MINING

Evening Star, Issue 16908, 4 December 1918, Page 4

MINING

RISE AND SHINE DREDGES. The Rise and Shinn Mo. 1 dredge bottomed on Friday morning at 47ft on white clay, with about rift of very tight wash giving fair prospects. There will probably bo a wash-up this week. No. 2 dredge worked steadily until Friday afternoon, when the shaft of the bottom tumbler broke. A new tumbler will reach tho dredge before the- end o.| the present week, Tho ground varied in depth from 28ft on the west to 45ft on tho other side, and a good body of very tight wash had come in. The bottom was of soft clay and sandstone, and gave indications of improved returns shortly.

QUICKSILVER MINES*.

-A deposit of RSTO has been received by the New Zealand Quicksilver Mines, Ltd., through tho British Trade Commissioner’s oflicc, from the parties in England who have acquired an option over tho company’s property at Pnhipuhi, V/hangarci. Tho option is for 12 mouths to December, 1919. Tho agreement provides that, if the option is till;on up the option-holders shall form a company with a- guaranteed working capita! of rot. less than jB4O.CCO. The present shareholders are to receive 5 per cent, in cash and 23 per cent, in fully paid-up shares in any company formed, and are entitled In bo represented on tho board by two local directors. The expert who is to examine the property for the option-holdors is now in the Dominion, and proposes to inspect and report upon tho property early in December.