CLARKS HILL PROSPECTING COMPANY.

Tuapeka Times, Volume VI, Issue 270, 3 April 1873, Page 7

CLARKS HILL PROSPECTING COMPANY.

The new directory have held two meetings since their election, on the 18th and 26th ult. respectively. The business transacted was the completion of transfer of Trayes' lease, and fixing the terms of the lease from Mr. Clark, and the terms of agreement with the Gabriels Gully Quartz Mining Co.. registered. Messrs. H. L. Squires and F. Wedlake were authorised to superintend the carrying out of the contracts for driving the tunnel ; and Messrs. Hayes and Arbuckle were appointed brokers to the Company in the event of any shares remaining unallotted. The terms of the agreement with the Gabriels Gully Q. M. Co. are' briefly as follows : — For convenience sake, the first 800 feet of the tunnel, being the portion to westward of the quartz reef, is called portion A. The next 300 feet is wholly within the boundaries of the G.G.Q.M. Co.'s claim, and is called portion B. The remainder of the tunueHs within the Clarks Hill Co.'s own ground. 1. Clarks Hill Co. in any case to drive the tunnel until it crosses the line of the qnartz reef presently worked by the G. G. Co. 2. Portion A. G. G. Co. to pay rental on this portion ' (20 p.c. prime cost) from-the time of their commencing to use it, not being more than three months from the quartz reef being struck in the tunnel. Rental payable as long as the G. G. Co. continue to use tunnel. If the tunuel is used at the same time by the C. H. Co., the G. G. Co. to pay a proportionately reduced rental. 3. In the event of any new reef being struck within the machine site of the G. G. Co., they agree to allow same to be cancelled as far as may be required. 4. Portion B. If a new payable reef be discovered in this portion, the Clarks Hill Company to have the option of requiring the G. G. Co. topurchase this portion at prime cost, or to pay rental on the same as portion A, but no rental to be chargeable unlil the C. H. Go. decide whether the portion shall be rented or purchased. The G. G. Co. agree, in the event of such payable reef being struck, to chive at the rate of two shifts per diem along the course of the newly discovered reef, to the boundary of their claim, and to allow the C. H. Co. use of such drive for the purpose of prospecting their (C. H. Co.'s) claim in Clark's paddock, free of charge, except for wear and tear of plant. 5. Should the C. 11. Co., after completion of tunnel through portion A. agree at any time during the further progress of the work, to cease the construction of the tunnel through portion B, or through the Claries Hill Co.'s own lease (Trayes) to eastward of portion B, the Gabriels Gully Co. shall, thereupon, purel as • portion A at prime cost, less -any rent they may have previously paid thereon, provided that the G. G. Co. find their own reef at this level to be payable. Upon such purchase talring place, the C. H. Co; shall abandon to the G. G. Co. free of any consideration, the -whole of the tunnel constructed up to the date of such purchase. 6. If the Gabriels Gully Co. at any time purchase or take over the tunnel, or any portion of it, the C. H. Co. shall be entitled to have use of same and drives therefrom for carriage of quartz, #c., for the purpose of working any newly discovered lode, at an annual rental not exceeding 20 per cent of costs of same, if used solely by them, or at a proportionately reduced rental if used also by the G. G. Q. M. Co. ; Clarks Hill Co. to have use of tunnel and drives therefrom for prospecting at any time free of charge, except for wear and tear of plant.