MINEBK00451

• County: San Miguel
• Document: Manager
• Suffix: A

.5
to visit the property and confer with 3'Ir. HExaox on the spot. They have recently
returned to Loudon and fizlly confirm the General Manager's adviees. They
have accordingly arranged Rath him a scheme for continuing developments during
the nest twelve months, at the end of which time there is, iu their opinion, every
probability that the Board will be justified in adding GO more stamps to the existing
installation, raising it to 120 stamps fn all. Both Mr. BasLrss and Mr. FOSTER will
attend the forthcomii7g meeting and will-then communicate their views to the
Shareholders.
FINANCE.
The cost of these additional stamps and accessories would be about
x25,000, and it is estimated that the carrying otit of the scheme of development
will involve the expenditure of an equal amount. The llirectors have also to
provide X20,000 for the purchase of the Mountain Chief Mine, the payments for
which are epread over a period extending up to the 10th April, 1905.. It is therefore
possible that the total expenditure under these several heads, during the next
eighteen months, may amount to X70,000.
_ie other
1 to be '1'o the extent of £20,000 it is hoped that it may be possible to
norh at meet this expenditure out of tho general funds of the Company; and the
llirectors propose to provide for the remaining .1;50,000, should it be required,
by means of a temporary loan.
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The terms upon which this will be made include an option to take re-
payment in Shares of the Company at 30s. per Share. To provide for this it is
necessary to create an additional amount of capital to be available for future
issue, and. a resolution for t)lis purpose will be proposed in accordance with the
accompanying notice.