MINING NEWS. TUI. SALE OF RUAKAKA LICENSED HOLDING.

Te Aroha News, Volume VI, Issue 298, 12 September 1888, Page 2

MINING NEWS. TUI. SALE OF RUAKAKA LICENSED HOLDING.

In a recent issue we referred to the fine exhibit of ore from this claim sent to the Melbourne Exhibition, one block of quartz, over 1501bs in weight, rich in sulphides of silver, and also containing a little gold. Negotiations with respect to this claim have been in progress with a Melbourne syndicate (Mr A. F. James, late of To Aroha, we believe, acting on behalf of the owners), for some considerable time past, and were recently completed on somewhat the following basis : The syndicate acquire in addition to the Ruakaka, L. H., an adjoining claim, the Mikado, or a total area of GO acres (the whole howererbeingknownasthe Ruakaka)and pay down £500 in hard cash to the owners, for the right to float, or otherwise dispose of the property within twelve months, the syndicate also to expend some £30 per week during that time in working and developing the mine. . Should the Company dispose of the property, they complete the purchase from the owners by paying them a further sum of £1,500 in cash, and 15,000 £1 shares fully paid up. Should the syndicate, however, not complete the purchase, thpy forfeit the £500, and the mine reverts to the owners with the full benefit of all work done thereon meantime. Work has been carried on steadily for some time past with very encouraging results ; and now that arrangements have been completed with a Melbourne syndicate for working the ground, operations will no doubt be entered upon with fresh vigour. Of late work has been principally confined to what is known as the No. 2 reef, but when operations are fairly started unler the new proprietors, early stpp=i will bo taken to develope the other reefs known to exist in the ground. It is very satisfactory to know that negotiations for thcdispo^nl of this mine have ended satisfac f on'ly ; and we hope the syndicate will be amply rewarded for their enterprise. Negotiations are in progress for the disposal of tho Montezama Special Claim, Tui, to a Melbourne syndicate for a good round sum. By train on Monday a sample box of ovo from this mine was despatched to Mr Thos. Quoi, Auckland, a\ ho we understand has the matter in hand.