MINING NEWS.

New Zealand Herald, Volume LXIII, Issue 19416, 26 August 1926, Page 7

MINING NEWS.

RISING SUN COMPANY. THE ANNUAL MEETING. 4 s ————— The first annual meeting of the reconstructed Posing Sun Gold Mining Company was held at Auckland yesterday, Mr. W. Eddows, chairman of directors, presiding. The annual report and balainco-sheet were adopted. The retiring directors, Messrs. W. Bloomfield and John Bilkey, were reelected without opposition. Mr. G. Fleming was re-elected auditor. There was some discussion on the finances of the company and the prospects. It was stated that the reconstructed company had taken over liabilites amounting to £10,712 and that these had been reduced to £3900. The company had produced 2065 tons of ore, yielding £9258 13s 2d, an average of £4 9s lOd per ton. A great deal of development work had been done and a reserve of 4000 tons of ore had been disclosed at a cost .of lis lOd per ton. Tt was also stated that only 28 tons of ore were being crushed each week and if 60 tons could be crushed a profit would be shown. ALBURN 1A COMPANY. The report of the directors of the Alburnia Company for the half-year ended June 30 states that after cleaning out the level and driving for some distance upon the reef, a run of gold was struck, from which 521bs of picked stone were obtained and a few tons of ore stacked in the paddock. The reef is continuing in pood country. In addition to this, the Orlando upper level has been cleaned out for about 350 ft.. for the purpose of giving proper ventilation to the Norwegian level, and the work of completing this to the winze and repairing the winzes is now in' hand. The directors are inviting the shareholders to take up a portion of the oompany's unissued shares for the purpose of carrying out the original intention, which was'to crosscut from the present Norw«eian level to get underneath the rich patches worked by Radford, Black Angel, cite. This will open up virgin country. The reason it has been proposed to undertake the dual work is to more quickly develop the company's property and thus economise in management and overhead expenses. The retiring directors, Messrs. H, H. McCullough and R. S. Thorburn, seek reelection. GOLDEN AGE COMPANY. The manager of the Golden Age Company's mine, Thames, telegraphed yesterday :—"ln breaking out 2ft. of the footwall of the Golden Age reef strong colours and dabs of gold were seen showing right through the lode."