MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21912, 22 September 1934, Page 7

MINING NEWS

NOKOMAI COMPANY LONDON, Sept. Nokomai .Gold Dredging, LiniltecljJ New Zealand, with a capital o| £450,000, has been registered. A London group of underwriters re* cently exercised an option over thJ areas held by the Nokomai Gold Miis ing Company, Limited together with areas known as Cam* eron's Freehold and the Mataura area* a total of approximately 1000 acres. Da* tails were published in the Hbkalp oil Thursday. YIELDS OF COMPANIES Goldfields Dredging (ShotpverLcH 230z. 15dwt. for 156 hours' dredging! during the fortnight ended September 21. King Solomon (Gore). —This week* 560z. 17dwt. PROGRESS AT SKIPPERS Skippers, Limited (Shotover), m ports that the flume has been com) pleted and the rock at the intake blasted, and now most of the river runs through the flume. The driving of tlul steel piling to shut off ths river comj pletclv will now be proceeded with and when this is completed the river will be diverted into the flume and all the ground between Maori Point and the flume intake unwatered and exposed for operations. A directors' meeting will be held at the claim this weekend to decide the immediate sluicing programme. PLACER DEVELOPMENT At a meeting held in Vancouver ori August 2 shareholders of Placer Dtv» velopment, Limited, passed a resolution increasing the nominal capital ta 1,000,000 dollars by the creation of 100,(300 new shares of five dollars eachj Shareholders are now being given the right to subscribe for 20,500 of the ne*j shares at a price of 50 dollars (Canarl dian) in the proportion of share for every five shares held. SHARE ISSUE TO PLACER As authorised at the extraordinary! general meeting held on December 18,j 1933, supplementary agreements have been, made with Placer Limited, under which that company has now been allotted ' 150,000 fully* paid shares in Bulolo Gold Dredging/ Limited, on account of the purchaser price of the Bulowat-Burnside areas) (New Guinea), as contemplated by thai original agreement of January 22,; 1932, thus bringing the total issued l shares of Bulolo Gold Dredging, Limited, to 915,000. The balance, if any, of the purchase consideration will be determined and allotted before October* 15, 1935.