MINING NEWS.

Auckland Star, Volume LXVII, Issue 296, 14 December 1936, Page 4

MINING NEWS.

BEN LEDI'S LOSS. The Bon Lodi Sluicing Company, Limited, made a not loss of. £553 12/8 for the period from (lie beginning; of operations to April 30, 193f>. The directors' report slates that the results of the working of tie claim to date have been very disappointing. Though Indications were encouraging in various places, the returns obtained were insufficient to pay expenses, and an alteration of policy was decided upon. The company's funds wore exhausted and New Zealand Mining Investments, limited, have for some time now found the money to enable operations to be carried on. MOONLIGHT GOLDFIELDS. The operations of the Moonlight Goldfields Company (West Coast) were reviewed at the third annual meeting in Christchurcli last week. There was a net profit of £518 for the year ended October 21. In addition, part of the company's area had been disposed of 1o British Developments. Limited, for £ 12,500. The report proposed to make a distribution of part of this money in the form of a return of capital equalling 4d a share of 1/. The special resolutions dealing with the reduction of capital wore adopted. NEW BENDIGO OPERATIONS. The annual meeting of shareholders in the New Bondigo Gold Mining Company, Limited (Cromwell) was held In Dunedin last week. Mr. A. H. Allen, in moving the adoption of the report, stated that the tunnel had been driven a distance of over 1800 ft, completing this work. Although no defihed gold reefs were encountered, several roof formations, varying from 2ft up to 12ft wide, were intersected. It was hoped outside capital -would become interested, and negotiations to that end were being carried on. YIELDS OF COMPANIES. Worksop.-—Return for the week ending December 10: Yield, Siloz; hours dredged, 133; yardage treated, 11 ,000. MANAGERS' REPORTS. Big River.—For week ending December 7 :—No. 4 level : Stone is being stoped out in south stope. Centre stope: Tills is being stoppeil and the men diverted to drive on stone and reef track which Is showing in two places in the north end of No. 4 level. No. fi level : 21ft driven for the week. TlTe first 17ft was on a small leader carrying values which opened out into a reef track 71ft wide, allowing 2ft of stone overhead intermingled with small seams ami boulders of .stone in the lower part Of the face. This stone showed assay values of 13dwt to the ton. Small repairs to tlio shaft were carried out during the week-end. 40J tons of. stone were delivered to the surface. Battery has been crushing one shift daily.