Renison Confident Of Future

Press, Volume CVIII, Issue 31769, 28 August 1968, Page 20

Renison Confident Of Future

(N.Z. Prtss Assn.—Copyright) MELBOURNE, August 27. Results of new equipment and methods at Renison, Ltd’s tin mine in Tasmania will become apparent in the first half of the financial year, the directors say in the annual report The year to June 30 was difficult, but the directors express confidence of improved results for the current year. In 1967-68 total ore reserves were extended from 12,860,000 tons of material assaying 0.80 per cent tin to 16,910,000 tons of ore assaying 0.82 per cent tin. The 32 per cent jump in ore reserves was mainly contributed by drilling in the Bassett North lode. Surface drilling in that area had indicated “possible ore” reserves of 4.9 m tons at a grade of 0.85 per cent Underground work directed primarily towards the development of the North Stebbins lode had already located the ore body during the first quarter of 1968-69. About

750,000 tons of material assaying 1.39 per cent tin had been indicated. Although the 1000-ton-a-day ore plant had achieved good mechanical operation, tin recovery had continued below predicted levels in 1967-68.

Vamgas Issue Plans

(N Z. Press Assn.—Copyright) MELBOURNE, August 27.

Vamgas (no liability) will issue 15m shares to finance initial expenses for a 20 per cent stake in Delhi Australia Petroleum, Ltd. Directors announced that Vamgas N.L. proposed an issue of 7m shares of 50c fully paid in 1968 to provide $3.5m needed for expenditure in 1969. Directors said 4m shares would be reserved for shareholders of Vam, Ltd, while 3m will be offered to the Australian public.