PHILIPPINE GOLD FIND STATED WORTH £4,000,000

Manawatu Times, Volume LIV, Issue 6947, 28 June 1929, Page 4

PHILIPPINE GOLD FIND STATED WORTH £4,000,000

MANILA, May 20. An immensely valuable deposit of ’ gold is reported to have been found : along the Angat river, 25 miles north ’ of Manila. The lowest estimate of its value by mining men was fixed at 1 £4,000,000, and the highest at £12,000,000. To the extent of its known limits ' the deposit has been entirely staked out by 19 Americans, all of whom are either members or employees of an engineering concern here. .The gold is contained in a quartz vein which its discoverers say has been traced for 9000 feet. The vein ranges in width from 25 to 200 feet. The discovery was made several months ago by George Cushing, a foreman, during the construction of a tunnel for the metropolitan water district, j Noticing considerable placer gold in the Angat river, ho prospected the re- j gion and found the quartz ledge. Since the laws of the Philippines provide that only one claim may be staked by an ! individual, Mr. Cushing favoured his 1 friends and co-workers by staking the remainder of the vein in their names, j Tho discovery will not bring a new industry to tho islands, for gold mining is centuries old in the Philippines. When the. Spaniards came more than .*SOO years ago they found that the natives in a number of sections mined the precious metal from the streams. ; They still do so to-day. However, gold ] mining never progressed beyond small ; scale operations during the Spanish re- j girno. The Americans, since their nr * rival 21 years ago, have developed one highly profitable gold property