MINING

Press, Volume LXX, Issue 21198, 23 June 1934, Page 11

MINING

BELL-KILGOUIt RETURN (PRESS ASSOCIATION TELEGRAM.) DUNEDIN, June 22. Bell-Kilgour wash-up for the week ended June 22 amounted to 15oz sdwt 23gr. STAFFORD SLUICING, LTD. Stafford (Kumara) Sluicing, Ltd., reports that the initial wash-up yielded lloz. The directors and manager consider this quite satisfactory, considering that the greater part of the time was spent in opening up the face. This entailed the removal of the top wash only, and better results should be obtained when the bottom is reached The tail race is now being extended across the road, and as soon as this is completed, two shifts will be worked. SKIPPERS, LIMITED In a report to the diectors dated June 20 the claim manager of Skippers, Ltd., Mr R. D. Climie, states that since the beginning of the week he had been sluicing a trench directly upstream from the elevator, and this was now down to .hin a short distance oil bottom for a length of CO feet. Prospects were being taken every now and then, and each time there was a good show of colour, but so far no heavy gold had been seen. Everything sluiced went over the boxes, so any gold in the gravel would ba caught, but unless a lot of big stun was seen a wash-up would not be attempted until the end of the month. No trouble was being experienced working the ground. Any seepage was being easily dealt with by the elevator, and about 14 hours a day were being worked. The present weather was in the company's favour, and if the present thaw continued the water supply ought to increase. MAIIAKII'AWA GOLDFIELDS, LTD. The report for the week ending June 20 states:— Leading face has been advanced to (i2lt south of No. 1 crosscut west, and has risen about 3ft in this distance. The face is showing about 4ft of bottorn on the right hand side, 3ft on the left, and only 2ft in the centre. The bottom is fairly soft, and there is good gold visible in the face while the wash is not so sandy as last week, but is cemented in places A crosscut (No 3 west) has been starred 20ft south of No. 2 west and has been advanced lift in sandy wash with big boulders in it. There is 2ft of hard bottom now showing which appears to be dipping slightly, and there is no sum of the western wall yet. The prospecting drive mentioned laat week was stopped after going another couple of feet and hitting up against the vertical wall on the wcsl * ldL j h the gutter. From th<2 end of this drive we are now going out at right angles, that is, north, in nnende;H'om to "locate the lead where it lost at this point. There is 18 inches of soft bottom in the face, which is dipping fast, showing that we have not m Sc !, , uan I;ft 1 ;fty to lor'u.o lost «ck w» 462 cubic yards.

PLACER DEVELOPMENT,

LIMITED

Mr Fred. G. Dunn, attorney for Clutha Development, Ltd., has received the following special report in regard to Placer activities:— Placer Development, Ltd., has exercised an option obtained last year m connexion with the Pate.Mines lonted in the Republic of Colompia and controlled by Oroville Dredging Company, Ltd. In this connexion a new operating company called Pit Consolidated Gold 9 000000 with' an authorised capital ot dollars in dollar shares, will be formed in British Columbia immediately The Pato Company's properties, dredges, hydro-electric power plant stores, etc., in Colombia, will be transferred to the new company m exchange for 1,000,000 fully-paid shares allotted equally to the Pato and Placer Companies. Placer Development, Ltd., and Pato Mines will subscribe equally lor the unissued shares from time to time as working capital may be required. The new company takes over the property as from May 31 last. The board of the new company will consist of three nominees of Placer Development, Ltd., and three of the Pato Company, while the Placer Company will have the technical control and management of the business. Placer Development, Ltd., will submit to its shareholders a resolution for increase of capital, and provided this is passed 2500 fully-paid Placer Development, Ltd., shares will be allotted to the Pato Company; should the resolution not be passed Placer Development, Ltd., will pay the Pato Company the equivalent of the shares in cash. Subject to the testing results of certain virgin ground the Placer Company is also to pay the Pato Company up to £30,000 (English), giving it the right to subscribe for Placer Development, Ltd., shares with the same at the then market prices. Under the arrangements now made the Placer Development and Oroville Companies will co-operate equally in all future Placer mining business in Colombia. One of the two dredges operating on the Pato properties will be forthwith altered and fitted with special gold-saving equipment for the purpose of redredging tailings, while the other will continue dredging as at present. '

NEVIS DIESEL COMPANY The Dunedin shareholders of the Nevis Diesel Electric Dredging Company, Ltd., met on Tuesday evening to discuss various aspects of the company's affairs. Mr J. L. Mclndoe, occupied the chair. The chairman briefly reviewed the company's position, which he stated was not up to expectations. Mr D. S. Mackenzie (chairman of directors) stated that the directors had been faced with many difficulties owing to the nature of the country in which the claim was situated, but that these had been overcome satisfactorily, and an excellent job made of the dredge and plant. The expenditure had been much heavier than the estimates, largely owing to the fact that there was a great deal more work to be done an the dredge and at the claim thas was stated lay the engineer (Mr W. W. Begg). The expenditure on the water races and hydro plant was not provided for by the engineer. The dredge returns had been poor, but he himself was confident of ultimate success, and had backed up his opinion by taking up further shares in the company, with the result that he was now one of the largest shareholders. Mr Mackenzie answered numerous enquiries from shareholders, and stated that after friendly negotiations, Investigations. Ltd., had offered to put down 20 bores at their own expense to test the claim. The directors had accepted this offer, and recommended that no dredging be done until the result of the bores was made known. The secretary of the company (Mr F. R. Thompson) stated that the company was at present approximately £3OOO in debt, and three of the directors had guaranteed the bank overdraft. He pointed out the needs for further capital, and outlined the terms of the proposed debenture issue. A resolution was put to the meeting:—"That the Dunedin shareholders support the debenture issue, and re-

commending other shareholders also to give it their support." The opinion was expressed that, while the shareholders appreciated the work done by the directors, the company would be managed more satisfactorily if a majority of the directors lived in Dunedin. Mr Mackenzie stated that the directors concurred with this view, and to facilitate the bringing about of the change, he and his fellow-direc-tors were prepared to vacate office on being released from their guarantee to the bank. A resolution was passed recommending the reduction of the qualification of directors from 4000 shares to 2000 shares, and increasing the number of directors from four to five, not fewer than three of whom should be resident in Otago. Mr George Thompson was nominated as director. KING SOLOMON RETURN (PRESS ASSOCIATION TELEOHAM.) INVERCARGILL, June 22. The wash-up at the King Solomon mine for the week totalled 48oz 6dwt.