MINING NEWS

Evening Post, Issue 12, 14 July 1936, Page 12

MINING NEWS

THE BIG RIVER MINE

The secretary, Big River Gold Mines, Limited, reports for week ended July 9 as follows: —At No. 1 level plat, bottom set of timber has been removed and replaced with sound timber. No. 4 level plat has been cleared of debris and flat sheets relaid. This plat is now ready for ordinary mining work The cleaning up of No. 4 level is now in progress. Bad air in shaft below No. 4 level plat has been troublesome. The ventilating fan has been recommissioned and bad air has been driven out. Ventilation is now quite good down to No. 5 level plat. Both cages are now running to No. 5 level and all debris is being removed from No. 5 level plat, preparatory to commencing to extend No. 5 level out to line of reef. Working conditions in the mam shaft from No. 5 to No. 1 levels are now very good, and shaft is now in a condition to cope with full mininp operations once more. AHGO. Argo Gold Dredging Company. Limited, reports for the week ended July 11:—Yield, 690z; hours dredged 126; yardage treated, 12,000. A dividend, the third, of Id a share, has been declared by the Argo Company and will be paid on July 20. The dividend represents a distribution of £2000 to shareholders and the sum of £200 has been placed to general reserve. GILLESPIE'S BEACH. • Gillespie's Beach dredge is reported as having resumed work last week after undergoing repairs. There was no wash-up. . PLACER DEVELOPMENT. In connecton with the listing of Placer Development Ltd. on the London Stock Exchange, 85,030 of the unissued shares have been placed in London, through market channels, at £4 (sterling) per share, less a commission of 7Jd per share, this bringing the issued shares to 700,000. ""The prcceeds will be used to retire an advance from the company's bankers of approximately £85,000 (sterling), subscribing for the company's quota of the current new issue of Bulolo Gold Dredging Ltd. shares, and for purposes of general expansion. v AUSTRALIAN GOLD OUTPUT. The Commonwealth Statistician estimated that the production of gold in Australia for May, 1936, amounted to 89,109 fine ounces, valued at £770,434 (Australian currency). The production,for May, 1935, was 74.554 fine ounces, yvalued at £656,124. In the five months ended May, 1936, the production amounted to 424,910 fine ounces, valued at £3,690,546. /This was an increase of 119,660 fine ounces, valued at £988,266, over the production for the five months ended May, 1935. Comparison between the two periods is affected by the industrial dispute which occurred on the goldfields of Western Australian during February and March of 1935. A HIGH YIELD. At the Marble Bar State battery. Western Australia, 71J tons ore from a shoot recently discovered yielded 246 ounces gold. jVIATAKI DREDGE. (By Telegraph—Press Association.) AUCKLAND, July 13. The Mataki dredge return for the week ended July 12 was 460z for 136 hours' work and 9000 cubic yards. NEMONA FIRST WASH-UP. (By Telegraph—Press Assn.—Copyright.) GR^YMOUTH, July 1. The Nernona Gold Dredging Co., in its first washup, secured a return of 82oz IJdwt from 26,053 yards of material in 150 hours of working time.