MINING NEWS.

New Zealand Herald, Volume XLVII, Issue 14345, 15 April 1910, Page 3

MINING NEWS.

CROWN. The general manager of the New Zealand Crown Mines, Limited, has not yet received official confirmation of the proposed reconstruction scheme outlined in our cables of yesterday. According to the information to hand the proposal is to form a new company, with a capital of £100,000, in 4s shares, the Consolidated Goldfields Company, of Reefton, to have the option of taking up 150,000 shares at par for guaranteeing the working capital. The present position of the company is that of the 200,000 £1 shares in the concern the entire number have been issued, and paid up to the full value, so that there is no more- capital to bo called up. It is'evidently the intention, now that the mine is equipped with a, fine up-to-date electrical plant, to raise sufficient funds to allow more vigorous underground operations to be I undertaken. It was expected that some steps would be taken to increase the company'.! financial resources, either by the issuo of debentures or reconstruction. The number of 4s shares to be created under the new scheme would be 500,000, so that deducting the 150,000 proposed to be allotted to the Consolidated Goldfields Company, there would remain 350,000 for distribution amongst present shareholders, and for placing in reserve to the company's credit. ROSS GOLDFIELDS. . [BY TELEGRAPH.— ASSOCIATION'.] ■ HoKrnKAj Thursday, Further delay has beer', auscd in the operations at the Ross (Joldfields Company's tramway, work having been suspended pending the removal of some trees which are close to the transmission line, between Hokitika and Ross. As soon as. this work is completed, the pumps will be started. Immediately the shaft is unwaterod the permanent pumps will bo installed, and after the old drives are in a suitable condition to work in, mining operations should be commenced. ■ i i NOTES. The manager •of the New Sylvia mine, Thames, reports that the reef at the low level in the drive north is showing a width of 3ft to 4ft. The values are low, though the face at. last breaking down showed a decided improvement, the reef being inclined to widen. The latter is making a strong band of copper pyrites in the centre, which should have a favourable effect on the values. The reef also bears a more regular appearance, and is again showing veins of galena ore. Tenders have been called for driving 100 ft in the south face. The contractors havo completed the chamber and sunk the shaft 7ft. The water so far has not troubled the contractors much.