Word: hirshhorn
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Joseph H. Hirshhorn is a fast-talking cigar-chewing promoter from Brooklyn who quit school at 14 to support his mother, was a millionaire at 29 and now, at 55 says he hasn't the faintest idea how much he is worth. "After the first million," explains Hirshhorn, "unless a man loves money, it's all meaningless." Last week Promoter Hirshhorn signed a multimillion-dollar agreement that had plenty of meaning, as well as money, for him. The deal will make him the No. 1 uranium producer of Canada, if not the world...
...deal involved Algom Uranium Mines, Ltd., a company controlled by Hirshhorn and associates, which for two years has been developing rich uranium claims in a 3O-mile-square tract of land in Canada's Blind River summer-resort area, just north of Lake Huron. Under the deal a group of international mining and financial interests, headed by Britain's Rio Tinto Co., Ltd. (whose chairman...
Lawyers in the Bush. Long before Joe Hirshhorn got interested in the Blind River area, geologists knew that there was radioactivity there. But most thought it came from thorium, because the outcrops yielded little uranium ore. Geologist Franc R. Joubin, who was working as a private consultant in the area, thought differently; he believed that oxidation of the outcrops had leached away their uranium content, but that underneath there lay a treasure trove of uranium ore. Joubin told Joe Hirshhorn his theory, and Hirshhorn agreed, with associates, to put up $30,000 in 1953 to take core samples...
...through Preston East Dome Mines, a gold-mining company 20% owned by him. Preston flew a staking crew of 75 men with equipment into the Blind River area, even brought in lawyers to draw up the necessary claim and transfer papers on the spot. After seven weeks Hirshhorn and Preston Dome filed 1,400 claims to 56,000 acres, and set off a rush that brought 8,000 claims from other prospectors. To develop the claims on the south end of their property. Hirshhorn & Co. set up Pronto Uranium Mines, and landed a $55 million government contract. To develop...
Young and Hirshhorn, Goldstein said, had come into the McNutt company by virtue of a deal with a Canadian company called Pax Athabasca Uranium Mines, Ltd. which Young and Hirshhorn control. Last summer they swapped the company's Saskatchewan land claims for 1,800,000 shares of American-Canadian. News of the swap, said Goldstein, had sent Pax Athabasca's stock soaring (recent price: $28 v. 5? in 1949). Counting the shares in American-Canadian Uranium held by Pax Athabasca, said Goldstein, insiders owned 83% of American-Canadian's stock. All told, they...