METALS EXPL. HAS NO COMMENT

Press, Volume CVIII, Issue 31584, 23 January 1968, Page 15

METALS EXPL. HAS NO COMMENT

(N.Z.P.A.-Reuter— Copyright) MELBOURNE, January 23. The ehairman of Metals Exploration N.L. (Mr Reginald Hare) on Saturday refused to comment on reports that a major new nickel industry may be established in north-west Queensland. Mr Hare told Reuter In reply to questions that a statement on prospecting operations on a lease held by the company at Greenvale, near Ingham, 1056 miles north-west of Brisbane, would be made In the near future. He would make no comment on reports from Queensland Government sources that re-

serves of 50m tons of laterite nickel ore might soon be proved in the area. Mr Hare said: “It is a very touchy subject on the stock exchanges. I couldn’t make any comment on it at all.” The Under-Secretary of the Queensland Mines Department (Mr E. K. Healey) said in Brisbane that he knew nothing of the reports and that he understood the company was not yet ready to make a statement about its findings in the area. Share Prices When trading began in Sydney and Melbourne, Metals Exploration shares rose sharply. Last Friday the share price in London more than doubled.

In Sydney, the first sale for a fully paid share was 550 c. Further sales were made at 530 c, 550 c and 580 c. Contributing shares opened with sales at 520 c. Other sales were at 500 c, 530 c, 550 c, 555 c and 560 c.