REPORTS AND RETURNS

Evening Post, Volume CXVI, Issue 147, 19 December 1933, Page 14

REPORTS AND RETURNS

The manager of the Mount David Sluicing Company, Ltd., reports to his directors that there lias been a shortage in the ilow of-water. "I sent three men for three days to assist the head race men to repair the very leaky section near the head of the race, and they consider that part is now good, except for a few sniall leaks. This should make a very appreciable difference in the amount of water reaching the claim after this long spell of fine weather breaks. As there was no work which required to be done, the men at the claim have been idle for the last three days." We shall be opening up the next face in about a month's time."

The company reports that, owing to the falling-ott' of returns iv March and April of this year, attention was directed towards finding out how to improve them. Mr. I. W. Archibald, a Sydney eugineer, was engaged, and he recommended abandonment of Caribou face and opening up of v face on the main area. This involved the extension of the pipe line. After some months' work on the pipe line and on the opening up of the new face, sluicing was commenced at the beginning of August. A heavy slip in the race- caused a further long delay in repairs and tunnelling. By. the end of September everything was in readiness for sluicing, which is now being carried on. Recent returns have not been high, but they have been encouraging, and show improvement. Further testing of the claim has indicated to mining experts that Mount David is a rich. area. In the interests of shareholders, the directors hope to prove conclusively that their hopes are based ou established facts. A SENSATIONAL YIELD. One of the richest parcels of ore ever treated in Western Australia, reminiscent of the sensational yields of the early years of gold mining, was cleaned up at Kalgoorlie on December 9 from the Lady Gladys mine at Mulline, when 3% tons of ore returned from the Berdan Pan 9340z 7dwt, or approximately an average of 2C7feoz to the ton without the tailings, which are said to be extremely rich. The owners were on the point of abandoning the mine last September. The claim has yielded in the last three months about £23,000 worth of gold from 55 tons of ore. This is the second richest parcel to be produced/by the Lady Gladys mine, and far exceeds the first, which yielded 1733'/&oz from 02 tons of ore broken and treated by. the original holders of the lease, Messrs. Kozul and Mullins, last September. They pegged .out the mine several months ago, and were on the point of abandoning it early last N September when Mullins, as he was packing up camp, noticed some promising stone near a rabbit burrow, -which he decided to sample— '•just for luck." A good tail of gold was secured, with the result that they decided to give the claim another trial, and within a few weeks they had broken 52 tons of rich ore, which yielded them about £15,000 worth of gold. MOUNT MORGAN. Shareholders in Mount Morgan, Limited, Queensland, have received a circular from the company offering them rights in an issue of 27,912 shores of £1 each. Shareholders registered on December 30 will have the right to apply for a number equal to 16 per cent, of their holding. The issue will be made at 30s a share. The new shares will rank for dividend with existing shares iv proportion to the amount paid up. The board reserves the right to issue the shares in denominations of ss, as it is its intention to subdivide the capital N of the company. NEW GUINEA GOLDRELDS, LTD. The' monthly returns of production and estimated' profits of New Guinea. Goldfields, Ltd./are.as follows: — Oct. Nov. Bullion, oz— Alluvial VMI ].«" Mill 129-1 IS3U Kst limited profit— ■■'■-. Alluvial £1)3:10 £5100 Mill £93116 £T2SO . In October low production due to three week's drought and reduced output due to lower grade of ore treated must be taken into account.. - The examining engineer has reported that the third dredging area is unpayable. SULPHIDE CORPORATION. .A net profit, of £37,817' is shown iv the accounts of Sulphide Corporation, Broken Hill, and London, for the year ended June 30. This contrasts with a loss of £55,841 in the previous year, when, an adverse balance of £26,410 was carried to debit of reserve for contingencies. No dividend on preference or ordinary sharea is declared, tlie profit, being- carried forward. No ordinary dividends have been paid since 1929, and preference shares have received iiiothing since 5 per cent, was distributed ill 1930.. Paid capital is £1,050,000.