MINING NEWS.

New Zealand Herald, Volume LXIX, Issue 21201, 6 June 1932, Page 5

MINING NEWS.

NOKOMAI CAPITAL. SHARES OVER-SUBSCRIBED. TJie contributing capital of £40,000 in the Nokomai Gold Mining Company, of Dunedin, in 160,000 shares of 5s each, has been over-subscribed. The electricity generating plant and the drag line jjower excavator are in course of construction and the directors expect that the whole of the plant and machinery will be completed and in operation by the end of this year. The company's mine is situated in Central Otago. £

WESTPORT-STOCKTON COMPANY; SMALLER OUTPUT FOR MAY. Tlio output from the Westport-Stockton Coal Company's mines for May was 11,562 tons, compared with 12,692 tens for tho corresponding period last year, a decrease of 1130 tons. CORNISH POINT CO. ENGLISH OPTION GRANTED. The directors of the Cornish Point Gold Mining Company, Ltd., Central O£igo, report that after protracted negotiations an option has been granted to a group of English capitalists for the purchase outright of the Cornish Point Gold Mining Company, Ltd., on the basis of 6d a share in cash to shareholders and 6d a share in fully paid-up shares in a company to be formed, and a further consideration is to be paid should certain specified events take placo. The option has been S l%en subject to the ratification by shareholders.

BULOLO DREDGING COMPANY.

MONTH'S YIELD OF £13,200

I\f r F. C. Dunn, of Christchurch, New Zealand attorney for Bulclo Gold Dredgi Company, Ltd. (New Guinea), re"®ts; "The yield for the 28-dav period ended May 23 amounted to 48§70z. of bullion from 248,300 cubic yards, of an approximate value of 66,000 gold dollars. The total yield for the 28 days is valued at approximately £13,200 on a gold basis, as against £11,728 for the previous period.