‘No Authority Yet’

Press, Volume CVI, Issue 31086, 15 June 1966, Page 1

‘No Authority Yet’

Earlier yesterday in Wellington Mr Shand warned that, until mining rights were granted there was no authority for the company to develop and exploit its property at Moke creek, according to the Press Association.

He was commenting on the prospectus. The prospectus said: “The company was incorporated after intensive prospecting and research into the mineral resources of the Moke creek area with the intention of developing and exploiting the copper ore deposits which are indicated in the area and to further investigate the extent of the total lode in this area and surrounding areas.” Mr Shand said thi prospectus “quite fairly” emphasised the speculative nature

of the venture until all diamond drilling had been completed. It also pointed out that ore reserves indicated in the Department of Scientific and Industrial Research reports could not be considered accurate until proved by diamond drilling and blocking out.

“I feel I should emphasise that the promoters hold mineral prospecting warrants only and until mining rights are granted—and there is a right of priority for mining right to the holders of a prospecting warrants—there is no authority for the company to develop and exploit the property,” he said.

Mr Shand added that he wished to express his good wishes to the venture, but concluded: “Its success depends on proof that the lode and values extend both in length and depth.”