MINING NEWS

Evening Post, Volume CXVI, Issue 131, 30 November 1933, Page 16

MINING NEWS

RETURNS AND REPORTS

Addison's Flat Gold '.Milling- Co. recovered gold valued at £230 last week, states the Press Association Westport correspondent. Bell Hooper Cromwell Gold, Limited, reports a return of lOoz lldwt for the week ended November 24. MATAKI. Mataki Gold Dredging, Murohison, reports 'a. return for the week ended November 24 of 340z for 135 hours' work. The dredge continues to work well. The wash is of much .the same nature, the bottom being different towards the river, where the depth at present is 23ft. • • S DAWN OF HOPE. Dawn of Hope, Thames, reports con-, tinuation of the drive hillward on flat leader off the rise. The prospects continue to be favourable, the leader being of an average size of about 7ih in width and showing a little gold in the stone broken. . I MOUNT MORGAN POLICY. The issue of new shares and subdivision of capital of Mount Morgan, Limited (Queensland), into shares of 5s each, were dealt with by the chairman, Mr. Eric Campbell, <at the annual meeting in Sydney last week. The directors' policy was to safeguard the financial position of the company by issuing the balance of the company's unissued capital, 27,912 shares, to existing share- j holders as nearly as possible in proportion to their holding. It was proposed to issue Hie shares at a premium of 50 per cent., that is, at the rate of 30s. a share. This would produce £41,868. The directors had also decided to subdivide the capital of the company into 5s shares, instead of £1 shares. This would enable the company to open a London register, and to give the investing public better opportunities of holding shares in. the company's undertaking. Enlargement of the plant to make it capable of treating at least 5000 tons a week, and the effecting of every possible improvement and economy in the treatment of ore, were further points of policy. The company had set but to deal with only 664,270 tons of ore, it lhad now definitely established that there were 2,210,379 tons of an average grade of 564dwt gold, 0.84 per cent, copper available and amenable to treatment by selective flotation, which, on a basis of 3000 tons of ore a week, gives the mine a life of, at least, 15 years,'or, on a basis of 5000 tons a week, a life of practically 10 years. It is anticipated that the advancement in quarrying and metallurgical practice will bring a large proportion of the remaning o% million tons of ore within the scope of profitable treatment, which would add considerably to the life of the mine.

There were seven candidates for the three vacancies on the board, and Messrs. R. .7. Morgan, Eric Campbell, and O. J. F. Wolfe wer_e declared elected.