MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21744, 8 March 1934, Page 5

MINING NEWS

MONOWAI RECONSTRUCTION A reconstruction of Monowai Gold, Copper and Lead Mines, Limited (in liquidation), with Waiomo Sulphide Corporation, Limited (liquidated), under the name of Waiomo Gold Mines. Limited, is proposed. The Monowai company was formed in 1932 to acquire claims and plant at Wuiomo, Thames, from the Waiomo Sulphide Corporation. The nominal capital of the new company is £30,000 in 300,009 shares of 2s each. Shareholders in the original companies are beinc offered 200.000 shares paid to Is 6d, 50,000 shares are being offered for subscription and 50,000 shares are reserved. The liquidator of the Monowai company states that an application has been received on behalf of a Melbourne group for an option to purchase the properties.

YIELDS OF COMPANIES Bell-Kilgour (Cromwell). —Last week, 12oz. Bdwt. from development work. FOURTEEN-MILE BEACH The first annual general meeting of shareholders of the Fourteen Mile Beach Gold Mining Company, Limited, which is operating a claim near Alexandra, Otago, was. held at the end of February. The chairman, Mr. J. Park, said the company was incorporated on October 14, 1932, and sluicing had been carried on from May 8, 1933, until tho end of the year, with a good deal of stoppage on account of high river conditions, the paddock being entirely flooded during the months of May and June. Approximately a further Beven weeks were lost during % the following month 3 through the same cause. ,The total gold won to date was '1560z. lOdwt. llgrs. The plant, was working very efficiently. Although not in a position to pay a dividend, the company had cleared expenses, in spite of adversa river conditions and difficulties experienced prior to the recent appointment of Mr. Arthur Donnelly, of Roxburgh, as manager. PROGRESS AT GLENROY The directors of Gleoroy Gold, Limited, which is to operate near Murchison, have accepted the tender of John Duthie and Company, Limited, for the supply of steel plates and rivets and that of Mr. D. Hartill, „of Westport, for their manufacture into pipes. The contract for the construction, of the water-race has been let to Mr. R. Yellowloes, of Reefton. All work is proceeding satisfactorily. MOLYNEUX CAPITAL The recent London cablegram to the effect that tho Molynoux Gold Dredging Company is issuing 1,250,000 twoshilling shares, which have been underwritten, concerns eight miles of the river from Alexandra downstream, and areas placed under offer to the late Mr. F. W. Payne, of London, and his son, who have been negotiating for the formation of a London company with a view to placing a largo dredge on the river. ,