With a price slowly rising above US$35 per ounce gold became a mineral worthy of prospecting and mining endeavour in the early to mid 1970s. Fortune therefore appeared to smile onNew Zealand with its favourable geological environment for gold and past record of major gold production from both hard rock and placer deposits. This was a particularly welcome development as the post war years, including both the base metal exploration boom of 1967/1971 (which produced major nickel, iron and bauxite mines in Australia) and the earlier period of uranium exploration failed to produce any mines in New Zealand with the exception of the small Tui Mine and iron sand mining. Whilst hard rock mining now appears imminent it is 15 years further along the track since the 1967/1971 exploration boom and eight years since the upsurge in prospecting for gold in 1978. New Zealand still has no hard rock base or precious metal mining._x000D_
This is not for want of proven or potential gold mining situations for these clearly exist at Waihi, Monowai Reef, Golden Cross, MacRaes Flat and elsewhere.