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| eo "Page 12 Temagami The Haileyburian Thursday, April 2, 1959 lron Mine To Go Underground - North American Rare Metals is ; £oing -waderground at: its Temaga- mi area iron property. " <The-decision to sink a shaft and - embark on a $1 million develop- ment program follows extensive surface diamond drilling, metal- - Jurgical tests and intensive studies f the various economic aspects of production, transportation and ! marketing. "We feel that we can turn out thigh grade iron pellets that will -jbe' 'fully competitive with other iron ore producers," W. A. Carter, _ general manager, said. The uni- form nature of the -big -deposit, coupled with the favorable geo- graphical location, are cited in this regard. A contract was let this week to R. F. Fry and Associates for a 3- compartment shaft to be put down to an initial depth of 1,250 ft. A minimum of 4,000 ft. of lateral work is to be undertaken on the 1,200-ft. horizon, together with ex- tensive diamond drilling. This will permit the taking of large bulk samples for full scale pilot plant tests. Equipment and supplies for collaring the shaft are going in this week. A total of 28,500 ft. of surface drilling has already been complet- ed. This has indicated an orebody 7,800 ft. long (still open), 400-500 ft. wide and grading a remarkably uniform 31% iron. It has been probed to a depth of 1,000 ft. be- low a 750 ft. diabase capping, sug- gesting 'at least 400,000,000 itons. Officials are thinking in terms of an ultimate year-around under- ground production rate of 10,000 tons daily, which would mean an output of 14 million tons of pellets annually. The whole project would cost $35 million, The property (164 patented claims) is located in Scholes Twp. in the heart of the heart of Ontar- io's Temagami area. It is 22 miles from the main line of tthe C.N.R., 4% miles fnom an all-weather highway and close to hydre power and natural gas pipeline It is within 150 miles of ship- ping facilities on Georgian Bay, which places it closer to lower lake steel mills than any of the princi- pal U.S. iron ranges. Test work on representative samples of drill core have yielded a 65-66% iron concentrate, with a 7.5% silica content. Titanium and other impurities are negligible. Furthermore, dry methods of con- centration can be used, rejecting 35% of the gangue material with only a minus 10 mesh grind. In other words, only 65% of the material would have to be ground to 200 mesh te effect these results. Even although it will have to be an underground operation, engin- eering studies suggest that the lo- cation and quality of the ore ren- der it fully competitive with oth- er open pit deposits less favorably. located. Cost estimates prepared by a reputable independent consulting engineer after careful study place mining at only $1.56 per ton, with milling costs of 75 cents per ton. On the basis of. 1,000,000 tons. of pellets per year, total transporta- tion charges are -calculated at- $2.68 per ton, pelletizing $2.50 per ton and 8% cents for marketing, leaving an operating profit of $1.75 per ton of crude ore. The company has already re- ceived assurances of favorable freight rates all-rail to certain steel mills, which could eliminate the necessity of winter stockpiling. Time schedule calls for comple- tion of the underground develop- ment program and pilot plant tests by September, 1960. Engineering design work and construction of service facilities by October, 1961, while the tentative full scale pro- duction date is April, 1964. As the result of initial financ- ing arrangements just completed, the company now thas over $500, 000 in its treasury. A block of 400, 000 treasury shares have just been taken down at $1 per share, with options granted on three blocks of 200,000 shares at $1.25, $1.50 and $1.75, designed to bring in another $900,000, if exercised. Special Services At Army Hails Special services are being held in the Salvation Army Halls in both Haileybury and Cobalt this coming Sunday. Major J. Sloan, who has charge of the Young People's work for the Salvation Army in this Division, will be conducting the Sunday morning service in the Haileybury Hall at 11:00 a.m. At seven p.m. in Cobalt, Briga- dier and Mrs. J. A. Calvert, who are the Divisional Commanders, will have charge of the evening service. Lieut. Bruce Switzer, who has charge of the Corps in the two towns, extends an 'invitation to ali interested persons to attend cither or both of these services. hss Northern Telephone Company Limited Common Shares 1 In connection with system extensions. and improvements 'to meet growth of business, Northern Telephone Company, Limited is offering additional shares for subscription by its common shareholders of record March 20, 1959. Basis of the offer is one new share at $2.50 for each five shares held. Subscrip- tion rights will expire April 15, 1959. We recommend that shareholders take full advantage of this offer. We also suggest the shares as an attractive investment for other than existing shareholders. Our facilities are available to you for executing orders for shares or "'rights". ~ | ROYAL SECURITIES : CORPORATION LIMITED 360 BAY STREET - TORONTO ~- EMpire 6-2261 Montreal Toronto Halifax Hamilton Winnipeg Calgary : Charlottetown a Me Saint John Quebec Ottawa' Edmonton -- Vancouver Victoria St. John's, Nfld. 59-11 + On Your Library Shelf Around the World With Auntie Mame By Patrick Dennis History in the realm of litera- ture and laughter was made in January, 1955, with the publica. tion of an unheralded novel, Aun- tie Mame, by an unknown novelist, Patrick Dennis. The rest is a mat- ter of record. Auntie Mame climbed the best menally happy two and a hali years. The book delighted millions xf readers, furnished the basis foi gmne of Broadway's most sparkling comedies, and then headed wes: to be a motion picture. It has al: ready been published in eight for eign-language editions, including Japanese, with more to follow. Those who have -read Auntie Mame may not remember that the deliciously derelict heroine madc: a grand tour in 1937. The hithert unchronicled adventures of the young, madcap, Mame seller lists and stayed for a pheno starting on the Normandie bound for Paris, and ending on an Ameri- can man-of-war in the middle of the Indian Ocean--are now faith- fully set down by her irreverent aephew Patrick. You can go Round the World with Auntie Mame, starting right now. We're travelling -on the light side, so don't bother to pack a ching except your sense of humou. Bon voyage. ; Seeing is believing - reading is tun = education is good - Come to the Cobalt Public Library - see 1ow we have improved - get a o00ok or two and enjoy yourself - abroad | 'urther your education without tharge - far away fields always ook greener -but try the Library ym your own doorstep first. . Cats were more than household vets to the ancient Egyptians. They were worshipped as gods. 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