Leon Frazier, Provo, Utah, Uranium History Series

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THE FOLLOWING IS AN INTERVIEW WITH LEON FRAZIER CONDUCTED BY MITCH HADDAD IN MR. FRAZIER'S OFFICE IN PROVO, UTAH ON JULY 30, 1970 FOR THE UTAH-CAL. STATE AT FULLERTON URANIUM INDUSTRY ORAL HISTORY PROJECT. [REEL #2] MH: Okay, Mr. Frazier, in the previous interview, you felt that there were certain areas that were problems, legally, in regards to the uranium mining industry. Can we go into those a little? LF: Well, I think I told you that it sort of followed in a cycle. First of all, we have the problems relating to actually the location of the mining claims, and the sorting out of law suits and titles and interests based upon location. This was very early, as I pointed out, along in '53 and '54, and '55. Then the problems started developing with respect to the assessment work on the claims that had been done, and what constituted assessment, and what constituted discovery, and the discovery of mineralization. And then the problems changed to one of raising the funds to exploit the properties. We got into a lot of different forms of financing, regulation of companies and the use of interstate and intrastate registrations, full registrations with the SEC. Some attempts [were made] to raise capital through limited partnership and different forms of business organization to circumvent the securities laws if possible. And then after the money was raised we had