WAIOMO SULPHIDE

Evening Post, Volume CX, Issue 144, 16 December 1930, Page 14

WAIOMO SULPHIDE

The first annual report of Waiomo Sulphide Corporation, Ltd., Auckland, to 30th September, 1930, shows that the company started operations in April, 1929, and the mill started running in May, 1930, prospecting and development work at the mine being carried on meantime. The quantity of ore available was insufficient to keep the mill going, and accordingly the adjoining Monowai Mine property was acquired. "The completion and initial running of the mill has proved beyond question," states the directors, "that our ore can be treated economically and efficiently by oil flotation and has also proved that the quantity and values assumed to exist on our property had been overestimated. This suggested the wisdom of trying out the Monowai, where there are large ore bodies which appear to bo of sufficient value to treat profitably." The whole period under review is described as "trying." Since the formation of the company prospecting has disclosed several outcrops on the property aud ground closely adjoining. "The position to-day is distinctly encouraging, and there is a reasonable chance of anticipations being realised. The battery has resumed crushing and given fine weather sufficient supplies can be brought from the Monowai to thoroughly test out its value and at the same time supplement the output from the Zeehan, thus reducing milling costs over Uie whole." Additional capital has been raised by personal advances and guaranteed bank advances to upwards of £7000 to carry on.