MINING NEWS.

Auckland Star, Volume LXIV, Issue 259, 3 November 1933, Page 3

MINING NEWS.

ADDISON'S COMPANY STARTS. (By Telegraph.—Press Association.) WESTI'ORT, Thursday. The Addison's Gold Mining Company held its official opening to-day, when there was a large attendance at the company's works. The chairman of directors stated that from four shifts gold valued at £130 had been recovered. TALISMAN HALF-YEAR. The accounts of Talisman Dubbo Gold Mines. Limited, for the half-year ended June 30, show a debit of £118, as against a profit of £7 in the previous half-year. The debit in the proift and loss account is thereby increased to £392. The drive was extended 144 ft in the six months. An issue of 5000 shares to provide for the erection of an aerial ropeway and hoppers, the completion of the rise through the Talisman Dubbo level and preparing the mine for stoping was over-subscribed. The ropeway is in preparation and ore is now being sent for treatment at the Golden Dawn Battery. BELL-HOOPER RETURN. Bell-Hooper Cromwell Gold, Limited, reports a wash-up for the week ending Octobcr of lOoz lOdwt of gold. GOLDEN DAWN OPERATIONS. The operations of Golden Dawn Gold Mines, Limited, for the half-year ended June 30, shows a net profit of £1488, as against £090 in the previous half-year. After this profit is struck £312 is allowed for depreciation, the balance increasing the balance in the profit and loss appropriation account to During the period 4033 tons of the company's ore and 158 tons of outside ore were treated, for a total return of £16,051, or, deducting outside ore, £t<;.223.

The directors state they are investigating the best methods of improving returns and reducing costs. Investigations indicated that underfoot of No. 3 level in both reefs values were consistently good. The directors decided to open the old shaft, which extends to 100 ft below this level. It is estimated t.hat the opening of No. 4 level for stoping will occupy three months. In the meantime a reduced quantity of ore is being treated, the surplus capacity being used for outside ore. which not only gives the company a profit on the ore treated, but reduces treatment costs. GILLESPIE'S BEACH WORK. A summary of operations since the statutory meeting of the company in May is contained in the first annual report "of Gillespie's Beach Gold Dredging Co., Ltd., South Westland. The report states that expenditure had exceeded expectations, but costs in connection with the hydro-electric scheme had to be revised. The increase in the exchange rate involved added cost, and there had been charges to meet for timber cut while clearing the transmission line. The directors propose to Issue 100,000 shares oi! 1/ each to meet these charges, making the capital of the company £35.000. The claim had been surveyed into blocks and 4(1 boros put down ahead of the dredge. The results equalled the average of original bores in the same locality, lid a yard, taking gold at £4 an ounce.

GOLCONDA MINES. The following telegram was received yesterday from the company's mine manager : "Secured five pounds picked stone branch reef south."