MINING NEWS.

New Zealand Herald, Volume LXIX, Issue 21142, 28 March 1932, Page 5

MINING NEWS.

KING SOLOMON RETURN. GOLD WON IN SIX MONTHS. Gold won in King Solomon Deep Lead mines (Gore) for the six months ended February 29 amounted to 10990z. 2d\vt., according, to the half-yearly report which will Lie presented to the annual meeting of the company at Gore on April 6. Tho value of the gold was £6485. A policy of making forward sales was adopted by the directors and 95 per cent, of the total has been disposed of. The working account for the half-year shows a profit of £BBI. Against this tho total of preliminary expenses account, £558, has been written off, while the sum of £IOOO has been transferred to the debit of development account, leaving a net debit balance of £5017 in working account. Development work has been carried on concurrently with revenue work, making it difficult to estimate accurately (lie cost of capital works. The board is of the opinion that the amount, of £IOOO transferred is more than justi tied. The directors state that, during the past six months work has progressed steadily in tho Radford's section of tho mine, in an endeavour to locate the rich values reported in the bores stftik there some years ago. Unfortunately no plan of the bores is available. A large sum of monoy has beon spent, as yet fruitlessly, in this section, creating a set-off against the returns secured in other parts. The position to dato is quite indefinite and extremely disappointing. Work in tho dip was much more successful, somo good returns being secured, but later the wash ran out. Good progress was made in the north section also, where particularly rich wash was encountered. BULOLO DREDGE OPENED. NEW GUINEA OPERATIONS. Advice that tho No. 1 dredge of the Bulolo Gold Dredging Company (New Guinea) was successfully started on March 21 has been received in New Zealand. Tli«* "starting" was accomplished by tho Administrator of the Mandated Territory in the presence of a large crowd. The message stated that the hydro-electric power plant was "working beautifully." GOLDEN DAWN RETURN. ABOUT £IO,OOO TO DATE. The total tonnage treated at the Golden Dawn mine (Owharoa) up to March 18 was 2217 tons. The value of the returns, at, £4 an ounce, was £7228, or approximately £IO,OOO at current prices for gold.