A Dunedin based syndicate formed the Corning Point Gold Mining Company. Their aim was to investigae the ancient river channels beneath the point for gold by sinking shafts. The company constructed a chair across the Clutha River for access to their claim for men and materials. (location #330)

On the eastern side of Cornish Point, and inclined shaft was sunk until it reached the schist bottom. The shaft was approx 25m long. Drives were driven to locate the channel and cross cuts were driven to locate the rising reef. An electric winch was installed for haulage purposes. Work was discontinued in December, but would be resumed when the river fell to it's winter level. The gold obtained was 13 ounces and 8 pennyweight, values at £55, 15 shillings and 10 pence.

It is unclear whether the company resumed any work in 1931.

The company was refloated with Mr M Moye as manager, as before. An extensive geophysical survey was made of the area. Plans were made to put down a new incline shaft a short distance upstream from the collars of the old incline, and then vertical shafts. After reconsideration it was decided to sink an incline shaft further upstream . The two previous shafts were sunk at the outlet of the gutter, on the eastern side of Cornish Point. The bearing of the proposed shaft was approximately at a right angle with the course of the gutter. Four men were employed.

The company abandoned the workings on the Clutha River (eastern side) of their claim, and started an incline shaft on the Kawarau, opposite the old coal mine in Cromwell (northern side of Cornish Point). The firsat 60 ft was sunk through loose gravel and the remainder through schist. The total depth of the shaft being 159 feet on a grade of 1 in 3. At this depth a pump chamber was cut, and driving south was commenced through rock to reach the gutter. At 74 feet south of the shaft, wash was struck, and also a flow of water equaling 200 gallons per minute. This level was driven a total of 153 feet. At this point the bedrock had risen to the roof of the level. This development cut across the gutter, and from the lowest part driving east was commenced. A distance of 350 feet was driven, and a considerable amount of cross cutting from the east level in both north and south directions was carried out. Gold returns were low in all parts of the mine. Seven men were employed. The gold won amounted to 4 ounces, 7 pennyweights and 22 grains, valued at £31 11 shillings and 10 pence.

Six men were employed until operations were suspended. Low gold values were located in the prospect drives put out from the western incline shaft, and it was decided to proceed with the eastern incline shaft. This shaft was sunk for a distance of 80ft. at a grade of 1 in 4 and driving to the north was carried out. Further prospecting failed to disclose other than low values and as a result, operations were suspended. The gold won amounted to 5 ounces, 15 pennyweight and 19 grains, valued at £42, 11 shillings and 3 pence.