MINING NEWS

Wanganui Chronicle, Volume 77, Issue 210, 5 September 1934, Page 11

MINING NEWS

BRIAN BOBU DREDGE. In accordance with a requisition from a number of shareholders of the Brian Boru Gold Dredging Co., Ltd., ar extraordinary general meeting of the company will be held on September 10 at Greymouth, to consider the follow ing proposals:—(l) To pass a resolu tion or resolutions pursuant to clans* 79 of the articles of association remov ing all or such one or more of the direc tors now in office as the meeting maj deem expedient. (2) To select sevei shareholders in the company to act a a protective committee and to pass f resolution appointing such persons tx be a committee and vesting in then such powers as may seem to the meeting expedient in the interests of the com pany. (3) To appoint such person o persons as the meeting may think fi to be directors of the company. Th< directors state that the extraordinary general meeting of the company re furred to is being called at the requea of 20 shareholders holding in the aggre gate 65,300 shares out of a total of 32; shareholders holding 540,000 shares. “As the requisitionists have give: no indication of the reasons actuating them in proposing that directors be re i moved from office, we are naturally ; placed in a position of not being abl< • to combat the proposals . . , Thi directors ask shareholders to suspenc judgment until the whole of the fact: are known. They desire to assun shareholders that they are doing theb . very best in the interests of the com pany, and although the returns fron the company’s dredging operations art at present little more than sufficient t< ; cover working expenses, the linancia : position of the company is thoroughly ; sound and when the returns increase as they must do when the worked ares , at present being dredged has been gom through, dividends will again be avail able for distribution. Accounts ari : paid each month, there are no charge i on the company’s property, and then is always a substantial sum in the com ; pany’s current account at the bank ; The dredge and plant are nov thoroughly efficient and in first-clas. L order, and when the virgin ground i . reached there is every reason for be i lieving that substantial profits will bi r earned, ensuring payment of regula ’ dividends to shareholders. Work at Waihi. The following information has bee: \ cabled to the London office of th Waihi Gold Mining Co., Ltd.:—No. level: Martha lode, north branch—W are now preparing to stope. No. ' level: Martha lode, west—The cross cut at 800 ft. is now out 85ft. north ' west. No. 6 level—Martha lode, nortl branch. We are now rising at 151 ft ’ west and the first 15ft. is ore of goo< J grade. The width of the vein is abou ‘ 18in. No. 7 level: Martha lode, norti ' branch—We have intersected a leade ' at 240 ft. west, 4in. wide, and assaying [ 42s 9d a ton. The course is 291 degree and vertical. We have now driving, west-north-west on its course 1 No. 12 level: Edward lode —We hav commenced driving south At approxi mutely 340 ft. south of No. 2 shaft. Th- : first 10ft. assays 18s 3d ton. Gram ! Junction No. 6 intermediate level Royal lode—l Driving east, the next 9ft 1 assays 41s a ton, making a total o 53ft.. The reef is disturbed at thi point, and the next 13ft., bringing th total to 66ft., assays 19s 3d a ton, tlr ' width of the lode being about 4ft. Skippers, Ltd. Reporting on thte work carried out a • the claims of Skippers, Ltd., during th- : past month the company’s consultin. i engineer states that weather condition ) were very unfavourable during thi period, there were two heavy falls o snow. During the latter half of th i month heavy floods delayed work bot. i in the paddock and on the completin; ; of the fluming. The latter, howeyei - withstood the heaviest of floods with i out suffering any damage. Before th . floods caused a cessation of work in th i first paddock, two-thirds of the arc: i had been bottomed without any dis j closure of importance. A deep crevic( - filled with big slabs of schist, was en 1 countered near the head of the pad s dock Up to the times the floods oc , curred the wash had not proved to b > auriferous in this crevice, when it wa still being worked in a downstreai direction. i By the middle of the month there re mained only a distance of 30ft. of fluni ■ ing to be laid; this work has slowed u; 1 owing to the intense cold and continue- ■ flooding, no work at all being possible • for 12 days. The Diesel electric pump 1 ing plant was working when require • during this period, and enabled opera tions to be carried on when the water races were frozen over. The down stream end of the paddock would b< cleaned up, while the connecting of tin piling with the fluming was beim carried out. As soon as this had beei done, the pipes could be laid on to th< site of Mr. Smith’s first paddock where he had to abandon a good run o gold owing to the seepage from th< river being too heavy for his elevato to cope with. It is anticipated tha good gold returns will result fron working this portion of the ten-acr-beach. There still remained a goochance of a run of gold being en countered at the down-stream end o the first paddock, as a portion of it ha< been protected from the scourin; action of the waters coming out of thgorge by a projecting spur of rock This area would be workable as soon a the short length of piling being drivci between the existing piling and th fluming was completed.