MINING NEWS

Auckland Star, Volume LXIX, Issue 137, 13 June 1938, Page 4

MINING NEWS

BIG RIVER PROFITS. . . . SATISFACTORY YEAR'S WORK. Satisfactory, pronts arc. shown In the annual accounts of the Big River Gold Mines, Ltd., according to the directors' report "for the year ended last December 31. Gold returns and interest made a total of £10,078 in receipts for the year. When expenses were' paid a balance oE £0230 remained. These results enabled the directors to declare the first dividend of a penny a share, absorbing £2000, which was paid in March. A substantial reserve is being maintained and the directors anticipate that further dividends will be declared in! the current year.

Tlie report states that the gold export tax of 12/G per ounce is still being main-' I taincd by the Government, notwithstanding .repeated representations from the gold producers of the Dominion for its ceiuission. it is intended to make further representations to the Government during the incoming session. This company has paid a total sum under this heading of £4141 0/2. A shortage of experienced quarts miners exists ami sood men are hard ro secure. The award governing wages and conditions of employment at the company's mine recently expired, and a demand from the inaugahua Miners'. Union was made for increased rates of pay and also for paid holidays. The Court's reserved decision is expected to be announced very shortly. Prospecting is being carried on at the claim, and to ensure continuous production ail the mine lacks, according to the directors, is further development.

SANDHILLS COMPANY. DIVIDEND PENNY A SHARE. The directors ot tlie Sandhills Gold Mining Company,' Limited; Otngo, have declared a dividend of Id a share, payable on June 13. The company lias a paid capital oe £24,000 in shares oC 1/ each, the proposed dlstrilmtiqu requiring £2000. It is operating oil tlie Shotover Hiver. ARGO DIVIDEND. A dividend of Id a-share, free of income tax, lias been declared by the directors of the Argo Gold Dredging Company, Ltd. (West Cqast), payable on -Tune 25. Tlie distribution requires £2000 and will bring the totnl amount paid to shareholders since operations were commenced in 1035 to £27,200. A sum of £200 lias been placed to reserve, increasing it to £2600. - ;Paid, capital is £22,302, in shares of 1/ each. The last dividend, also Id" a share, was paid on May 23. WELLINGTON ALLUVIALS. Wellington Alluvials, Limited (New South Wnles), reports that for the four weeks ended May 28 the dredge worked 535 hoursi handled 205.000 cubic yards, and recovered 21Gloz of gold! bullion. The wash dredged wub above average grade, and the height of the overburden considerably below average. It is expected that these conditions will continue for the present, but later the dredge will enter ground with higher overburden and lower values. MANAGERS' REPORTS. ■ Hlg , River. (Reefton). —For . the» week ending June o—No. 5 level, north stope: Killing not j*et completed at .north end. Stoping in-south eiid. Stone 12in in width. South stope : Stoping continued here. Stone 7ft in width. Centre stope; Stope above No. 5 connected with old workings. North drive: Advanced Oft; total .'lift. Shaft: Cleaning out No. 0 level chamber. Battery : 70 tons of stone sent to the battery. Alexander Mines (Reefton).—No. 0 crosscut: Advanced a further lOSft for the month. The country passed through has been hard and dry. 64ft have yet to be driven to meet the vertical of the winze now being sunk-on reef from No. 5 level. No. 5 level: This has reached a depth of 51ft from No. 5 level, 23ft being sunk for the month. At 40ft down some stone faulted from the hangingwali to the footwall side. At present about 3ft is being followed in the winze with only the hangingwali in hand. Stone is being left behind in the footwall «o cannot ascertain the full width of reef here. A large'amount of water is making in the winze, but the pump Is able-to deal udth it now. Stoping: Stoping is being carried on in three" faces, but there is very little ore remaining to he extracted when all these stopes have been exhausted. Battery: Crushed -IGO tons of ore for 08oz Bdwt of melted gold. Cyanide department: Twelve tons of sands treated for SSoz 3dwt of bullion. Total estimated value, £805. In addition six tons of concentrates were saved valued at £200. Note: In estimating the above values gold has been taken at 140/ per fine ounce, j

j • RETURNS OF COMPANIES. ! Goldfields Dredging (Otago).—Goz 4dwt for 130 hou.s. Gillespie's Beach. —51. ok for 112 hours. • Xemona (West Coast) .—TGoz from j'14.100 yards in 117 . hours. V-\ Waltahu (West Coast). —No. 15 paddock has been completed, the final wash-up being 670z 12dwt for 27 shifts of eight hours each. This makes, a total of 20-loz 4dwt from the paddock sincG elevating operations commenced on March 20 this year. OkarJto.—Wash-up, 330z Vdwt, for 107 hours' dredging. Golden Sands.—26oz 14dwt for G3 shifts. - / Maori Gully.—6soz 13dwt for 124 hours. Argo Dredge.—loOoz for 130 hours and .15,000 yards. Xeraona.—76oz for 117 hours and 14,100 yards. Worksop Extended.—lOoz for 125 hours and 10,500 yurds.