MINING NEWS RETURNS AND REPORTS TRICES OF METALS. MOSSY CREEK. LATEST RETURNS. LONDON PRODUCE PRICES.

Evening Post, Volume CXX, Issue 133, 2 December 1935, Page 14

MINING NEWS

RETURNS AND REPORTS

TRICES OF METALS.

MOSSY CREEK.

LATEST RETURNS.

LONDON PRODUCE PRICES.

The Big River Gold Mines report for the week ended November 28 is as follows:—South Stope: Stoping proceeding. The shoot o£ stone from the hanging wall is not developing too well as yet. North winze—sunk 3ft, total 48ft. Still carrying stone in south end oil winze. North stope: Stope being filled. Cross-cut north of old workings: Driven 6ft, total 21ft. No developments here as yet. Shaft: The straightening is almost completed. Hope to commence placing centres and guides in position in lower portion next week. Battery: 25 tons sent to the battery. Talisman Dubbo reports that 653 tons were treated at the Golden Dawn battery for an approximate realisation of £498. Work for the fortnight ended November 16.—Talisman No. 2 Level: The drive south advanced 23ft, total 423 ft, through firm country rock on the western side of the old workings. Talisman No. 1 Level: In stope from 418 ft to 450 ft south the lode averaged 13in, and. assays averaged very good at 74ft above the level. At 447 ft south, 76ft above the level, the reef on the east wall is 12in wide and assayed very highly. The balance of the stope contains ore of good value 7in wide. Dubbo Level: From 85ft north to 125 ft north 18in wide, fair value; height above level, 53ft. From 190 ft north to 380 ft north 26in wide, values very good; height above level, 112 ft.

HUMPHREY'S RACE.

Promise of earlier completion than was anticipated is shown in the work at Humphrey's Race, West Coast, where the men are making steady progress with the extension contract. Once the water is brought in, it will give immediate revival to mining operations in the Blue Spur and Kanieri districts. MOONLIGHT. A year of considerable financial and practical difficulty has been experienced by the Moonlight Goldflelds Company, Ltd., according to the directors' report for the year ended October 21. The report states that the pipeline to German Gully was completed, and sluicing was commenced on July 1. Results for a time were moderately successful, but eventually the extent of payable wash available was insufficient to justify continuing work in this locality. Sluicing was commenced at a point on the claim known as "Three Jacks" on November 7. A new option over the dredging area was let to British Developments, Ltd., who were actively engaged in boring operations: The production account shows gross profit of £130; net loss for the year being shown in the profit and loss account at £911. WAITAHU. The secretaries of the Waitahu Gold Dredging Company report that during the last live weeks work has been done on the bed of Little Redman's Creek. The return from four chains and a half of creek bottom was only Boz, thus indicating that the creek itself was not worth bothering about. The elevator was being removed to the ordinary working face, where an area of nearly an acre had been stripped ready for elevating.

BROWN'S TERRACE.

! The second annual report of Brown's Terrace Consolidated, Ltd., for the year ended October 31, states that testing work to ascertain the dredging possibilities have been carried out, but that disappointing results were found, due to several adverse causes. A mining group approached the directors with a view to obtaining an option on the company's properties. The directors considered the terms satisfactory to the company, and recommend that their action in agreeing to grant the option be endorsed by the shareholders. WORKSOP. Worksop Extended Gold Dredging Company, Ltd., reports the following official return for the week ending November 29:—Yield, 450z; hours dredged, 1.35; yards treated, 10,000.

MAEREWHENUA.

The directors of the Maerewhenua Goldfields Development Company, Ltd., report for the year ended October 31, that net loss has increased to £1998. Climatic conditions and shortage of funds played an important part in hampering the company's progress. The major difficulty was the - problem ot finance. A total o£ twelve wash-ups took place, with a yield of 124 ounces of gold, valued at £924. An analysis of the later wash-ups proved that an actual mine profit was obtainable, but such profit was not sufficient to cope with the overheads, unless the volume of the turnover was considerably increased. The directors had come to the conclusion, states the report, that, since absence of enthusiasm and support was demonstrated by shareholders in their attitude to the debenture issue, no good purpose would be served by continuing the up-grade fight. By that time an offer had been received from a London financial group willing to take an option on the- company's mining properties and plant on certain conditions. The directors decided to accept the offer, and the option was duly granted. The purchase consideration was fixed at £ 18,000 sterling, which will yield approximately £22,400 New Zealand. The price of the option was £50 sterling (£62 New Zealand), which amount has been duly paid, as shown on the balance-sheet.

v ßy Telegraph—Press Assn.—Copyright.) LONDON, November 29. Today's quotations for other metals, with thosfe for November 15 in parentheses, are as follows:— Pig-iron.—Home trade, £3 10s a ton (same); export, £3 Is 6d a ton (same). Antimony.—British', £76 10s a ton (£79 10s); foreign, £52 10s a ton (£54 15s). . . .

. Molybdenite.—-34s 6d a unit (same). Wolfram. —34s 6d a unit (same). Osmiridium. —-£9. to £10 an ounce (same). The official London (middle) quotations for Friday, as reported by the Australian Mines and. Metals Association, compare with those previously cabled as follows:—

Nov. 28. Nov. 29. Per ton. Per ton. Copper— £ s. d. £ s. d. Standard, spot 35 3 H 35 4 <U Ditto, forward 35 10 7J 35 5 0 Electrolytic . 39 0 0 39 0 0 to 39 10 0 39 10 0 Wire bars .. 39 10 0 39 10 0 LeadSpot 17 17 6 17 18 9 Forward .... 17 17 6 17 18 9 SpelterSpot 16 0 0 15 18 9 Forward .. 16 1 3 15 13 9 TinSpot 220 15 0 221 15 0 Forward .. 211 15 0 211 10 0 Silver— Standard, per oz 29 3-16 d 29 3-16 d i Fine ........ 31£ d 3Hd

(By Telegraph —Press Association.* GREYMOUTH, December 1. The Mossy Creek Gold Dredging Co. Ltd., have declared a third dividend of Id per share, payable on December 28.

The Mossy Creek dredge return was 330z 7dwt from 10,745 yards in 131 hours.

(By Telegraph—Press Association.) DUNEDIN, December 1. Gillespie's Beach return was 320z 9dwt for 129 hours. The Waipawa Beach' return totalled 38oz for 121 hours. The Goldfields Dredge returned soz.

The Bank of New South Wales is advised by cablegram from its London office, November 29, as follows:

. Mutton.—Ewes, 2.', dto 3d per lbwethers, 33d to 5 l-8d; lamb, 7d to 7 7-8 d; beef, 2d to 3 5-8 d; povk, 6d \o 6!Jd.

Butter, 90s to 97s per cwt; cheesi, white 53s per cwt. coloured 545.