MINING NEWS

Evening Post, Volume CXVIII, Issue 51, 29 August 1934, Page 12

MINING NEWS

INTEREST IN PAPUA

In a report submitted to the statutory meeting of shareholders in Quartz Mountain (I'apua), Ltd., held in Dunecliu, certain ' information was supplied in compliance with section 121 of the Companies Act, 1933. The total number of shale? allotted to date is 240,000 of 5s each; oi these ' 100.000 have been issued as fully paid to, the venders in part-payment of mining-plant, leases, and-privileges at Misima, Papuiv, acquired by the company on its' formation, the consideration being the sale ot such mining plant, leases, and privileges of the venders to the company uuder'tho agreement for sale and purchase dated May 15. The total amount of cash received by the company in ro-s-pect of the above shares is £18.414 3s 9d. Xo cash has been received on the 100,000 shares issued to the'venders. In.-an-abstract'oE the receipts and payments of the company from all sources, made up'to. August 10, it is shown that application money received by the company amounts, to £5750, allotment money £8340 12s Od, and calls paid in advance £1323 -11s 3d. Against these, receipts £3500 has been paid for mining leases, rights, and privileges, £1207 9s lOd for plant and machinery, £403 for plant expenses,. £4So for motor-lorry, £496 in development account, £955 preliminary expenses, -£2054 as -brokerage, ,£230,. for organising expenses, and £93 for office expenses. " At the- National Bank of New Zealand, Ltd. (Dunedin), there is a balance of. £7430 4s 7d, and. at the Com-' mereial Banking Company of. Sydney..Ltd . a balance at credit of W. 11. Gordon Trust' Account of £151.7 18s• Bd. It in estimated that there will be an additional £150 .to be expended under' the heading of preliminary expenses. : The authorised capital of this company is £100,000, 'divided into 5s shares. DEEP LEAD. The wash-up .of Deep Lead, Ltd.,, on Thursday, August 23, produced 60oz 7dwt of gold from 27 shifts. LEDI, SLUICING. The secretary to the Ben Ledi Sluicing Co.; Ltd.,. under date August 28, reports: The manager, Mr. D. J. Deegan. attended a,meeting of the directors in Christohurch yesterday to report pro-gress-of-', work-and discuss filial details preparatory, to commencement of sluicing operations. He . advised that the. whole race, together with all the necessary fliimiiig, was'completed with the exception of No. 4: flume -and a small amount of worit on No. 11l This would take about ten days to complete, and during this time the• layiriij of the pipe line would be pro-f-ceded" with. All the large pipes are.on the job. and the smaller-ones are expected within the next few days. .Provided these arrive on time., the - construction of the pipe line,.should be completed in approximately two weeks. Mr., Deegan is of the opinion that the race will easily carry fifteen heads of water, although ten heads will bo quite sufficient for the, company's purposes.. He reported that the supply of water- from the subsidiary streams at present is-so good that only-about one and a half heads would require to be':,taken" from the .intake,'although eight heads are available there, leaving a reserve of over six heads in the main stream. It is anticipated that active sluicing, will be commenced by the middle of September. THAMES TRIBUTERS' GAINS. ■ Two tributers in' the Dawn of Hope mine. Messrs. Sarich and Cropp. states the "Herald,''- Auckland, finished crushing three loads of ore at the Thames School, of Mines battery. From' this amount ihoy received: 2Coz 19dwt of gold.