MINING NEWS.

Auckland Star, Volume LVIII, Issue 211, 7 September 1927, Page 4

MINING NEWS.

ALBURNIA GOLD MINING CO.

The half-yearly report of the directors of the Alburnia (Sold Mining Co. states that payable ore-is beingobtalned In several parts of the mine. The crosscut to intersect the Star of the South and Sons of Freedom reefs will, when completed, be under 'Where the rich patches were formerly worked overhead.

The' supervisor, Mr. H. Prank Shepherd, reports that judging from ore obtained in the main level, and the gold seen in the winze, along with that from the intermediate drive and - etopee, there should be a ■ considerable block of payable ore for working In this section of the mine. Mr. Shepherd adds, "The present prospects of yonr mine, are very favourable, and there is a reasonable chance of striking a patch of gold in any reef worked in the Orlando section." The rtatements of accounts Cor the halfyear ended June 30, showed total receipts £3501 »/l, of which £268 2/11 was balance brought forward, and £3000 deposits at call. The expenditure left cash in bank on June 30, of £430 11/4. In the assets at the same date appears the item, deposit at call £2000. The amount spent on wages in the six month was £1922 6/8, and on mine supplies £534 5/8.

MOUNT ISA. Arrangements have been made with the London Asiatic Consolidated, Ltd. (who have already purchased 100,100 shares at par in the Mount Isa Company) to pay for a further 100,000 within twelve months, and 350,000 within eighteen months, When the' Mount Isa Company has received the full £550,000 for that number of £1 shares, the underwriting company it to receive 50,000 shares as commission, paid up to £1, and in addition has a'twoyears' option over a further 200,000 shares at £2 each. The Government is now building a railway to the Mount lea field, and with the capital just secured the development of the property will be pushed forward vigorously.

HTHE MANAGERS , REPORTS. ™*n*eer wnoTte that the OriTe on Hunt's reef from top of the rUe The reef shows mu nic* eUica and blend Xew Waiotahi.—The mine muanr »*. ports that the drive hOlward for the Wain* tahi-Cambria reef has been *{& for the week. The drive is rtSji? Si hard srey andesite with an increased flow of water makinc from the face. PICKED STOXE SBCCSXD. The nnn»t«r forwarded the fallowing argent tslegrui thla morning:—"Secured tea pound! of picked stone frota the dropper Sirens gold left showing. Beef 18 toe bee.