MINING NEWS.

Auckland Star, Volume LXVI, Issue 294, 12 December 1935, Page 19

MINING NEWS.

GOLDEN DAWN SHARES.

WARNING TO HOLDERS. A circular has been issued by Golden Dawn Gold Mines, Limited (Owharoa), stating that recently shareholders have been approached by a person who is "painting a rather dismal picture of the future of the company and is offering to buy holders' shares at 2/ each, which is below the market quotation." The directors warn shareholders against such representations, and state: "Financially the position of the company is very sound, and the whole of the development works have been paid for out of bullion proceeds. In addition, profits a're being made and certain negotiations are proceeding of considerable importance to shareholders." Reviewing operations, the report states that during the current year extensive developments had been undertaken and the results had been very encouraging. The superintendent reported on December 4 that reserves of "assured" ore were then 9077 tons, and of "probable" ore 46G0 tons, and more ore was being opened lip us the works proceeded. Another important work was the extension of the main level northward toward the main range. This had teen extended 831 feet from the present workings and crosscutting was now proceeding in good, solid country belond a break that was traversed for over 650 feet. This work was undertaken in the belief that the lodes now being worked would be found beyond this break, and, if of payable value, would increase substantially the value of the property.

BELL-ICILGOUR LIQUIDATION.

A circular issued by the liquidation committee of the Bell-Ivilgour Gold Mining Company, Limited (in liquidation), spates that as a result of a thorough investigation of the company's affairs it was considered that the company had certain claims against the directors. The directors agreed to offer £1500 in full settlement of all claims. The assets of the company had all been realised, with the exception of the claim, for which no offers were received. It seemed improbable that the claim could be sold. In the final distribution shareholders should receive Id a share as a return of capital, presuming that tlie directors' offer was accepted. A meeting will ;bfe held in Dunedin next week.

MINING HOUSE CONCESSIONS.

A net loss of. £2737, making a total debit of £335G, is sliown in tho second annual accounts of Mining. House Concessions, Limited, Christchurch, for the period ended October 31. Two propositions have been abandoned, while options have been arranged on four others. Shareholders will be given an opportunity at the annual meeting to discuss voluntary winding up.

MINE MANAGERS' REPORTS.

Dawn of Hope (Thames). —The drive on tho reef to intersect No. 1 winze has been advanced sft, the ore showing colours of gold and specimen stone. Another stope lias been taken along on the specimen leader, the ore showing dabs of gold. This leader is striking into the big Golden Age reef going north and it will be necessary to put in two more sets of timber to continue ■the stope on to the Junction of the Golden Age reef. Sarich and party crushed one load for 2oz 4dwt of gold and Taylor and party Crushed two loads for 17oz 9dwt.

Big River.—Report for week ending December 5. South stope: The stone in the back of this stope is 3ft wide and 15ft long. North winze: Sunk 2ft Gin, total 50ft (iin; carrying stone Ift wide in ceivtre and 3ft wide south end. North stope: At the two points where this stope is being worked the stone is 3ft and 2jft wide. Crosscu't north of old workings: Driven 7ft, total 31ft. No discovery yet made in this section. Shaft: The centres and guides are now being placed in position. Battery: 00 tons stone sent to battery.

Talisman Dubbo (Karangahake). — For fortnight ended November 30:—Talisman No. 2 level: The drive south advanced 2oft, total 448 ft. The drive continues on the eastern side of the old workings and for the last 10ft has passed through very hard country. Talisman No. 1 level: The ore broken on the vein on. the eastern side of the stope varied from high grade to very good. Dubbo level: Assay values obtained ror week ended November 16 on reef 181n wide -Very good.