1930 some work done on north end of dyke 1932 New Morning Star Company formed 1934 Gold Mines of Australia becomes involved - exploratory drilling 1934 new company formed - Morning Star (GMA) Mines NL 1935 mining start-up 1935 to 1939 refurbished plant, powerhouse built, dewatering, steam power, mercury amalgamation tables 1938 all underground workings "mapped" - 150 employees on site note: drilling was pneumatic jackhammer or bar mounted drill heads, explosives was ammonium nitrate and 60% gelignite c1939 exploratory deep drilling down to 1000 feet - discovered AchillesFloor - mainshaft to 11 level 1939 bushfires destroyed nearly all infrastructure 1939 operations resumed September 1940s plenty of shaft sinking - additional crushing capacity 1946 bushfires again - power, winder and boiler houses destroyed 1946 shaft down to 1,600 feet - electricity by motor-generator 1949 leading producer in Victoria 1950s labour shortages - work force of 16 - pegged price of gold 1953 connection to electricity grid 1954 costs escalating while gold price pegged - shafts down to 19 level 1950s averaging about 12,000 ounces per year 1959 government subsidisation of the mine 1959 mining operations ceased c1960 Gold Mines of Australia quit - Grant and Falk become legal managers 1960 to 1963 capital raisings to cover borrowings - some mining and exploration 1963 deputations to Bolte government for financial assistance - rejected 1963 mine closed
MCO Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
