GOLDEN GULLY.

Evening Post, Volume CXVIII, Issue 93, 17 October 1934, Page 14

GOLDEN GULLY.

Mr. I. Woolf. chairman Golden Gully Sluicing and Development Co., Ltd., Christciinrcli, at the meeting on October 10. presided over a representative gathering of shareholders. The statutory report having been received and adopted, Mr. A. R. Perry gave a brief report on the activities of the company to date. This report was enlarged upon by Mr. G. M. Powell, of Westport, who answered many questions from shareholders, and explained the method of working the company's claim. He stated that the company had an exceptionally valuable asset in its water rights, and that the life of the claim was almost unlimited. In his opinion there were no insurmountable difficulties, and he considered that the ground was ideal for sluicing with a suction elevator, capable of readily dealing with 10,000 cubic yards per week, running costs to be in the vicinity of 2%d per yard. Tho chairman announced that tiic services of Mr. J. M. Powell, at present manager of a sluicing claim near Westport, had been secured as manager to this company, and that he would take over his duties in the near future. The provisional directors, Messrs. I. Woolf, W. R. Heney, A. R. Perry, L. D. Richards, H. Bicknell, Christchurch; J. A. Sparrow, Dunedin; and G. M. Powell, Westport, were re-elected, together with Mr. C. S. Harris, Nelson. Since the meeting a telegram was received from the field superintendent that a test of G2 cubic yards of material had returned values at the rate of 3s 6%d per yard, gold at £7 per ounce. BUNDI (N.Z.) AREA. A loss of £6345 was incurred by Bundi Tin Dredging Co., N.L., Sydney, during 1933. The whole of the superstructure and machinery of No. 2 dredge has been transported to the erection site on the ..special cold claim, near Greymouth, a contract has been let for the new steel pontoon, and that work is well advanced. Immediately it is completed the re-erection ■of the dredge will be commenced and, it i.t expected, completed in time to enable dredging operations to commence next March. The transportation of the dredge and work in connection with the development of tlw area, and the re-eroction of the dredge have already involved an outlay oE nearly £14.000, and it is estimated that a further £15,000 may be required, of which £8000 is in hand. It is proposed to^ increase the capital by 5s a share, but it is considered unlikely that more than 2s of tlie extra capital will be needed to finance the dredge erection.