RETURNS AND REPORTS

Evening Post, Volume CXIX, Issue 95, 23 April 1935, Page 12

RETURNS AND REPORTS

(By Telegraph—Press Association.)

DUNEDIN, April 22,

The Oknrito Five Mile Beach Gold Dredging Co., Ltd., reports a return for nthe week ended April 20 of 50oz 16dwt.

GLENROY.

Since the annual meeting of the company the directors of Glenroy Gold, Ltd., have given consideration to the question of deciding as to what methods should be adopted for cawying on the claim.

At the annual meeting it was stated I by the chairman that the returns to date had- not beem sufficient to meet claim working expenses and overhead charges. In the opinion of the board four major facts had been established. The ground so far worked had produced a return of slightly more than 9d a cubic yard, as compared with the prospectus estimate of Is 6d a yard, with gold at £4 an ounce. The figure'of Is 6d became 2s 0d with gold returning price. .It had not been possible to approach,anything like the estimated output of 60 cubic yards an hour, even with 16 men employed, compared with 12 estimated in the prospectus. The stoning., problem had proved to: be a much greater; and more difficult one than was anticipated, and the present'stoning,plant wus inadequate to deal satisfactorily with the existing problem. If this problem could be solved reasonable profits, but nothing approaching the scale laid down in the prospectus, might reasonably be expected. The present situation could be dealt with in any of three different ways: (1) To continue operations as at present and\ secure the services of a manager who could substantially increase returns. (2) To have the whole situation examined and reported on by an independent expert. (3) To advise a scheme whereby the claim could be operated on a'pro-fit-sharing basis, which would adequately safeguard the interests of shareholders and which would ensure a maximum return of gold. It was also stated at the meeting that 25,280 cubic yards had been treated for a return of- £907, which represented an average of just on 9.2 d a yard with gold at its present price, , The company's claim is situated at the Upper Matakitaki, 18 miles from Murchison, and comprises 127 acres. The nominal capital is £16,000. Sluicing operations commenced in August. , BIG RIVER. Big River Gold Mines. Limited, reports for week ended April 18:—No. 4 North drive advanced 7 feet. . Tha reef is very broken. Good track foundation. Commenced to rise 15 feet back from face. Eeef formation 5 feet wide. Some good quality stone. No. 4 Stope is being filled. Commenced breaking' No. 5 from pass. Rise 45 feet up. Distance driven south, 12 feet. Stone 5 feet wide. No. 4 south drive, driven 8 feet: Nothing of value N0..3 Stope commenced, stone 6 feet wide. Main shaft, filling not yet completed. Battery is working two shifts.