MINING NEWS

Evening Post, Volume CXVI, Issue 146, 18 December 1933, Page 12

MINING NEWS

REPORTS AND RETURNS

(By Telegraph.—Press Association.)

GRKYJIOUTH, This Day. Brian Boru Dredge return:—42 ounces 10 dwts for 116 hours.

The adopted report of Brian Boru Gold Dredging Co., Greymouth, showed that tho company holds ;i special dredging claim of 397 acres 2 roods 23 perches and five water rights. Tho report stated that the directors had considered that goldwinning would commence iv July; although the dredge started in March the work had to be delayed until June on account of the dangerous height at which the dredge was floating. The report continued:—"Since that date, with the exception of time lost on account of breakages and renovations, the dredge has worked steadily, and is now operating on a face of 300 ft. AVhen the last report was issued the dredge had 16ft of water under her at. the bow and lift at the stern; the figures are now 30ft and 20i't respectively, while the dredge is floating 20ft respecthan the original dam, and has ample water, for.all requirements. The first washup took place on July 1, and with one exception, regular weekly -washings have been made since that time. It must be pointed out that the dredge has been in old workings, and will continue in this class of country for another three months, so when it is recorded that 6940z 3d\vt of retorted gold have been won from paddocked ground between July 1 and October. 31, the directors .consider shareholders should be pleased with tlie returns. The credit balance on current account at the end of the financial year was £1188 7s 2d., while proceeds of 490z 17dwt retorted gold won on October 30 had still to be. credited. Directors sell forward all gold now won on London; "by this method we receive credit'after each sale at the current rate, together with premium. 1' This gives the company the full proceeds.-with no delay whatever. The net result of the sale of 6440z 6dwt up to the end of the financial year was £4390 13s 9d, equal to £6 16s 3d per ounce. MAEREWHENUA. The consulting engineer to the Jlaerewheniia Goldfields Development Company, Ltd., Jlr. AY. Jlorgan Gimsou, reports excellent progress being made with the tail race tunnel, which has been driven 404 ft. Three shifts.arc being worked,, and it is estimated that between 35ft to 40ft will be driven each week. At the time of the engineer's visit fen heads of water were entering the race arid a similar amount was pasiang the intake, as-the old syphon is only capable of carrying ten heads. Seven pulsator machines have been delivered and these will be installed shortly. An ample supply of water was available on the field during the past month, and this was used for the removal of tailings. An inspection of mats at the sluice boxes showed that gold was now commencing to travel down with the tailings. NEW MINING COMPANIES. Registration is reported by the "Mercantile Gazette" o£ N.Z. Minerals, Ltd., private company, Auckland. Capital: £100 in. 100 shares of £1 each. Subscribers: Auckland—J. R. Jlulloy 50, K. H. AVilson 50. Objects: Goldmining, etc., and incidental. Also of Tate's Gold Jiining Co., Ltd., Dunedin. Capital: £4000 into 4000 shares of £1 each. Subscribers: Dunedin—H. H. Sykes 100, C. F. Bennett 100, C. L. Draper 260, F. Jferedith 150, A. H. Miles 130, F. C. Keeife 160, H. Reeves 1,00. Objects: To carry on all kinds of business in relation to mining and general incidental. MINING INVESTMENTS, LTD. New Zealand .Jiining Investments, Ltd., Dunedin, reports a net profit for the year of £3815.' Working capital show-ed cash in hand and due to the company £2178, share moneys! to come_iu £1425—total liabilities £216, and contingent liabilities £611 (shares in companies), leaving a balance of £2775. The company had prospected a number of areas during the year, but had approved Jlaori Gully and Ben Ledi, both of which had been put on the market. Other areas were now being prospected, and one proposition concerning an extensive dredging property in Central Otago had been taken up by an Australian -organisation. The report and balance-sheet were adopted. BELL HOOPER CROMWELL. Bell. Hooper Cromwell Gold, Limited, reports a return for-the week ended December ,15 of 390z of gold. BULOLO DREDGE. Production of the No. 1 and No. 2 dredges of the Bulolo Gold Dredging, Ltd., New' Guinea, for November, compares with that of October-as follows:— Oct. 31. Nov. 30. Cubic yards -11S.100 400.200 Bullftm, oz. .......... 12,218 • 10,202 Gold, tine, oz .....«v. 8,101 6,"64 A'alue— Aust. currency* ...» £00,73" - £30,730 Per cubic yard .... 32.34 d - 30.42 d Working •profit* ...... £47,737 . £38,220 ♦At Australian currency's. Reduced yardage in November was due to power interruptions. From November ,17 to November 30 inclusive, No. 3 dredge dug 82,000 cubic yards, and recovered. 9430z bullion, containing 6700z fine gold. This dredge started dredging about the eastern margin of pay, and has not reached bedrock. On account of adjustments to gold-saving equipment, the dredge will not operate continuously for several weeks yet. and no estimate ot monthly profit will be made for some time.