Reporter

Two Canadian mining companies, Noranda Mines, Ltd., and Wright-Hargreaves Mines, Ltd., have agreed to buy $500,000 worth of shares each in Anglo-American Exploration Ltd., controllers of thousands of acres of possible oil-rich land in southern Saskatchewan and Manitoba. Samuel Clarence Nickle, Sr., reported as possible president of the newly formed exploration company, said that $20 million in assets have been accumulated by the firm, mainly in the Williston basin in parts of the Dakotas and Montana, aid extending into Southern Manitoba and most of Saskatchewan. The M. A. Hanna Co. reported a record profit for the seventh consecutive year with total 1951 profit reaching $14,081. The company handled a record 16.8 million tons of iron ore in 1951, compared with 14.9 million tons in 1950. The company is also preparing to open four iron ore mines in the Lake Superior district which are expected to produce more than 5 million tons annually by 1954. The company built two new iron ore concentrating plants at Mesabi range mines in 1951,a with a third plant going into, operations soon.