THE WAIHI MINE

Taranaki Daily News, Volume LIII, Issue 242, 18 February 1911, Page 2

THE WAIHI MINE

CAPTAIN RICHARDS' REPORT. By Telegraph.—Press Association. Auckland, Friday. Captain Richards has cabled to the London office of the Waihi Company the result of his inspection of the Waihi mine. He states that the work being done compares favorably with good mining and milling practice elsewhere. He confirms the necessity to reduce the output, and is convinced that the directors may rely on the official statement of ore reserves. He is of opinion that the price of shares has for several yours been largely in excess of their actual value, based on the ore reserve figures published annually. The ore diminishes in value with the depth more slowly and less than in most other big mines, but does not show any sudden change of note. He concluded: "Recent developments in the lower levels may indicate the approaching end of the ore body at a depth, but it may be only that an impoverished zone is coming in, also it may point to a zone of poor ore occurring between hydrogenetic and pneumogenetic ore. I should prefer to adopt these last two as working hypotheses in developing the lower levels. I cannot give any opinion definitely asi to the prospects at No. 10 level without more information than is available. I consider extensive explorations are necessary over the undeveloped area of the Waihi Company. I quite agree with the proposed direction of the prospecting drives already started." Wellington, Friday.

At a meeting of the local committee of shareholders in the Waihi Mine today it was decided to cable to the London directors as follows:—"Shareholders consider the manner of Captain Richards' examination too cursory and limited, and desire report in terms of shareholders' resolutions of February 1 notified to the local authority.