MINING NEWS.

Auckland Star, Volume LX, Issue 222, 19 September 1929, Page 22

MINING NEWS.

TUT GOLD MINING COMPANY. REPORT OX OPERATION'S AND PROSPECTS. The statutory meeting of the Tui Gold Mining Company was held yesterday afternoon at the office. Victoria Arcade. The report of the directors stated that the number of shares allotted was 46.260. of which 25,000; paid tip to 3/ per share, went to George Otto Barber as part consideration for the King Solomon, King Solomon Extended, and the Nana quartz claims at Tnames. Another 21.260 shares had been allotted subject to payment of i the full nominal amount of 3' per share. The cash received on account of such shares was £900. The expenditure to date totalled £676 leaving cash in bank amounting to ; £323 7.7. The report was adopted on the motion of the chairman. Mr. L. G. P. Spencer. Mr. Wilkins said a great proportion of the holdings were in the south, and were . represented by four directors. It was agreed that in such cases travelling expenses be allowed, also that 10/ remuneration be allowed to each director attending a meeting, the total not to exceed £60 per annum. The chairman said No. 2 reef level had fallen in and needed repairing. They had deemed it advisable to get into No. 3 reef, which offered probably the best prospect of striking a bit of gold. It had the advantage that it could be worked by contract. It was necessary to put in 1200 feet of air pipes and a sirocco fan, with an engine to drive it. A tramway would also be required to the face. No. 2 reef would probably give good prospects if sunk upon. Of McGregor's battery, about half a mile away from the mine, they had secured a lease, with option of purchase. The first directors are: Messrs. L. G. P. Spencer. G. O. Barber, R. M. Moorcraft, R. 11. Montgomery. Henry Cowan, G. H. Hodd, and VT. R. Ross; auditor, Mr. B. L. Bagnall; secretary, Mr. .T. VT. Nichol.