WAIHI GRAND JUNCTION

Evening Post, Volume CIX, Issue 93, 22 April 1925, Page 12

WAIHI GRAND JUNCTION

EXTENSION OF THE MINE.

<EI lILEBRAPH.—PRESS ASSOCIATION.) AUCKLAND, 21st April, An adjourned meeting of shareholders of the AVaihi Grand Junction Goldmining Company, to-day, decided to form a committee to consider carefully the question of raising sufficient capital to explore and test the western section. The mover suggested that the shares be written down to 10s a share, the present shareholders to reserve one for each two now held. This would leave 200,000 to be offered, first to the shareholders as contributing 10s shares, and if not absorbed by present shareholders any balance might be offered to the public. The motion that the company's office be transferred from London to New Zealand was carried.

. AUCKLAND,- This Day. Air. Redpath (attorney) and Mr. A. J Walker (manager of the mine) attended the meeting. Explaining the financial position, Mr. Rsdpath said ho had received a cable message from the head office stating there, was a, cash balance in London of £2000, and slag estimated at £1600. The company was overdrawn by £80, and had liabilities lotallinf .about £2910. Since the statement had been compiled. £1000 had been received from London, and stores va-lued at about £1470 had been sold.

Referring to the question of depth, Mr. Walker said successful operations could not be expected at a less depth than 1000 feet. There was no reason why the same country as existed in the Waihi mine should not be got at that depth. He estimated that it would cost £70,000 to make a mino of the western section. It was practically virgin counfcT, °f great possibilities. 'It was a, good prospect as a mining venture. Replying t° a shareholder, Mr. Walker said the ore reserves totalled 80,000 tons, of which 15j000 tons would return about 40s' a ton. This would give- a profit of about 10s a ton.