uranium ore deposit, the metallurgical treatment required to treat the ore properly, and designing of a mill and other matters which would determine the likelihood of this property's development. General Utah also engaged actively in exploration and development of other prospective mineral properties, and options were acquired on certain lands containing favorable indications for coal, uranium, and iron ore During the year George R. Putnam retired as Vice President. Mr. Putnam served as Manager of the Salt Lake District and achieved a fine record of accomplishment during his 20 years of service.