Spectrum sees real licence progress

Press, 11 October 1986, Page 23

Spectrum sees real licence progress

PA Auckland Spectrum Resources, Ltd, expects to be issued a mining licence for its Maratoto tailings site on the Coromandel Peninsula within two months, the chairman, Mr P. H. Masfen, said at the company’s annual meeting. “Real progress has been made with our three key mining licence applications on the Coromandel Peninsula,” he said. A number of objections had been received concerning the company’s Monowai application, but all necessary consents had been received from government bodies. A planning tribunal hearing was expected early next year. The application covering the Wainui mill site south of Thames should be advertised shortly, he erate evaluation of its Coromandel sites by entering partnerships with companies willing to fund the initial high-risk exploration stages in return for an equity interest, he said. Thames Minerals, Ltd, in which Spectrum has a 50 per cent holding, was expected to increase production and profit during the next 18 months, the

meeting was told. Thames Minerals recovered 13,790 grams of gold bullion in the three months to September 30. Thames Minerals sold 14,670 grams of gold in the period for an average of $24.73 per gram, Spectrum said in a statement to the Stock Exchange. The bullion was recovered by treating 69,238 cubic metres of gravel, said, and the company expected it to follow a similar course as Monowai with a final decision early in 1987.

Mr Masfen said the third application covering

the Maratoto tailings site had received only two objections. Both had been resolved by mutual consent, he said, clearing the way for the granting of a mining licence. Mr Masfen predicted the company’s application for a mining licence for the Sylvia site north of Thames would also be successful, with mining able to start shortly after Monowai reached full production. Prospecting work on the Coromandel was continuing. Spectrum would accel-