MINING NEWS.

New Zealand Herald, Volume XLVI, Issue 14235, 4 December 1909, Page 5

MINING NEWS.

WAITANGI CONSOLIDATED.

CAPITAL INCREASED.

Ax extraordinary general meeting of shareholders in the Waitangi Consolidated Gold Mining Company was hold in the Chamber of Commerce, Swanson-street, yesterday afternoon for the purpose of considering proposals to increase tho capital of the company. Mr. C. Hudson, chairman of directors, presided over a good attendance. The proposals submitted by the directors provided for the increasing of the capital of tho company from £100,000 (divided into 100,000 shares of £1 each), by the creation of additional capital of £72,916 13s 4d by the issuo of 100,000 new shares of 14s 7d each, nil paid up; the creation of a reserve of 15,000 of such new shares, nil paid up; and the distribution of the regaining 85,000 new shares to those shareholders who might in writing apply for the same on tho basis of one share for every one share held by them, at one shilling per share premium. Tho Chairman explained that tho proposals were submitted with the object of providing funds to drive a low level tunnel and thus unwater the mine. Tho new shares would bo on an equality with those already held by them, i.e., the not liability on all tho shares would be 14s 7d. The reserve shares would be increased to 30,000, which the directors considered would enable them in the future to acquire adjoining property, or erect crushing plant. A sum of £4250 would bo realised by this means, which would bo ample to enable the low levels to be worked and the mine unwatored.

The resolutions m submitted were adopted.

The annual meeting of shareholders in the company followed.

Tho directors in their report, stated that the development of the mine had been retarded, owing to the presence of water in the winzes making it impossible to continue work. " This made the driving of a lower level imperative. During the voar the gold won had produced £849 17s 9d, and since the year closed a further parcel of 10 tons had been sent to Australia realising *3137 lis lOd, and 241 loads had been crushed or wero in course of treatment at the Thames. Tho report, and balance-sheet wero adopted, and the retiring directors (Messrs. J. C. Colbeck and W. Eddowes) re-elected. TAIRUA REEFS. The annual mcetinc of shareholders in the Taima Reefs Gold Mining Company, which was to have been held yesterday, lapsed for want of a quorum. The directors, ia the report prepared, stated _ that the operations carried out. in tho mine during die past year had been purely of a prospecting nature. Having located the Golden Hill reef to a point closo to the company's boundary, they had decided to take in hand the putting in of a low level, with a view of intersecting the abovenamed reef; this level had been extended a distance of 550 ft, and another 50ft should intersect the reef, when the directors honed to have favourable news to report. Tho retiring directors were Messrs. J. Dawson and M. Foley, neither of whom offered themselves for re-election. POINT RUSSELL. A statutory meeting of the shareholders in the Point Russell Gold Mining Companywas to have been held yesterday, but lapsed for want of a quorum. Tho directors' report stated that the total number of shares allotted was 45,000, paid to 6d per share, and 105,000 contributing, making a total allotment, of 150,000 shares. The total amount of &*.di received by the company in respect of such contributing shares was £2625. NEW SYLVIA. In connection with the new process which the Now Sylvia (.old Mining Company propose to use for tho treatment of their ore, Mr. A. T. Firth states that it is similar to that utilised by him when he had some of the company's silver ore under treatment. By this process, Mr.. Firth states, he obtained an extraction from a one ton parcel of 98.66 per cent, gold, and 89.4 per cent, silver, with a consumption of cyanide of 51b per ton. Mr. Firth also states that a copy of his process was deposited by him with tho Bank of Australasia early in August last. OTAGO DREDGING RETURNS. [by telegraph.— ASSOCIATION.]

DrjN-KDiN, Friday. Otago dredging returns:Maatcrton, oOoz 6dwt; Koputai, 330z 15dwt; Mystery Flat, 31oz sdwt; Electric No. 2, 2Poz'sdwt; Chicago. 270z; New Roxburgh Jubilee, 20oz 7dwt; Electric No. 1. 17oz 15dwt; Waikaia, 16oz 17dwt; Central Charlton, lloz sdwt; and South Waikaia, 6oz 17dwt. NOTES. In the Kirikiri Consolidated mine the leading stone has been extended 6ft. The leader is more defined, and of a promising appearance for meeting with gold. It is about 3in in thickness. The second stope has been extended 7ft. The loader there- is about Ift in thickness, and the quartz is showing a good percentage of bright mineral. The third stope has bees extended 6ft. At the Ngatiawa mine, Great Harrier, the leading slope has been advanced 33ft from the rise, and the ore won has been of better value. Samples of it are on view at the company's office. At the Sunbeam portion of the property the sampling and assaying of the various blocks has been completed, and shows that there are some highly-payable blocks in sight. Stoping. and driving has been commenced at No. 1 level going eastwards.