MINING.

Lake County Press, Issue 2118, 17 May 1906, Page 5

M INING.

It is quite possible that the CrifFol will continue operations again before winter aets in. Efforts aro being made to clear the water races of snow, which in the present hindrance. We hoar that quite a rush lias not in on Criffol Face below the Griffol Coy's claim arid opposito Branch Creek. A considerable portion of GrifFcl Face has boon pegged off by minors and it is said that, the whole of tho available country will ere long be taken up. Tho gold return for tho year from tho Nokomai Hydraulic was a record, 273%k, worth LlO.IMo" j:.i-;, having beer: won, of which 1,3390k lOdwt was from No. 1 elevator and l,y»0oz Idwt from No. 2. Dot of i-Ids L 3,600, or 15 per cent. on the capital, had been paid in dividends. A white diamond, weighing carafe, has been found by a digger at Kurroepan, near Kimborley, who sold it for L 2,691. I

Dredging returns ; Waikaka [Tinted I 07oz 3,1 wt, Golden Dud Gloz, Rise and Shine I 550z, Sandy Point 3(>oz lOdwt, Rise and Shine II 250z I3dwt, Rising Sun 240z Idwt, Olutha River 230z, Waikaka United !I 22,rz 4dwb, Dulerpriso 17'‘Z 3dwb, Clyde 17i>z, Waikaka Queen LOoz ICdwt, 01 rig Inez 9dwt. Royal Waimuinu Inez, Molyneux Hydraulic lloz iodwb, Waikaka 10oz 14dwt, Otago II lOoz. Shotover Quartz-mining Company. The report of the directors of this company has been presented for the half year. In presenting the balance-sheet and report the directors regretted to state that it was found impossible to resume operations at the mine owing to the financial state of the company. The debentures taken up to the extent of LISOO wore mainly taken up by the directors themselves and fcho creditors. The hoard endeavored to formulate a scheme to resume operations and hud been in consultation with the directors of the Ophir Mining Company, of Dunedin, whose property is situated in Mathinna, Tasmania. The Ophir Company stated its wiiimgncss to divert its capital to the Shotover mine if the conditions should bo favorable. . .

Trio Boards of both company's had agrcod on an amalgamation scheme. During the last month a portion of the mine—namely, the leaso cm tho eastern side of tho riverhas boon let on tribute for a term of two years, tho tributors to pay the company 10 per cent, of all tho gold won, and to drive and timber a level on tho lino of reef. The balance sheet portion of fcho report states that the return of bullion for tho sis months ended April 14 was 34ozl2dwt 3gr, of a value of £127 17s lid. On April 14 thoro wore sundry debtors totalling £23, while contingent guarantee account was set down at £750. ()n the other hand, sundry creditors totalled £95, there was an overdraft at tho bank to tho amount of £652, while tho debenture account stood at £ISOO. The object of the amalgamation of both properties is to secure tho necessary capital to carry on tho company, and thus avoid liquidation. The directors are satisfied that amalgamation would be advantageous, but it could only be effected by putting this company into liquidation, with a view of carrying out the arrangements made by both companies. The Ophir Company's property is the adjoining property to tho Golden Gate mine, which has boon worked for many years and with great success. Tho quartz reef in the Golden Gate mine is worked up to within about 300 ft of the boundary of tho Ophir claim, and is heading direct into the Ophir property. They have at the present time lost tho reef owing to a fault or dislocation in the roof; but this happened before, and tho reef was again discovered, and was found to carry as good gold as ever. Ths Golden Gato reef is 30ft wide, and has been opened up by a shaft to a depth of IGOOft, and has paid over £340,000 in dividends in 17 years. It has been arranged that only sufficient money is to bo expended on tho Ophir property to koop titles good and eventually it is intended to realise should a favorable opportunity occur. Tho proposed now company will have a capital of £14,000 divided into 14,001) shares of £1 each. The 14,000 shares forming tho capital of the new company will be allocated thus :—The Shotover Quart:', Mining Company (No Liability) will receive 5000 shares fully paid | up to £1 ; tho Ophir Mining Company (Ltd.) will recoi-'o 3000 shares fully paid up to £l. The Ophir Mining Company (Ltd.) has already arranged for applications from subscribers. These names have been approved by the directors of tho Shotover Quartz Mining Company Liability) for 3000 contributing shares of £1 each. Such subscribers are to bo entitled to a bonus in paid-up shares of .£'l fur each £1 of contributing capital paid to the new i company, and may pay up the contribu- j ting shares in full at any time if they so j desire ; but thoy reserve to themselves tho I right to pay the whole of the contributing j shares in full at any time, and to bo entitled to the bonus shares—that is, 3000 shares fully paid up to L'l. The 5000 fully paid-up shares of £1 each will bo allotted to the shareholders and dobontureholders as follows :—Debenture-holders will receive 3.000 shares for tho £ISOO of debentures held by them ; tho preference shareholders 830 shares, in the proportion of one share to every six paid-up shares of I 5s each held by them, and tho ordinary shareholders 1170 shares, being in the proportion of one share for every 20.51 paid- ! up shares held by them.