Consol. Silver exploration
Negotiations for the purchase of an on-going business by Consolidated Silver Mining Company of New Zealand, Ltd, has not reached a final conclusion, the directors say. In March, 1979, the company sold the assets in Maratoto for $40,000 to Gerard Roofing Systems, Ltd, for obtaining crushed decorative rock. Exploration has ceased, pending the outcome pf the application for rutile areas in Fiordland, which the company hopes will be granted soon. An exploration licence application has been lodged for the Mount George area, where the company has a long standing interest.
Mining Houses of Australia, Ltd, has taken up a substantial shareholding in the company at par, with an option to increase it up to 25 per cent of the issued share capital. This will require shareholders’ approval. Mining Houses is a public company listed on the Sydney stock exchange. It has a particular interest, in investing in mining and exploration companies. With the revival of overseas interest in mineral exploration the Consolidated Silver directors are having discussions with other parties. The financial position of the company has meant that the directors policy has' had to be a housekeeping one,
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Press, 7 May 1980, Page 23
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192Consol. Silver exploration Press, 7 May 1980, Page 23
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