MINING NEWS.

Auckland Star, Volume LXXI, Issue 172, 22 July 1940, Page 4

MINING NEWS.

YIELDS OF COMPANIES. Yields of companies are: — Argo.—2ooz in 132 hours from 120,000 yards. New River.—23os; in 127 hours from 11.000 yards. White's Electric. —250z in 131 hours from 12.800 yards. Matakl Gold Dredging.—2loz in 12D hours from 8500 yards. Mossy Creek.—47oz lldwt in 131 hours from 8545 yards. GOLDEN DAWN. REDUCTION IN GROUND RENT. (From Our Own Correspondent.) PAEROA, Sunday. Details of the operations of Golden Dawn (Sold Mines. Ltd.. were given in a si|eci'>sful application to the (ihiiiemtiri County Council for approval of a reduction of ground rent from 7/o nn ncre, to 2/0 tor the six jHomhs 1 nun June :|tl. From lo.'ll the mine nt owltarmi was a good producer for seven years and up !:> date C 24J.::1>."i litis been r'pent on nuiter:ais, salaries anil u Hires, of which wages constituted t 132.047. the utitlemcnt adds, liver 100 men were kept in work at award wanes throughout the depression. 'Die company eonl rilniteil in gold duly onWth" original 2/0 unrefined ounce gold. v. t'J'.is. of which the greatest proportion wen! to the county council. The special gold duty of 12 li per line ounce, imposed in l'.l.'i.t. provided over V. 25.000. which went to the Govirninent. The company's capital Is £20.00(1 and only one dividend, absorbing £ 4000. was paid.

For tile past three years the company has been carrying out development work, having borrowed £55IM> from the Government and added C45.'!5 realised fritn the cleaning up of the battery, nil of which lias been expended in wages and material. So far the result of such work has not disclosed pavnlile values, but the company is, with assistance from the Mines Department, continuing its operations.