MINING NEWS.
GOLDEN DAWN OPERATIONS. I/OS'S ON YEAR'S WORK. The annual report of the directors of the Golden Dawn Gold Mines, Limited, for the year ending December 81. has for completeness of information been brought up-to-ilnte. namely to October 11. A loss of £2118 is shown in the accounts. This compares with a net profit of £.'{27 l in the previous year, and £10.498 in 1936. (irosrt realisation of gold was £9518, against £51.601, and duty absorbed £1207. As a credit balance of £2017 was carried forward in 1937, the balance to debit of profit and lo«i account at the end of 1938 was £685, after writing olt £585 for depreciation. Tt is Sitated that the work for which the directors arranged the advance from the Government, mentioned in the last -report, did not disclose oonsfetentlv high values and was discontinued. Other development work was then recommended, to assist which the Government increased its advance by £-500.
The winze below No. 3 level has bettn sunk 56ft, tihe report continues, and, although dKywn to Iflft values w*.re not payable, high values were carried down for the nest 19ft, the average being over £10 a ton on an average wi<lth of 4*ft from the hanging wall with no foo<twaU showing. Continuation of -the winze shows no diminution in the size of the reef, but low values have come in. and a drive is being put in to ascertain the extent of thf* rich ore shoot. For tibia purpose and pome other work in the locality of recent high values, a call of 6d a share is to be made on those shares not fullv paid. All the ordinary creditors of the company have been paid in full from revenues, and practically the' company's only-iiabilitv is the £5500 debenture to the Crown, on which, no interest Is payable during the term of the loan. The Mints Department js thanked-, for this aid, bat the Anomaly of the gold export tax. is ug>ain emphasised.
YIELDS OF COMPANIES. First half of - Oetob-.-r :—Barrytown, 2430z for 123 hours from 44,000 "yards. Ivanieri: 5710z for 227 hours ' from 104.000 yards. Arahura: 5440z for 25S hours from 174,000 yarde.
MINING NEWS.
Auckland Star, Volume LXX, Issue 246, 18 October 1939, Page 4
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