MINING NEWS.

New Zealand Herald, Volume LVI, Issue 17101, 5 March 1919, Page 4

MINING NEWS.

— — ■ i Slllf REVIVAL AT COROMANDEt, — i - OLD HAURAKI MINE, * " ' I '' ; ?41111 "• fillip NEW COMPANY FOEMINQ? 1 ' Shareholders in the Old Hauraki <£>ij ' ■ Mines, Ltd., have been notified by the 'i-9 directors that a new company will shortly """ ~ be floated to Work thip, well-known mine V-»'"-' at Coromnndel. The 'mining property "'"''A pumping plant, etc., has been held under * % an option for soma time, and this is about '*'M\ to be exercised by the holder. The direc- . s'lff tors v of tho present company .have accepted V;''his proposals, which are to 'form a new '■-■'.\U ; company with a capital of £50,000 in 4_§| 100,000 shares of 10s each. It is proposed - ''Mh that the vendors and promoters shall Jo. ; ceivo 55,000 fully paid up shares, of which •!•'•'%! they are to give the shareholders in the * ■• present company 14,000, besides paying the - ' §?* liabilities. This will l«aV 6i %1 05,000 shares to bo sold, giving the new *M company a working capital of £52,500. The 'i proposed company is being floated privately, and it is understood that practically g'll .-;';" the available shares have already A>tna '% ■ taken up. It. is expected that tho option ;'< will be completed within a month. :'"•' The presont shaft at the mino is down : 400 ft, and it is likely that the new owners ; will either sink it a further 200 ft and open .■; . up a 6fWft level in order to pick up tho *V run of gold worked ia the upper levels, of ';."-s<■ sink anoiher shaft in the Green Harp sec- * 's, tion of the mine, nearer to the sea,. The : #' Old Hauraki mine has been a large bullion- ' > producer in the past, bavins yielded ,r ;'. £427.000 from the comparatively shallow ' f i depth of 400 ft, the deepest level in the mine. . ;V", Several rich chutes of gold have been found %'. in its reef system, notably in Legge's reef) '_••■ from which valuable specimen gold has i-%' been taken. The probable early resumption *v-' of mining operations in the property,. Mi therefore, is interesting _in that it offers, a &M prospect of a revival in the industry go lW\ far as the Coromnndel field is concerned. |§§'