PUHIPUHI MINES.

Northern Advocate, 14 October 1918, Page 4

PUHIPUHI MINES.

N.Z. QUICKSILVER MINES, LTD,

The company known in Whangarei as the Cinnahar Ltd., operating at Puhipuhi, held its first reconstruction meeting in Auckland this week. The new company is called the New Zealand Quicksilver Mines Ltd., and the directors' report stated that the total number of shares allotted to date was 48,876, of 5/ each, and that of these 24,278 shares had been allotted as fully paid up, otherwise than for cash, and that 24,598 had been paid up to 1/. The total amount received by the company in respect of the shares allotted was £1229 18s. The preliminary expenses of the company were estimated at £120. The report was adopted. An extraordinary meeting of the company was held subsequently for the purpose of considering the question of the sale of the company's property. The chairman of directors stated that an offer had been made by a British company, through the British Trade Commissioner's office, to pay £500 for an option over the property until December, 1919, this company to send an expert, at its own expense, to inspect the property. The terms of the offer were a payment to the present shareholders of 5 per cent, in cash and 25 per cent, in fully paid-up shares in a company with a guaranteed working capital of not less thn £40,000. The chairman stated that the company had erected a small furnace of a limited capacity for the purpose of testing the lode, and that the result of the last few .months' working was the production of 180 bottles of quicksilver, of a value of £4125. The actual amount recovered from 500 tons of ore was at the rate of £8 per ton. The lode had been proved over an area of one and a-half acres, and it had been traced for over 1000 ft. A resolution empowering the directors to accept the offer received was carried, and this will be submitted for confirmation at a special meeting next week.