The Cobar Herald, Saturday, 24th march, 1900.
MOUNT BOPPY GOLD-MINING
COMPANY.
This is a company with a capital
of £110,000, a modest one as gold
mines go nowadays. It, however,
deserves attention, for we, ('Mining
Journal of London') notice that
Messrs J. Taylor and Sons, the well-
known consulting engineers, appear
to be interested in its success. Few
people, perhaps, have better opper-
tunities of picking up something that
is good in gold-mining, and the pros-
pectus affords evidence that this firm
is bona fide interested in the ulti-
mate prosperity of the concern, for
not only do they appear as the con-
sulting engineers and managers, but
among the directors we find Mr Frank
Taylor, and after a careful perusal of
the particulars of the proposition we
fail to find anything which does not
appear to offer other than reasonable
and fair terms to the possible sub-
scribers for shares. Everything,
indeed, appears to be as it should be,
open and above board. We note an
absence of the now usual waiver
clause, which itself points to the fact
that the promoters have neither any-
thing to conceal nor any desire to
keep anything back. The vendors
and promoters are the Anglo Aus-
tralian Exploration, Limited, who
some two years since acquired the
gold mining leases, aggregating some
105 acres, in the Cobar district of New
South Wales, near the Boppy Moun-
tain station, on the railway which runs
westward from Sydney to Cobar.
This property together with certain
plant and machinery which is being
acquired from the Gallymont Gold-
fields, Limited, will be purchased by
the company for £70,000, in fully
paid shares, 40,000 of which is re-
ceived by the Gallymont Company,
and the remaining 80,000 is the price
taken by the vendors for the mining
leases and other property. Of the
balance of the capital of the company
30,000 shares of £1 each are offered
for subscription to provide working
capital. Of this amount, 20,500 have
been applied for by the vendors, the
directors and their friends, and the
allotments are to be made pro rata to
all applicants. These applications
are not made by way of the usual
underwriting, for it is stated that they
are made without any payment what-
ever by way of commission or other-
wise. Since the vendors have been
in possession development work ap-
pears to have been actively prose-
cuted. Shafts have been sunk, and
several crosscuts made, with the re-
sult that, as appears from the report
of Mr William Frecheville, A.R.S.M.,
the ore shows an average value of
17dwt of gold per ton. In all, some
35,475 tons of ore are said to be in
sight, averaging, according to Mr
Frecheville, 14dwt of gold per ton.
There is one difficulty, that of water.
This, however, is to be met by the ex-
cavation of large storage tanks, and
this will be one of the first things to
which the working capital will be
applied. Good sites for the purpose
are said to exist upon the property.
Considering the Promising nature of
this district of New South Wales,
there ought to be a good future before
this company. Mr Frecheville says
'the showing in the mine, consider-
ing the amount of work done, is a
very fine one, and if the reef main-
tains its thickness and gold value in
depth, it should prove very profitable.
In view of the amount and value of
the ore exposed there should be no
hesitation in providing the necessary
working capital — say, about £25,000,
on fair terms.' We are glad to be
able to agree with Mr Frecheville.
Mr Vale, the new manager for the Mount
Boppy mine will take up his residence in
Cobar.
