MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22389, 8 April 1936, Page 9

MINING NEWS

UPPER WATUT AREA OPTIOiN TO BULOLO Upper Watut Gold Alluvials, N.L. (New Guinea) has issued the following statement: "Following several inspections of the property of the Upper Watut Company, including the power scheme, by the management of the Bulolo Company, ;fche directors of the latter company, subject to arrangements with Watut shareholders giving them an option of a large share of interest, will, at the expense of Bulolo, immediately commence testing the whole of the Watut property for values, providing that a satisfactory option will be exercised and a management contract signed. At a meeting of tho Watut Company at the end of the month full details will be given. Tho directors of the Watut Company consider the proposals will greatly benefit the shareholders."

The Upper Watut Company was formed in February, 1935, to acquire options over areas on the Upper Watut Biver, Morobe goldfields,- New Guinea. It has a capital of £200,000 in os shares, of which 600,000 were issued to the public. There are several New Zealand shareholders. YIELDS OF COMPANIES Mataki Junction (West Coast). — Last week, 90oz. for 14,000 yards. The dredge is still working part-time only. CLUTHA RIVER PROPOSITION [BY TEI.EGEAPH—OWN CORRESPONDEXT] DUXEDIX, Tuesday Advice received in Cromwell states that "there are no prospects of the Clutha River dredging proposition of the Austral Malay Tin, Limited, being floated for at least a month or so and it is understood that shareholders of the Austral Malay group, particularly those in Austral Malay Tin, Limited, itself, will have prior rights of participating in any new issue that the group may release. The company is still operating two drills on the Clutha. MOUNT MORGAN DEVELOPMENTS Mt. Morgan Developments, Limited (Sydney) exercised its option over an area at Wai Savura, Fiji. Recently it was advised that the company was investigating an area about seven miles from Suva, and it was believed to be a newly-discovered mineral area. BROWN'S TERRACE APPEAL Brown's Terrace Consolidated Gold Mining Company, Limited (West Coast) has given notice of appeal against the decision of the warden at Greymouth. Mr. H. Morgan, S.M., who in the action of Redmond Goldsack Honey ordered _ the forfeiture of . the company's special alluvial claim over 100 acres at Brown's Terrace, in the Arnold river district