GOLD MINING.

Hauraki Plains Gazette, Volume XXXVII, Issue 5046, 1 November 1926, Page 3

GOLD MINING.

THE IMPERIAL COMPANY. SATISFACTORY PROGRESS. An extraordinary general meeting of the imperial Gold Mining Co., Ltd., rwis held on Thursday evening last, when the shareholders were well represented. The chairman of directors, Mr F. E. Flatt, pitesjded. REPORT. The following report pf the operations of the company was presented : ■*iour directors have reviewed the nna'ncial! position of tne company, and in view of the present capital being now almost exhausted propose to make the following recommendations for the consideration of the shareholders, with the object o'f raising 'further funds 'to exploit some of the reefs met with while driving the cipss-cut to the company’s eastern boundary.

“Since the company started opeiationsi in December, 1924, 340 'ft. of. the old drive has been cleaned out at h cost of £l6B, and a cross-cut eastward has driven ior a distance of. 49.1ft’ at a cost of £2 4s 3d per foot, the total, cost for these works being £1252 14s 2d. During this work ten small leade.s and four reefs were met with, assays being from 2s 3d to £2 las 6d ton. There is still, however, svft of driving to be done to reach the main objective pf the company's' formation, viz.; the reef under Specimen Hill. Although it was originally estimate a that 420 ft of driving would reach this point, a survey made recently, and which is shown on a, plan prepared by Kenny Bros, and before you tonight, discloses a further 130 ft of driving, making a total of 550 ft of cross-cut, “A glance at the balance-sheet will show to date: Receipts, £124'1 6s Bd, expenditure, £ll7l 4s 6d. Outstanding accounts (including OcbpbQi) . Wages, £127 10s Id; cash in hand, £7O .2s, 7d ; unpaid calls, £32 10s; expected subsidies, £64 15s 4d. Leaving an approximate balance of £4O at October 31, 1926. . “It is our opinion that several reefs, namely, Nos. 3,4, 6,9; and 13; should be driven on and tested, as they all lead into gold-bearing country. No. 13 and .the reef we expect to cut under Specimen Hill should receive special consideration, and should lead into country which has never been tried at a depth, and would be in close proximity to the area known as the Ballroom Patch. The operations of the. company have opened up a new area# and it is, Quite possible further exploitation should pijove valuable to the shareholders.

“To carry out this work further ‘funds are necessary, and your directors recommend that the 100 £lO shares now held in reserve be divided into 200 £5 shares, and that they be placed on the market L at £2 10s. on application ; a,nd £2 10s in not less than three months,; the present shareholders to have the option of taking up these shares for 14 days, after which they may be offered to .the public. “Application for further assistance has been made to the Mines; Department, and the Ohinemuri County Council has granted us’ a subsidy on a. further .150 ft making a totaj übsidy on 'ssoft.

“In conclusion your directors are of opinion the property is well worth further development, and solicit the practical co-operation of the shareholders in this direction.” Mr Edwin Edwards, secretary of the company, read a general financial statement of the. affairs df the company, the chief items of .which were embodied in the report. The total cost pf driving per foot wajs £2 4s 3d, le.ss administration £1 19s sd. The cost of clearing out the did level was £l6B. The driving average was 30ft a month.

In moving the adoption. Of the report the chairman said that the report covered the whole of the operations. to date. In 1924 .the company set out to get a reef under Prospect Hill known as Sheehan’s Reef, but the distance was greater .than at first estimated. The funds had bqen carefully expended, but it was; quite plain that further capital was necessary if they were to proceed. He was as optimistic as he was at the beginning, if not more so. Dealing with the reefs mqt with, he thought that these should be investigated, and submitted the following details of the assay values at 49ft formation :: (1) at 94ft, 4in leader, value nil; (2) 124 ft, 12in leader, value nil; (3) 130 ft, 24in reef, value 2s 4d; (4) 179 ft, 6in leader, value £2 12s 6d ; (5) 200 ft, 18in reef, value 2s 3d; (6) 211 ft, 2in leader, black, value £2 &s’ 6d; (7) 222 ft, 4in leader, value nil, 231 ft formation ; (8) 250 ft, 3in leader, value 4s 7d; (9) 332 ft., 24in. reef formation,, value 19s lid ; (10) 407 ft, 3in leader, value nil; (11) 409 ft, 12in leader, value 13s 5d ; (12) 421 ft, 15in leader, value 14s; (13) 452 ft, 18in leader, value nil; (14) 458 ft, 12in leader, value 2s 9d. There was also another leader cut a few days ago that assayed 6s 3d. It would, therefore, he said be seen that during thq whole length of the drive values, had been met with, but still

they had not reached their objective.

There was pow only 30'ft to drive, and should be finished in four weeks’ time. He was of the opinion that they should exploit this country. The shareholders should not be despondent. The Inspector of Mines, Mr M. Paul, Mr E. Shaw, county engineer, and the mine manager, Mr Bunting, were oS the opinion that they were driving in the 'correct line. The resolution was seconded by Mr A. D. McGuire and carried.

The charmajn then moved, and Mr

F. H. Claxton s'ejopnded, that the 100 £lO shares' be divided into 200 shares of £5 each. —Carried.

It was decided to hold a meeting td confirm the resolution on ‘Wednesday, November 10, at 8 p.m. In reply to a question the chairman said that he thought another £5OO arid subsidies should be spent.