THE WAIHI MINE.

Evening Post, Volume LXXXI, Issue 40, 17 February 1911, Page 8

THE WAIHI MINE.

' CAPTAIN RICHARD'S REPORT. PRICE OF SHARES BEEN IN EXCESS OF ACTUAL VALUE. MORE INFORMATION WANTED. fBT TELEGB.APS—PEESS ASSOCIATION.] AUCKLAND, This Day. The following cable has been sent to London by Captain Richard J and was published in London- on 16th February : '"I have examined the mine, works, records, and plans of the. Waihi Company, ,and find that all work being done compares favourably with good mining and mining practice elsewhere. 1 confirm the necessity to reduce the output, as I am of opinion that the conditions in the mine, not the capacity ot the mills, must now control the output. The ore reserves have always been small. This is quite unavoidable owing to the large volume of water to be dealt with. ] It has not been possible to develop the ore reserves by means of the diamond drill holes owing to the ore being too frjable; cwinot produce, satisfactory samples from diamond drill cores. Am convinced you may rely upon the official estimated ore reserves. Am of opinion that on the* ore reserves figures, published annually, the price of shares has been during s&v- , .eral years past largely in excess of the actual value. The records of the mine, show that the amount of profitable -oreincreased with depth to about one milr lion tons between levels Nos. 6 and 7, but decreased, between lev.etc Nos. 8 and 9, where the approximate tqtai will be about 500.000 tons. The ore diminishes in value with depth more slowly andless than in most other big mines, and' does not show, any "sedd-en change of rate. Geological data is very plentiful at the mine, and will be very useful for tho general guidance of exploration, but there is not yet sufficient for determination of the future prospects and value of the mine. Recent developments in the lower levels may indicate the approaching end of the ore body at depth, but it may be only an impoverished zone in coming in ; also, it may point to a zone of poor ore occurring between the hydrogenetic and pneumatogenetic ore. I would prefer to adopt these last two as working hypotheses in developing the lower levels. I oannot give any opinion definitely aa to the prospecte of No. 10 level without more information than i& available. I consider extensive explorations are necessary over the undeveloped area of the Waihi Company. I quite agree with the proposed direction of the prospecting drives already started. My full report will be sent to London by mail leaving Australia in about twenty days." CABLE FROM WELLINGTON TO DIRECTORS. As a result, of telegrams appearing in the papers in reference to Captain Eichard and his report on the Waihi mine, the local committee of shareholders in the company met this morning and decided, in view of the fact that Captain Richard had only been sixteen days in the Dominion, the scope of his investigations would not fulfil the requirements of the resolutions of the shareholders passed on the Ist inst. It was accordingly decided to cable the London directors as follows: — "Shareholders consider manner of Richard's examination: too cursory and limited. Desire report terms shareholders resolutions of Ist February notified local attorney."