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News item from The Cairns Post, Tuesday, September 30, 1941
AMERICAN CAPITAL
AVAILABLE TO NORTH.
DEVELOPMENT OF GOLD FIELDS.
Providing some understanding can be reached with the Federal Government regarding the remittance of profits to investors outside the Commonwealth, and other difficulties overcome regarding the transfer of holdings, there is a strong possibility that a large sum of American capital will be made available to develop mining fields in North Queensland.
Mr. Oliver Reece, who has had vast mining experience in various parts of the world, stated in Cairns last night that he had backing from Californian investors to develop claims on the Hodgkinson field, but the important matters mentioned above would first have to be arranged. Mr. Reece, who is a mining and metallurgical engineer, with headquarters in London, is well known in North Queensland, having been connected with the development of the Tyrconnel mine, near Thornborough, about seven or eight years ago. Since then Mr. Reece has spent a good deal of his time in the United States.
INTEREST IN MINES.
Mr. Reece stated last night that he is interested in two mines on the Kingsborough field, Cecil and General Grant, and one in the Beaconsfield area, the Monarch. All were in the Hodgkinson mineral belt and in pre-war days had been large producers of ore. Already over £6,000 had been spent on surface work on the General Grant claim, and when the necessary equipment was obtained work could be commenced almost immediately. The Monarch mine would have to be de-watered before the actual needs could be determined.
The General Grant mine had produced about 50,000 tons of ore in its early days for about 40,000 ounces of gold. The Monarch had produced about 15,000 tons of ore for about 11,000 ounces of gold. Mr. Reece leaves this morning for Mareeba, where he will establish his headquarters. After making a general survey of the three mines he will return to Cairns to continue negotiations.


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Text taken from:
1. Newspaper Articles: State Library of Qld - Digital Newspapers