MINING NEWS

Evening Star, Issue 22938, 21 April 1938, Page 8

MINING NEWS

EMPEROR GOLD OFFER TO ABSORB KOROERE Emperor Gold Mining Co. Ltd. has offered to absorb as a going concern the whole of the undertaking of Koroere Gold N.L. Both companies have mines in Fiji. „ ~ . The directors of Koroere, in their annual report, recommended to shareholders that they accept an-offer of 50,000 fully paid 10s shares of Emperor for the company’s assets. In the last year, they add, results at the mine for the most part have been disappointing. Rather than call further capital to finance the more expensive prospecting of the deeper ground, they decided to negotiate for the disposal of the company’s interests. , Shareholders! will be given an opportunity to consider the proposal at tuo annual meeting on April 26. Net expenditure of the company in the year ended’ January 31 was ±.5,9/0, of which £5,414 was spent on work on the Cardigan lode. At the balance date current assets were £1,747 and outside liabilities £456. The mine surveyor of the Emperor company (Mr F. A. Campbell) recently made a check survey, of the developed ore in the Koroere mine. He reported that in the Cardigan lode there were 35 000 tons of mineable ore, assaying 9.2dwt of gold a ton. In the West Cardigan lode there, were 9,000 tons of mineable ore, assaying lldwt a ton. Mr Campbell’s estimates are very close to those made by Mr G Ramsay, former mine manager, and Mr Miller, the present mine manager of Koroere.

REPORTS AND RETURNS

SANDHILLS The return from the Sandhills Gold Mining Company Ltd. from the washJjP which took place last Saturday was 990 z Sdwt. The return was from the third paddock, where operations were commenced on March SI. ’ BULOLO Bulolo Gold Dredging Ltd. reports that for the month of March the total gross production amounted to 16,281 ounces of bullion containing 11,235 ounces of fine gold from 1,041,000 cubic yards. The estimated working profit was 7,851 ounces of fine gold. The above production is equivalent to £98,306 and the working profit to £68}958 on the basis of £9 15s (Australian) pee fine ounce of gold. Dredge No. 6 was completed, and commenced digging to bedrock on March 24, MATAKI DREDGE [Per United Press Association.] AUCKLAND, April 20. The Mataki return for the period ended April 14 was 29 ounces for 10J hours’ work and 7,500 yards. BARRYTOWN RETURN The return of the Barrytown dredge for the half-month to April 15 was 2410 z for 199 hours, 84,000yds being treated.—Greymouth Press Association,