MINING NEWS.

Auckland Star, Volume LXV, Issue 148, 25 June 1934, Page 4

MINING NEWS.

BIG DREDGING SCHEME,

Mr. Fred. G. Dunn, of Auckland, attorney fnr Clutjia Development, Ltd., has received the following special report in regard to riacpr activities :— "Placer Development, Limited, lias exercised an option obtained last, year in connection with the l'ntn mines, locale.l in the Republic of Colombln, and controlled by Ornville Dredging Cuiupany, Limited. In this connection a »cw operating oniiiiia ;.v i-.-iKed the I'ntti (.'oiisollilntcd Gold I>ivilt;ii>t;, Limited, with mi authorised capital of 2.000,000 dollars i:i one dollar shaivs wi.l \m formed in British Columbia immc'diat-.'ly. Tiie Palo Couipauy's proportion, dredges, hytlro-elGctrle power plant, stores, etc., in Colombia will be transferred to I lie new eomiiauy in exchange for 1,000,000 fully paid shares allotted equally to lli« I'n o and Placer Companies. Placer Development. Limited, anil Pato Miner, will subscribe equally toe Ihe unissued shares I nan time to time as working capital may be required. The new company takes over the property as from May ill last. The hoard of tin- now company will consist, of tlireu nominees of Placer Development, Limited, and three of the Palo Company, while the Placer Company will have tlio technical control and management of the business. Placer Development, Limited, will submit to it.s shareholders a resolution for increase of capital, and, provided this is passed, 2.iO<> fully paid Placer Development Limited, shares will be allotted to the Pato Company; should the resolution not bo passed Plaeor Development, Limited. will ;my the lato Coinpanv the equivalent oC the shares in cash. .Subject to tin , tfisting rosultH ut certain virgin ground, the Placer Company is also to pay tin , Palo Company up to j::iO..OOO (Lngilsh), giving it. the right to subscribe for Placer Development. Limited, shares with the same at the then market prices. Under the arrnnuvinent now made the Placer Development and Uroville Companies will co-operate equally ill all .future Placer mining business in Columbia. One of the two dredges operating on the Pato properties will he forth with aHe red and fitted with special ...•ivinc equipment- tor the purnneo of redredging tailings, while the otllft will cnilliiuio dredging us at present,"

NEW COMPANY FORMED.

m;vem>pment at thajies. Negotiations have been completed by Hie directors of Golcoiidn Holding*, Ltd Auckland, for the sale of a portion of the company s properties in the Thames goldbearing area. A new company, known us Uoanataiarl Golconda i-onsollrtiit-d. ltd has been formed with a capita] o£ £10,000 ■harm The full issue has been s ZrS n *" s "" avallaWe for public snbscr ■ mvitoHv'I re!l0 ' ICTS of Gokonda Holdings inciiwfinaUy have been reserved rights until Wednesday to take on transfer at par fin

BtJLOLO GOLD RETURN

OT&iwairsAr Tn th T n '- 1 <h " w orking Profit to m vn/ ™!' SIS 01 C ? 10/ 'Australian turrcncjj per fine ounce of go]d." YIELDS OF COMPANIES. r,fiwf n ' I T I tm^-^' ron ' r ; e!!) r This was P tho prevlol,s weck cil'i n yS < ! ,lf l i' iat 'K"iiia ra), Yl'estlandl— 'we^-i'l ? f rotortort fr.,1,1 during tfio four ciidocl Juiio Hi c>Boz ltdwt in n.n inSot''' arul J'j} n ' A in Iho second)! Cd wf Solomon (Gore).—This week, 4Soz Dinvn ~ For 11 days ended .Tune 101,8 of ,/' rc , treated for return of on a realisation estimated at £7 '*/ per ounce. % Talisman Dubho (Knranjjaluilce).— Thr» treatment of 47 wot tons, equal to 40 dry tons of ore, at the Golden Dawn battery flon C of £''7<i'' retllrn ' 0,1 s;i l )ct ' cent extrnc-j Golden Dawn (Owharoa).—For Iho It working days ended .7u:ic 1.1, SOS toos of r.'nr W r° tr<> «te<l for i return of £<)<)<) realisation estimated at £7 2/ an ounce. Jlalmkijiawa (Marlborough). — Last week, 620z. ' Jt,c 3 o<lwf for 120 hours. hours Bench.—i!)oz iSflwt for 134 ssa- For

MANAGER'S REPORT. Mahnklpawa (Marlhoroußh).—The leading face has been advanced to 62ft southi o? •No. I crosscut west mid has risen about. ;;rt in tills distance. The face is showing «t letl, nnd only tilt in tlie centre The hnf torn is fairly soft and (here s good gold visible In the face, while the wash „ not SO BRlldv ns last, week, but hss some black cenienteil wash mixed with it. & crosscut (No. 3 west) hfls been started 20ft south ot west and has been advanced lift In pood grade wash, with big bonlilw-e In There is 2ft of hard bottom now snowinr which appears to be falling awav sllcntlv Ihe wash is inclined to be sandy The nroKpeeflne drive montionrd lns-t week was *i°i )p^ M after » o!n R ""other couple of feet and hitting up against the vertical wall on the west side of the gutter. From the end of this drive we are now driving at rlcht-angles-that is north-in an endeavour to locate thfi lead where it. was lost at this point. There is isin of Bo ft bottom in the face, which is dipping fast, showing that wo have not much farther to go. (ioleonda.—Duriii" the week the followlns work has been carried out: We were engaged timbering the main drive up to the face and would have had it completed on Wednesday last only for a breakdown in the water race which supplies us with power i The water race was not repaired until this morning, owing to another slip, but we now have the pump going and the 70ft level will oo pumped out by Monday nexr. While (ho power was off we have been carrying out necessary repairs in the main tunnel. |