MINING NEWS

Evening Post, Volume CXVI, Issue 95, 19 October 1933, Page 16

MINING NEWS

REPORTS AND RETURNS

United Press Association— B} Electric Tele> eraph—Copyright. (Received October 19, 12.5 p.m.) LONDON, October 18. Bulolo gold dredge shares sold 70s B%d.

The Mntaki (Murchison) return tor the week ended October 14 was 2(ioz.' 'Die dredgemnster reports that the bottom continues very uneven, with lair wash dirt showing in places. Eastern side' being very shallow, it is necessary to dredge a loot of bottom to get floating rOom. On eastern side; dredge still opening out and wash improving. SONS OF GWALIA. Yields of the Sons of Gwalia Gold Mine, Australia, for the past two months were a.s follows: — August. Sept. Ore treated, tons 12,016 11,938 £ £ Bullion, exclusive of premiums 13,933 1-1,024 Working costs 14,S:!1 13,824 Development 2,700 3,016 Capital expenditure 2'A7 1.380 I'ounUs arc in Australian currency. GOLDEN PROGRESS. The mine manager of the Golden Propress Quartz Alining Company (Oturehua) reports as follows:— Since last report the winze for the well hole at the end of the crosscut has been sunk to a depth of 18 feet and this is now large enough for a sump from which the mine water can be pumped when we start sinking. We have discontinued this work. In the sinking some very good quartz was taken out and sent to the battery hopper. The remainder of the underground men not engaged in the sinking of the winze were engaged in breakin,r out quartz oti good value from the prospecting levels. In all about 50 tona have been broken out and sent to the hopper and is now being treated at the battery. The plates look well so far and it is estimated to crush out at about ->oz to the ton. The boiler has not yet arrived at the mine and until it is delivered nothing further can be done as a preliminary to sinking except alterations to a rew pipes, so we propose to employ the men breaking out ore left in the present levels. This will be .profitable work in the meantime. DAWN OF HOPE. Dawn of Hope, Thames, reports rise putting up on hangingwall side of the Golden Age reef advanced to a point lift over level. Several small leaders from Vain to lin in width broken down. A more important development was intersecting of a. leader some Gin in width which shows in one end of rise, and to date only a few cwts of the quartz has been broken. Stone is heavily mineralised ■ with iron pyrites and leader has a very big underlie. Having picked up this leader a little sooner than expected, and it is a different class of quartz from the flat leader expected to meet, more develop: ment will be required to .prove whether it~ is the objective or 'a new leader not known to exist. MINING HOUSE CONCESSIONS. At the statutory meetings of shareholders in Mining House Concessions, Ltd., Christchurch, the position of the company and its policy were outlined by the chairman of directors (Mr. G. Hunter). The company, he said, a holding development company which worked lender an agreement with Mining House (N.Z.), Ltd., to develop any mining propositions taken up after investigation by the latter company. To date over 200 propositions had'been submitted to Mining House, Ltd., arid of these only seven had been accepted by Mining House Concessions, Ltd., for further development and prospecting. On these propositions'a limited •expenditure had been sanctioned and the claims' were now being thoroughly prospected Should the claims not measure up to expectations, they would be abandoned. The abandonment of a proposition after a certain amount of money had been spent on it must, therefore, be. looked upon by shareholders as a usual occurrence in the day's work. One successful flotation more than compensated for these minor losses. As a consideration for services rendered in the flotation of Skippers, Ltd., Mining House Concessions, Ltd.. had' received 50.000 fully paid shares of Is each and was also entitled to a royalty of l'/i per cent, on the gold won. The'chairman also gave details of propositions at present being investigated, some of which, he said, were Hearing the stage when flotation would be justifiable. Referring to the financial statement he said that the preliminary expenses had been kept well within the estimate of the prospectus. Apart from application and allotment, no oalln had been struck, and at September 30 there was a cash balance of .over £ 1500.