MINING

Press, Volume LXXIII, Issue 22270, 8 December 1937, Page 15

MINING

PADDY’S POINT The ninth • annual report of the Paddy’s Point Gold Mining Company, Ltd., states that since the last general meeting, held in Lecember, 1936. the company has continued sluicing on ground in Waitahuna township. The accounts for the year show that the gold production has diminished considerably, and this is due to the patchy nature of the ground in Waitahuna township. The results from paddocks mined during the year have varied considerably, the best being 95 ounces in February and the poorest 30 ounces in May. Despite the reduced output, the company shows a net operating profit for the year of £452, after writing off the cost of freehold purchased during the year £l5O. Expenditure in excess of this profit was, however. incurred on boring the Waitahuna Flat and on the purchase of additional pipes to extend the main line to the school glebe. The directors recommend that the balance standing to the credit of profit and loss appropriation account be carried forward. RIMU CP8839 ASSOCIATION TBLXGEAIf.) HOKITIKA, December 7. The Rimu Dredge report is 211oz 45 dwt for 1305 hours and 56,106 yards excavated. BLACKWATER REEFTON, December 7. The Blackwater Mines return for November is;— Crushed, 4130 tons, yielding 1676 fine ounces of gold with a value, at 140s a fine ounce, of £11,734. Working expenses were £7267, leaving a working profit of £4467. Development took £561 and capital expenditure £3218. MOSSY CREEK WEI.LINGTON, December 7. Mossy Creek has declared a dividend, No. 11, of one penny a share, payable on December 17.