MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21951, 7 November 1934, Page 9

MINING NEWS

NOKOMAI SALE COMPLETED DETAILS OF TRANSACTION [BY TELEGIUPH —PRESS ASSOCIATION] DUNEDIN, Tuesday The Nokomai Gold Mining Company, Limited, reports that it has agreed to sell all its undertaking and assets for £65,000 to the Nokomai Gold Dredging Company, Limited (London). The material terms of the sale are briefly as follows: —£15,000 in cash and the balance of the purchase money (£50,000) to be paid by the issue to the vendor company of 500,000 fully-paid shares of 2s each in the capital of the London company; in addition, in consideration of the vendor company agreeing to sell upon these terms, a third party has agreed to pay and has since paid to the company £2OOB. This means that the total amount payable to the company in cash and shares is £67,008. The company has also received from Industries, Limited, and the Vulcan Steel Construction Company, Limited, respectively, deeds of release from all claims and liabilities by the company to either of these firms.

The capital of Nokomai Gold Dredging, Limited, is £-150,000. This company was floated in London in September to take up an option over the Nokomai Gold Mining Company's properties secured by a London group of underwriters. Negotiations have been in progress since June. The issued capital of the vendor company is £UO,OOO in shares of os each.

AUSTRALIAN YIELD INCREASED An increase of 46,400 fine ounces is shown in the production of gold in Australia for the first nine months of 1934, compared with the same period last year. The total production for the period is 652,831 fine ounces. A remarkable increase in the yield of Queensland in the last two years has been due largely to the production of the Mount Coolon and Golden Plateau mines. The Victorian yield has been increasing steadily with the reopening of old mines and the development of some new fields, such as that at Gordon, near Ballarat. Returns from the State batteries, which crush mainly stone won by prospectors, provide another important factor in swelling the total yield. REPORTS OF MANAGERS Dawn of Hope Gold (Thames) .—Stoping on the hangingwall of the Golden Age reef has been in progress during the past week. The reel' continues to show gold for the full length of the stope. A few pounds of rich specimen stone were secured from the general ore. The work of opening up the low level is proceeding very satisfactorily.