PRESIDENT ONGANIA OF ARGENTINA LAID A CORNERSTONE IN THE MIDST OF A WASTELAND 50 MILES (80 KMS) FROM NEUQUEN ON FRIDAY TO START A PROJECT THAT IS EXPECTED TO EVENTUALLY TRANSFORM THE WHOLE OF ARGENTINA'S SOUTHERN TERRITORIES. THE PROJECT IS THE CHOCON-CERROS COLORADOS HYDRO-ELECTRIC COMPLEX, A GIGANTIC ENGINEERING WORK ESTIMATED TO COST 523,000,000 U.S. DOLLARS.

WORKERS' HOUSES HAVE ALREADY BEEN ERECTED ON THE SITE, AND THE CORNERSTONE WAS LAID IN THE CENTRE OF WHAT WILL BE THE VILLA HOUSING THE TECHNICAL STAFF IN CHARGE OF BUILDING THE HYDROELECTRIC PROJECT. THE CHOCON-CERROS COLORADOS IS THE LARGEST PUBLIC WORK EVER UNDERTAKEN IN ARGENTINA. THE FIRST OF THE DAM'S POWER GENERATORS ARE EXPECTED TO START PRODUCING ELECTRICITY WITHIN FOUR AND A HALF YEARS.

THE DAM, TO BE BUILD A SHORT DISTANCE FROM WHERE FRIDAY'S CEREMONY WAS HELD, IS TO BE FINISHED BY 1973. PART OF THE FINANCING IS FROM A WORLD BANK LOAN OF 83,000,000 U.S. DOLLARS, REPAYABLE OVER 25 YEARS AND BEARING 6.5 PER CENT INTEREST. THE DAM WILL BE 82,000 FT (2,500 METRES) LONG AND 295 FT (90 METRES) HIGH.