Con, Silver To Spin Off Mining Co.

Press, Volume CX, Issue 32391, 2 September 1970, Page 22

Con, Silver To Spin Off Mining Co.

(New Zealand Press Association) AUCKLAND, September 1. Consolidated Silver Mining Company of New Zealand, Ltd, will soon float a new company, to be called Barrier Island Minerals, Ltd, to take over its Great Barrier interests.

' The company will be registered in about a week and the prospectus should be issued within a month, according to Consolidated Silver's chairman (Mr W, N. White). ' The nominal share capital

holders will have first call on the shares in the new company. Some shares will be alloted to Consolidated Silver in consideration for its interests in the area, and for the geological work it has done. Mr White said the, new

company was being formed mainly because Consolidated Silver regarded Great Barrier as an area of special interest, and because a firm of overseas consultants would be employed there. According to Mr White, Consolidated Silver has so far found “a large anomaly of copper” in the area and reopened a number of drives into the old silver-bearing lona reef. This reef was mined spasmodically, mainly for gold, from about 1900 to 1934. He explained that an "anomaly” of copper means a higher than normal percentage of copper in a particular area compared with the background area. He said Great Barrier also held out possibilities of other minerals.

will be $2.5m but only slm will be allotted at this stage. Consolidated Silver’s share-