MINING NEWS.

Auckland Star, Volume LXII, Issue 194, 18 August 1931, Page 4

MINING NEWS.

GOLDEN TERRACE REPORT. ; OBSTACLES TO SUCCESS. HOPES FOK FUTURE. The directors of the Golden Terrace Ex- ; tended Gold Dredging Company, Ltd., re- > port as follows under date August 12:— The total gold won to date is 9450z ldwt. Of that quantity 6120z 19dwt was won by ■ screen treatment and 3320z 2dwt by sluicebox treatment of material dredged. The total is valued at £4148 10/1— £4 7/10j per ounce. Alterations to the dredge were comi pleted and dredging operations were comi menced on May 2. The first wash-up after ■ the completion of the alterations proved the wisdom of altering the method of treating the material dredged. The average return per week since sluice-box treatment of the material has been in operation , was 270z 13Jdwt —an average weekly value of £121 12/B J. The wages and salaries paid during that period were £696 1/2. The working expenses, including wages and salaries are now under £100 per week. Of the possible working time of 1448 hours, the dredge has worked only 870 hours since completion of alterations. On the average return per working hour, this represents a loss of 2350z lodwt. The main cause of such a large loss of time was a defective power cable transmitting electric power to the dredge. Stoppages were also necessary for altering the position of lines, greasing, etc. A new cable- to replace the defective one was received from the makers in England and has just been fitted on to the dredge. Dredging operations were commenced again to-day. We have encountered about every difficulty possible, and the directors believe that we have now overcome the last obstacle in the path to success. Through the serious loss of dredging time and consequent low returns, the financial position of the company has caused much concern. Weekly returns of a least 60oz are now anticipated. This estimate is based on the average return per dredging hour since the alterations were made to the dredge, allowance being made for an increase of 30 per cent in the quantity of material treated per week. This be effected by an increase in the, working speed of the buckets. On the present price received for gold, less than 2505! per week will pay for working expenseß. In a recent report the dredgeniafiter stated that weekly returns in the future of over seven times the quantity estimated would not surprise him, MINE MAHAGERS' REPORTS. Moanataiari.—The following work has been carried out in the New Cambria seci!?ni:»,.a . batter y, ra n intermittently for 12oz hot water amalgam. The bulk of the" ore came from the north stope, as we are b ""P?£ Btope U P kwa » that we can wort the south etope. About 41b of nieked stone was secured, from -the-one- fcrohea.