IMPERIAL MINING COY.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5124, 11 May 1927, Page 2

IMPERIAL MINING COY.

ANNUAL GENERAL MEETING.

SATISFACTORY PROGRESS SHOWN

The third annual general meeting of shareholders of the Imperial Gold Mining Co. Ltd. was held hi the Soldiers’ Club, Paeroa, on Monday, the chairman (Mr F. E. Flatt) piesiding over a good attendance. In the course of the annual report it was stated that during the past year 315 ft in the- cross-cut had been driven, making a total of 565 ft. The company had also driven 48ft, 30ft, and 20ft on three of the reefs cut, and the, results and assays of, those particular reefs were disappointing. Prospecting work was also undertaken in the area known as Ballroom Gully, which is a portion of the unexplored part of the Karangahake goldfield. The. mine manager (Mr J. Bunting), while prospecting in that locality discovered several reefs, one of which he has explored. Samples taken from different parts of the reef assayed as follows : £7 Is 7d, £8 19s lid, £lO Os 6d, and £l5 10s 7d. Encouraged by such returns, the directors decided to put in a prospecting tunnel about 60ft below the reef, which it is estimated will require to be driven approximately 70ft to cut the reef. It is also expected that by continuing the. cross-cut to a total length of 200 ft the four reefs which have been divined on the surface will be- intersected. This work was put in hand at the beginning of April, and 33ft has already been driven. Mr P. Grace, who is one of the early prospectors, has spent several days on the clai.m with the mine manager, and in a report. Mr Grace- strongly -recommends the. continuation of the work commenced by the company.

Referring to the financial side of the company’s activities, the balancesheet showed that up to January 31 last the sum of £1394 had b®en collected, of which sum approximately £1360 had been expended. To enable the company to raise additional finance the directors placed on tne market 200 £5 shares., and had disposed of 75 of that number.

The chairman in his address appealed to the shareholders to take up the additional shares, as he felt sure that the reef system now being exploited warranted full investigation. He pointed out that any movement in mining at Karangahake would be of material benefit to Paeroa, and said he hoped that the business people of the town would" assist in the progress and development. It was gratifying to report that already several shareholders had signified their intention to take up additional shares. ELECTION OF DIRECTORS. The- retiring directors, Messrs F. E. Flatt and G. P. Lamb, were re-elected, and Mr A. F. Steedman- was elected to fill the vacancy on the directorate caused by the death of the- late Mr Edward Shaw. Mr Flatt was re-elect-ed chairman, and Mr G. E. Allen was appointed auditor. After further matters had been discussed hearty votes of thanks were accorded the chairman and Messrs M. Paul (mining inspector) and J. Bunting (mine manager)i