Page 2 Advertisements Column 3

Mount Ida Chronicle, Volume XVII, Issue 937, 8 October 1887, Page 2

Prospectus. j .PROSPLCTUS A OF - I GREEN'S REEF AND SEAM'i WORKINGS CO., LTD., .1 OPUIIt.CESTiIAIi OTAGO \ I (To be Incorporated & Registered under '■ the provisions of the Mining Companies Act, ISB6 ) CcupitaX - - £7500 In 25 000 Shares of 6s each: Of which 5000 shares, paid up to 5s each, are reserved as part payment for the purehasß of the property, the remaining 20,000 being offered for Public Subscription on tbe following terms:—ls per share on Application; Is per share on Allotment; and the balance (as required) in calls of, and not exceeding, lgd per share, at intervals of not less than one month. It is confidently anticipated that the operations of the Company will not necessitate the calling-up of more than 3s per share, inclusive of the amount paid on application and allotment. PaOTISIONAL iJIEECTOBSt Vincent Pyke, Esq , M.H.R., Dunedin George Sumpter, Esq., Merchant, Oamaru William Green, Esq., Mining Geologist, Ophir (Managing Director, pro tern) John Pitches, Esq., Merchant, Ophir Dr. Butler, Ophir Matthew Thomas, Esq., Mine Mnnnger Great hastern G.M. Company (Ltd.), Rough Ridge N. P. Ujorring, Esq, Mayor of Naseby G. W. Mason, Esq., Managing Partner of Mason and Co.'s Hydraulic Mining Works, Naseby.

Bankers: The Bank of N.S.W,, Ophir and Naseby. Solicitors -. Messrs Stout and Mondy, Dunedin. Brokers: Messrs E. Strong and Co., Naseby. IT is proposed to form a company under the above title, with the object of acquiring and working, on the most approved scientific principles, the remarkable gold discovery at Ophir, Central Otago, variously known as " Green's Reef" and " Green's Seam Workings." The property consists of a licensed holding of 20 acres, which takes in a number of goldbearing veins, with their adjacent auriferous rocks, besides the present workings of the proprietor, and includes the whole of the known and proved payable ground of these formations ; also the following Mining Privileges :—Two water-races, four reservoirs connected therewith, and all plant and tools on the claim. J he claim, with the whole of the privileges enumerated, will be purchased by the company for the sum of 582750, to be paid as under:—£l7so in cash, and the balance of £IOOO in 5000 shares (reserved, as stated above) paid up to 5s each. These scrip will receive dividends in the same proportion, and at; the same rate, as contributing shares. The 20,000 shares offered to the. public for Is on application and Is on allotment will realise £2OOO, of which sum the proprietor will receive £1750, and the balance of £250 remain to the credit jof the company, with which to commence active work immediately after its formation. The proprietor will pay all the preliminary expenses of floatiug, brokerage, commission, printing, advertising, aud all oosts incidental to floating and incurred up to the time of allotment. The company will thus commence operations clear of all debt and with a credit balance of £250. The claim is convenient of access, so that the expense incurred in getting the claim into effective working order, and erecting the necessary machinery, will not exceed £l5O. Splendid prospects have always been, and are daily, obtained from the claim; and the promoters have no hesitation in saying that not only is it one of the best mining properties in the island, but that it is very cheap at the price at which it is offered (£2750). This statement is fully verified and confirmed by an able report, which was made on the discovery, at the instance of the Government, by Professor Ulrieh, F.G.S., mineralogist at the Otago University. A copy of the report, as well as a plan of the claim showing three geological sections at different localities, and a beautil'ullv lithographed plan of the claim, is appended to the prospectus. It is proposed to work portions of the formation by the ordinary method of sluicing, and to reduce the other portions by a puddling-machine and a Chilian mill, in order that the maximum amotnit of gold may be obtained. The Lauder race, which is a valuable right, is registered to carry five Eogburn heads of water; and the holding capacity of the reservoirs can, should it ever bo found necessary (and it is not probable it will), be appreciably increased by a veiy small expenditure in raising portions of the embankment. It is, of course, very difficult to accurately estimate the quantity of stuff that can be got away daily or weekly; but when the claim shall be in full working order (which cannot possibly be more than four months after the registration of the company) it is calculated on the very lowest estimate that from 900 to 1000 tons of auriferous debris will be turned over weekly and disposed of, thus enabling the company to pay all current working expenses (which will not amount to more than £2O per week) and lay aside the balance for the declaration of dividends after the ordinary cleanings-up. It will thus be seen that the prospects of the company are of the most brilliant description. Success is practically assured, and it is only a question of a little time for shareholders to receive remunerative dividends on their invested capital at regular intervals.