MINING NEWS.

Auckland Star, Volume LXVII, Issue 274, 18 November 1936, Page 4

MINING NEWS.

BULOLO DREDGING. The annual report of Bulolo Gold Dredging, Limited, which has its head office In Vancouver, stated that 121,352 ounces of fine gold and 52,600 ounces of silver were recovered from 10,015,000 cubic yards of gravel. The bullion realised 4,359,000 dollars, and an operating profit of 3,208,986 dollars (including 15.135 dollars sundry income) (about £828,800 in New Zealand currency) was made, from which 217,000 dollars was transferred to amortisation reserve. At May 31, 1936, the company's dredging areas in (New Guinea were estimated to contain 204,000,000 cubic yards of 33 per cent gravel (gold at 35 an ounce), with a net working profit of 50,000,000 dollars, after allowing for deduction of gold royalty and expenses outside New Guinea. A moderate additional yardage of lowervalued 'gravel will be dredged and some hydrauliciug ground will be developed. The first of three new dredges Is expected to be completed about next July. PLACER DEVELOPMENT. A summary of the report of Placer Development, Limited, for the year ended April 30 states that the Bulolo property, of which Placer holds 30 per cent, jnade a working profit of 3,190,850 dollars (about £797,750 in New Zealand currency), in addition to which sundry income amounted to 18,135 dollars (£4530). At May 31, 1936, that company's New Guinea properties were estimated to contain a working profit of 50,000,000 {£12,500,000), with gold at 35 dollars an ounce.