MINING NEWS

New Zealand Herald, Volume LXX, Issue 21533, 3 July 1933, Page 5

MINING NEWS

CORNISH POINT COMPANY A decision to form a new company with a nominal capital of £12,000 to acquire and work the Cornish Point Gold Mining Company's claim, Cromwell, was made at a special meeting of shareholders held in C'hristchurch. It was stated th.at £3OOO would be required to put the claim in full operation. The following resolution was passed:—"That the company sell all I its assets to a new company to he formed for the purpose of acquiring and working this company's special claim, the consideration to be £5600, payable as to £-1975 by the allotment of 99,(300 fully paid shares of Is in the capital of such proposed company, and as to £625 in cash, the company to have a nominal capital of £12,000 and to take over the liabilities for the repayment to the Mines Department of £250 granted to this company as a subsidy." The resolution will be placed before the annual meeting of shareholders for confirmation. The Cornish Point company has a nominal capital of £IO.OOO, tho shares issued being 153,101 fully paid at Is, and 26,354 10 per cent preference shares of Is. GILLESPIE'S BEACH CALL The Auckland Stock Exchange has been advised that the directors of the Gillespie's Bench Company, South Westland, have not yet made a final call of 3d 011 shares, which arc now paid to 9d, but intend doing so about July 20. AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at . the Melbourne Mint, for the week ended .June 23, was at the rate of approximately £6 17s 8d a standard ounce (22 carats), equal to a premium of 76.78 per cent. Payment is made according to the assay value of the gold. The price was 5d lower on tho week. The price per ounce fine was £7 10s 2d, a fall of 6d on the week. The Commonwealth Bank's price for sovereigns at head office, Sydney, remains at 355. REPORTS OF MANAGERS Talisman Dub bo (Karangahake).— The drive at No. I Talisman level has been extended Bft. for the week. The total width of the reef is 3ft. 6in., and is good grade ore. Good sulphide quartz is still being broken. The Dawn of Hope (Thames). —The reef formation reported 011 Thursday was intersected some 50ft. in the cross-cut out from the Golden Age. The formation is about 9in. in width, having an underlie to tho north and is composed of pug and rubble, with quartz leaders intermixed. From one of these leaders we obtained a little picked stone. We have started to drive seaward on it and are of opinion it is Christie's leader some 150 ft. to 200 ft. hillward of where very rich values were mined.