It also still owns a lease over five square miles in Ashanti.
NARAGUTA (NIGERIA) TIN MINES, Ltd.
Capital.—£175,000, divided into 175,000 shares of £1 each, of which 158,500 are issued and fully paid.
Directors.—Frank N. Best (Chairman), H. C. Godfray, Herbert Moir, John Waddington, H. Bousquet, H. S. Reitlinger.
Secretary.—Newman Ogle.
Offices.—Friars House, New Broad Street, E.C.
This company owns an area of 3,200 acres at Naraguta, and two further blocks known as the “C” and “Q” areas of eight square miles. It was formerly worked by the Niger Company, who won from the alluvial beds its 1,000 tons of tin concentrates. The company was registered on 15th January, and the property was taken over on 4th February. Mr. C. G. Lush, the company’s consulting engineer, has inspected the property, and has stated that on the Naraguta property they had ground which would give fully 5 lbs. of tin to the cubic yard. He further reported that ten acres had already been treated and given that result, which could be taken as a very fair prospecting whole.
The returns up to and including the month of October 1910 amounted to a total of 350 tons of tin oxide made up as follows:
| 1910 | Tons |
|---|---|
| February | 28 |
| March | 34 |
| April | 36 |
| May | 36 |
| June | 37 |
| July | 44 |
| August | 45 |
| September | 45 |
| October | 45 |
| 350 |
Good profits can be, and are being, made under the present primitive methods in use, but the greatly increased profits to which the management is looking forward can only be secured by adopting the most up-to-date machinery, such as is used in Tasmania and other countries. In order to assure success experienced men are being brought from Tasmania by the Champion Gold Reefs group, and the Naraguta Company will have the benefit of their advice.