MINING NEWS.

Auckland Star, Volume LXX, Issue 263, 7 November 1939, Page 4

MINING NEWS.

PLACER DEVELOPMENT. PAST YEAR'S OPERATIONS. SUBSIDIARIES' PROFITS. — ■ - •» rpp<*t of the directors of Placer nn Pn "i nt ' klHilted, to fjje presented 'at i« meeting to he held on November i«, stntes tlxn-t the company retain* Its in Hi'"" 1 " «ol«1 nrejlelns. I.lmlteil. I ato Coti»nll<|nite(l (told I>r«wl gi nit. Limi ted < 1 io1 ; 1 dredging, Ulnlted. Kuther- ¥, n <»"M letups, r^fiiilt<v,|. fj o if] Uiimirw roprletur.v. Limited. American Placers liicor|x»rat<Ml. I*|jic*»r .MmnnffHiiPnt, TJnit+pri fi-ncl I iiivrrMil I'Juwr Mining rorpornflon. Itlllnlii (Hedging. I.linvti'd's nut pr.i- -', r f '"' 'I M«.v .'{l. before ainwt ii<atlon, was 3.574.03.*. tlnl.lnrs. I*n.to ('onmrllilntoil operated four dredges fclrroiiKhont 111.- yenr ended April 30, while a flrnii (cperntrd for fen month*. A total » or 14,!W» ; 0<H> yawan hit mile*l tor hul- » lli'H. rwjllslng 2.0«0.587 dollars. I'rotif utter allowing for Colombian taxes anil ' o-l! , 'i l ,!* 1 vs outxlde Colombia amounted to dollars. (.ravel reserves amount to .>.»!»,IHIII.IKXI cubic yards of Kllghtlv over ; 14 cents a yard, of whlelr nvm than half I Is fully developed. I Amiazil Gold Dredging handled 1 ,(W>8.700 f «'!" tnr recovery of »."»«.870 dollars. ' Ibe recovery per .veilr was less than here- [ tofore as dredging was confined to a low . grade arm which had to he handled whin wielied or permanently abandoned. Working profit alter deduction (Colombian taxes , «nd excuses ontslle Colombia 7J.0i1." drtljiiTH. Construction of the second to handle 4,000,000 yards annually lias commenced. Gravel reserve* for No. 1 dTedge estlinaited at 120,000.000 yards averaging 32 cents, and for No. 2 dredge (19,000,000 yards, averaging 1.1 cents. > Rntlierglen (iold Diinipw treated 188.08:1 > tons _for year to April 30, recovering * £ (13,.*»0f1, while profit, sllhject to deprecia- ' tion and depletion, was Jt 34.718. To A pril 30. 1030. Gold Oil nips Proprietary handled total of 174.738 tons at its CaHnbrook and Jubilee plants, recovering £ 53,020. with working profit of slightly over £ 20,000, subject to depreciation and « depletion. Th« directors of Itulolo Gold Dredging, limited, stnte that <1 red gable gravel reserves at May 31 were 18-,000,000 yurds and about 20,000,000 yards, which will be , handled hydraiillcnlly. Dredge No. 7 wns completed early in July and ia opeira.ting satisfactorily, while dredge No. 8 will be operating early In November. REPORTS OF MANAGERS. i Una Hill Consolidated (Thames). —During , the period ended November 3 the lower Incline was advanced to a point about 50ft from the reef Junction, as calculated from a survey of the upper levels. The "flinty" break which Is the first objective, has. however. been cut at 88ft on the incline or l»!sft vertical below No. 4 adit level (35ft lower than any previous workings In the area). This development han occurred somewhat sooner thnn was expected and operations now enter nn Interesting stage. The flinty will remain In the inclines for a further 20ft of sinking, after which we shall lie wholly in the reef zone. There the Occidental or the No. 2 reef may be picked up at any tlino during the next few weeks. As was anticipated, water lias come in with the change of country, but a new pump has been quickly installed and. is giving enttle satisfaction. The country rock where it is showing at the back of the flinty is of a true reefing type which promises a successful outcome to the work undertaken by the company in January last. YIELDS OF COMPANIES. % 0 Okarito Dredging (South Weetland).— 3 26Joz for 127 hours. 5