THE CONSOLIDATED PROGRESS AND BLACKWATER MINES.

Greymouth Evening Star, 4 June 1909, Page 1

THE CONSOLIDATED PROGRESS AND BLACKWATER MINES.

(Messrs McMahon and Lee have issued a very exhaustive report dealing with these mines, commonly known as the Consolidated group, comprising in reality, the Consolidated, Blackwnter, and the Progress. This enterprising Jinn, to whom so much credit is due from tills field for their loyal encouragement of the great and staple industry of this place, have issued a circular. setting forward in no dilated terms, but in sober and earnest truth, the wonderfully forward movement developed by those companies all along the line. The hist Company’ touched mi is : THE CONSOLIDATED GOLD FIELDS OF NEW ZEALAND LTD. Authorised capital in £1 shaves, 1.300,000. Issued capital (including Founder's share) .. ~ £242,378.

This Company, says Messrs McMahon and Lee, owns, besides other investments, the Energetic, Wealth of Nations, and Golden Fleece Mines, It, holds 160,000 shares in the Progress Mines and 100,000 shares in the newly acquired Black water mines. Ihe Wealth of Nations with a 20 stamp mill, am,! cyanide plant, has been making £IOOO per month prolil. Owing to the largo amount of ore developed the management have been busy for some lime in erecting an improved crushing and reduction plant by tlie addition of a tube mill and live 1! and M. tall tanks, which when completed will deal with double the tonnage, obtain bettcr’gold extractions and thus naturally increase the yield per ton. The Energetic shaft is to be sunk 125 feet. After pointing out that the- Consolidated, after paying out of its undisturbed profit £500,000 worth of debeiitures aml for its interest in the illackwater Minos, has a surplus of some £30,000 in cash and assets over liabilities, besides 160,000 shares in the Progress Mines and 100.000 in llic Blaekwaler Alines the report speaks of the aggressive policy instituted by the Company, since -Mr D. Zim;in's arrival on the Held. It states that the Company lias acquired tin- Koiuku ami Lake Brunner Oil Fields, and active operations are likely to be there undertaken.

The Progress Minos of New Zenlnd next claim the attention of the report. This Company has £257,009 of capital and in the short space of field years, 1898-1907 (figures for 1008 not being available), contributed nearh half a million of prolit from gold won to the amount of £1,020.000. The dividends amounted to £317.000 or a net ret arn of 22s per share. The report deals of the great smelting, roasting and arsenical condensing works, now in of erection, to treat the valuable stores amounting to thousands of loiis, of slimes concent rales, and valuable chlorination residues. I Ins Company also holds 100,000 shares m the Illackwater Mines in addition to the cash on hand. In mining, die last is often first and Ibis is die case with the Blaekwaler. the latest acquired of the Company's grouped propel ties. it is now fast arriving tit that stage, when ii will be prolii earning and already it holds the premier place in die eyes of the public. Its capital is £250,000 ol £1 shares, the Consolidated Goldli. bis and the Progress Mines contributing £50.000 in cash for working capital’.

Flic mine is being developed from a main adit level, (called die Joker ’Funnel) and a main shaft from tli surface. The shaft lies been sunk to a distance of 456 feel, and three levels have ben opened up. 'File actual lengdi of reef proved for sloping purposes iiji to IBdi March. 1909, was 2.690 feet, .and lias largely increased since. No 2, or Joker Level has been connected with lie- battery by tin incline surface tram road. A furlin' Adit Level 177 feet lowin' than die "Joker" Tunnel is now being driven and give access to the reefs from die open. ’Flu’s will be connected with die Battery bv a lial ground tram.

The Company's mining claim extends .•linin' the line of reef fur over one and a half miles apd by a recent acquisiiinu of a further 100 acres mi the dip of tile reef, tip' lode is protected In the Company as far as it is possible to mine it profitably. In the lowest leu 1 (No 3) two crosscuts are being put mil to prove Ihe existence nf parallel reefs, Ihe present plant equipment consists of winding machinery at mam shaft, 30 stamp mill and cyanide plant, and the production of gold during the present year, (excluding danna.iv owing to a labour deadlock and with yutpnt restricted in .March owing to drftight) is as follows:--Value. Total lotah Gold Working i roll I Period. Tons. Won. Cost and and and at at. per at per

it will be noticed ih.al the working costs for April are the lowest yet rceordod, as is also the profit per ton for the. same month, the highest. A lube mill is now in course of erection ami a slimes plant, is almost completed. !t is anticipated that when this plant is working the mills will respond to the development of the mine, and it is Impid the tonnage milled per month will very largely increase, and consequently increase the prolil.

Though the working capital was only £50,000, the Company lias reachsi the prolil earning stage with a considerable amount of that capital intact and good dividends are assured.

This is a, report well worth reading and Messrs McMahon ami Pee deserve the greatest commendation for its compilation.

[»'r ton (on. Ion. 3000 6403 2049 2 4 432VI3 8 42 4.90 13 7.69 28 9.31 M;ih Ii 1807 4272 1873 17 8 2406 13 3 47 3.40 20-8.32 26 7.08 April 2232 5477 1522 0 0 3979 13 1 49/2.66 13/7.20 357.46