MINING NEWS.

Auckland Star, Volume LXVII, Issue 207, 2 September 1936, Page 4

MINING NEWS.

UPPER WATUT> OPTION. RELINQUISHED BY BULOLO. Bulolo Gold Dredging, Limited, has relinquished its option over the unissued shares in Upper Watut Gold Alluvials, N.L. (New Guinea). The legal manager of Upper Watut Gold Alluvials, Mr. A. E. Llewellyn, making this announcement, said that during the period ol' the option his company's constructional programme had been continued and ground sluicing begun. The company's mining policy, as outlined in the prospectus, would be proceeded with and would not be affected by the Bulolo Company's decision. NEVIS DIESEL OPTION. At the annual meeting in Dunedin of the Nevis Diesel Electric Dredging Company. Limited (Otago), the sale was confirmed of the company's assets to Milburn and Company, of Auckland, which floated a company. Cromwell Hydro Electric Dredging, Limited, which lias exercised an option over the whole of the company's assets. The terms of the sale were £4000 in cash, payable in instalments spread over nine months to April, 1P37, and £11,000 in a mortgage debenture over the whole of the company's assets, The debenture is for a term of two years and bears interest at 5 per cent. The annual report, which was adopted on the motion of the chairman, Mr. J. L. Mclndoe, stated that the cash payment of £4000 would pay off most of the company's liabilities, leaving nearly all the mortgage debenture free for ultimate distribution among shareholders. YIELDS OF COMPANIES. Bundi (West Coast). — 740z for 23,000yd5, 53 days lost overhauling screen and pump engines. Waimumu (Gore). —Last week 17oz Sxlwt for 124 hours. Gillespie's Beach (South Westland). — Last week, llooz 12dwt for 122 hours. Mossv Creek (West Coast). —Last week, 470z 3dwt for 131 hours and 11,577yd5. Mataki (Murchison). —Last week, 240z for 127 hours and 7400 yds. MINE MANAGERS' REPORTS. Worksop Extended. —No dredging has taken place for the week ended August 27. Repairs, consisting of relipping of buckets, also repairs to ladder line, have been under way. These have been completed and dredging has now resumed. .Mount Lvell (Tasmania). — Fortnight ended August 19 —North Mount Lyell : Tons extracted. 4939. Royal Tharsis: TOll3 extracted 1090. West Lyell: Tons extracted, 14,842. Prince Lyell: Tons extracted, 1737. Lyell Conistock : Tons extracted, 3709. No. 7 level. No. 2 mullock pass rise to 60ft through low grade ore. No. S level, main crosscut, to 111 ft through mineralised schist: main shaft sunk to 4Sft below No. S level through porphyry. Reduction works: Furnace in blast for full period, 10.508 tons refinery anodes produced for current year. Concentrator: Mill operated 325 * hours antl treated 26,124 tons, producing 2104 tons concentrates. Copper refinery : Tank house in operation throughout fortnight, 505 tons cathode copper being produced for period. Total for current year, 11,560 tons.