MINING

Press, Volume LXXI, Issue 21449, 15 April 1935, Page 13

MINING

iMOj'SY CREEK ketlkn (r?.a:33 x»soi.ijltiu* telegram.) j GREYMOUTH, April M. • The Mossy Creek dredge return was i Gloz I7dwt for 8750 yards of wash, | which is the best return of this dredge I to date. COLDEN DAWN For the 12 working days ended April I 1 at the mine of the Golden Dawn Gold I Mines. Limited. 313 tons o£ ore were Ireated for a return of £l3B4 —realisation estimate at £7 2s per gold ounce. W AIHI'S VICTORIAN OI'TION The directors of New Pyrenees Al--Ivi via Is, No Liability, Melbourne, have been notified by Mr J. Banks, mill superintendent ol the Waihi Gold Mining Company, Ltd.. who is representing; the hoiders of an option over the New Pyrenees' leases, that the option has been abandoned. The Waihi Company was associated with Tronah Mines,. Ltd., London, in the venture. According to a Melbourne repoit. Mr staled that, after an examination of the property, including the drilling of test bores, he had accepted the estimates of the company's engineer, Mr H. L. Connolly, of 11,000,000 yards of wash dirt already proved by close boring, and which at current prices had a gold content of more than £500,000. Having regard, however, to the price asked for the property, the high cost of dredge installation for operating on (he .scale usual to the option companies, redemption and interest charges, and an English income lax of 4s (id in the £l, the proved yardage was not sufiicient to warrant (he exercise of the option. The directors of New Pyrenees Alluvials propose !o continue boring, as there is a large area of potential dredging ground within the company's ieases yet <o be lested. Consideration is being given to enquiries made on behalf of another powerful dredging group familiar with the property, which is anxious to have an opportunity of financing its equipment with a powerful bucket dredge.