PROTECTION FOR CLAIMS

New Zealand Times, Volume XXXVIII, Issue 8737, 20 May 1914, Page 8

PROTECTION FOR CLAIMS

Press Association. WAIHI, May 19. _ An. application at the Warden’s Court to-day on behaJf of James Blackman, mining engineer, and several English, investors, is of unusual Importance to the Waihi field. The application in question was for protection for two of the five claims in the old Komulus group, the Waihi Prince and Waihi Princess. The declaration which accompanied the request showed that Mr 0. Kooko Williams, of London, had some months ago entered into negotiations with a powerful financial syndicate who expected to be able to commence active operations on the group of claims early this year. These negotiations, however, were interrupted owing to the syndicate’s large interests in Mexican ventures becoming involved by the serious trouble which has since invaded that country. The withdrawal of certain capital to be used in exploiting the Waihi properties was, under the altered conditions in Mexico, rendered impracticable. This was an unlookedfor setback, and much valuable time had been lost. Ultimately Mr Williams was successful with 'another strong English syndicate, who confidently anticipate the immediate raising of capital amounting to £15,000 to carry but preliminary development work. With this capital they hope to provide sufficient proof of the value of. the properties to warrant them in proceeding with the flotation of a larger company. The first work decided upon is the putting down of a vertical bore of 2000 feet. With this object an application is being forwarded to the Mines Department for the use of the Government diamond drill.