MINING- NEWS

Evening Post, Volume CXIX, Issue 98, 27 April 1935, Page 6

MINING- NEWS

REPORTS AND RETURNS

New/ mining companies registered are reported by the "Mercantile Gazette" as follows:—' ■ Mahakipawa Reefs, Ltd., Gisborne. Capital: £3500 into 70.000 shares of Is each. Subscribers: H. K. Kendon 1000, P. W. Bushnell 500, H. Holmes 1000. Objects: Mining. Karaka Syndicate, Ltd., private company, Auckland. Capital: £800 in shares of £1 each. Subscribers: Auckland—H. Johnstone 100, P. Keigan 100, F. W. Herbert 100, T. H. Pettit 50. Thames—R. G. Fisher 267, M. McKenzie 133. Whangarei—A. L. Anderson 50. Objects: Mining and incidental. ■' i ■ New Success Gold Mining Co., Ltd., Auckland. ] Capital: £10,000 in 200,000 shares of Is each. Subscribers: Auckland —W. F. McCallum 1000, S. S. Alleman, 1000, R. H. Montgomery 1000, J. McMillan 1, O. W. S. Flett 1, C. C. Spedding 1, W. S. Perry 1. Objects: Gold mining and incidental. DAWN OF HOPE. Dawn of Hope, Thames.—The low level to intersect the reef was advanced; Bft last week in a very favourable class of andesite. A connection will be made with, the ventilation crosscut. Work will then be resumed on the Golden Age reef. WAIMUMU SLUICING. The report of the directors of the Waimumu Sluicing Co., Ltd., states that sluicing operations commenced early in August; and work proceeded steadily until December. In the meantime, however, exceptionally dry weather had been experienced. It was not until April that heavy rain fell 'and then such a deluge was experienced that the stream flooded and delayed operations further. • n .- . . • The gold won to the end of the financial year totals 128 ounces, valued a<; £957 14s lid. The directors consider that, in view of the fact that some time was occupied in opening up, the values have been very satisfactory. It is confidently anticipated that the best ground has yet to be reached, but it was considered necessary to work the lower ground first. The working account for the period shows that the value of the gold won exceeds the wages and other expenses connected with the working of the claim, but fails to cover overhead charges. The Mines Department report and boring confirm the opinion that the company has a valuable property. The main balance-sheet items are:—Liabilities—Subscribed capital £11,825, sundry creditors £40. Assets—Freehold land £3842, mining and other rights. £359; plant, machinery, dam, etc., £3821; preliminary expenses, £1162; fixed deposit, £1500; Bank of New Zealand, £798. NEW CORNISH POINT. The mine manager of New Cornish Point Mines, reporting for the week ended April 20, stated that the north level had been advanced 54ft and timbered for 30ft, the remainder being driven without timber. The country passed through consisted of a coarse river gravel, containing low values, but more oi a solid nature than usual and better standing ground. Teh river was gradually lowering to normal.