MINING NEWS

New Zealand Herald, Volume LXIX, Issue 21346, 22 November 1932, Page 5

MINING NEWS

OKARITO RETURN

45 OUNCES FOR 121 HOURS

The Okarit-o (South Westland) returq for the week ended last Saturday was 450z. 6dwt. for 121 hours' dredging.

GOLD AT COROMANDEL

PRODUCTION BY TRIBUTERS

[BY TELEGRAPH —OWN CORRESPONDENT] COROMANDEL, Monday

More gold is being obtained by tributers in the Hauraki mine area; than on any other part of the Coromandel district by prospectors. So far there are 10 tributers working at various parts of the mine and the value of the output of gold since the new scheme started iy well over £IOOO.

The Four in Hand mine tributers, four men, turned out 50oz. of gold this month, valued at about £3OO. A crushing of eight tons of ore on Saturday from the Nil Desperandum mine, which is right in tha township on Rings Road, yielded BjOzs. The party at the Golden Pah, which is on the hill overlooking Union Beach, the scene of much activity in earlier days, secured 13oz. sdwt. out of 2£ tons of ore and five pounds of picked stone. The increased production of gold is reflected in the receipt by the Coromandel County Council of goldfields revenue, which was £32 12s 6d in September, and £24 12s lOd in October.

MOUNT ISA PRODUCTION

OUTPUT IN OCTOBER

Production of Mount Isa Mines, Ltd., Queensland, during October, with that of September in parentheses, was as follows: —Ore mined, 58,598 (54,882) tons; milled. 60,148 ( 52,391) tons; assaying, lead, 11.7 (11.6) per cent; silver, 5.4 (5.2) ounces; lead concentrates produced,-11,533 (10,143) tons; assaying, lead, 46.5 (47.5) per cent; silver, 18.8 (18.4) ounces; jig, 746 ( —) tons; assaying, lead, 46.9 ( —) per cent; silver, 16.7 ( —) ounces; silver-lead bullion produced, 4873 (4406) tons.

PROSPECTING OF PROPERTIES

DEVELOPMENT CORPORATION

The sixth annual meeting of the Gold ' Development Corporation, Ltd., Dunedinj was held last week.

It was decided to hold over the distribution to shareholders of vendor shares in Waitahu Gold Mining Company, Ltd., until such time as the contributing capital of this company was fully, called up. The chairman, Mr. A. Ellis, stated that, although there had been quite a boom • in gold mining, the directors had pursued the same careful policy as in former years, and had concentrated on the thorough prospecting of properties. A busy time was ahead in view of the large number of properties requiring investigation, but future efforts would be concentrated on a large dredging area which had been acquired by the company on the Cluthij River at Lowburn.

WESTERN AUSTRALIAN YIELD

FIGURES FOR TEN MONTHS

The production of gold in Western Ausr tralia during October was 51,236 fine ounces, valued at £217,639. For the first ten months of the year the output was 499,455 ounces, an increase of 91,973.=;; ounces when compared with the figures fop the corresponding period of 1931. A com? parison of the monthly yields is made iq the following table: —

AUSTRALIAN PRICE OF GOLD

SLIGHT DECLINE RECORDED

The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint, week ended November 11, was at tire rate of approximately £7 0s lid a standard ouncgMi (22 carats), equal to a premium of 80.94

per cent. Payment is made according t© the assay value of the*, gold. The price if lOd lower on the week. The price a? ounce fine is £7 13s 9d, a fall o? lid oij the week.

The Commonwealth Bank's price for sovereigns, at head office, Sydney, is ntu changed at 54s 6d.

GOLDEN PROGRESS COMPANY

CLEAN-UP OF 252 OUNCES

The Golden Progress Company (Central % Otago) reports a clean-up last week of 252 ounces of retorted gold from 63 togs of quartz. The time occupied in crushing was 118 hours.

REPORTS OF MANAGERS Golconda (Thames).— During the week on the south end the drive on the iee» There is water coming out of the n. and ™ intend to con tan.th. south crosscut and develop this , the same time. In my opinion fcheie « at any time.

1330 1931 1933 ' Fine oz. Fine or. Fine oe. January .. 25,173 27,306 44,03$ February .. 31.307 38,371 44,672 Slarch . »■ .» 27,946 34,947 47,10$ April .. .. 36,652 38,892 48,93$ May .. 32,067 38,256 53.92$ June k. .. 41,738 47,SOS 50,07$ July 34,175 88,785 53,585 August * , 38.580 52,502 51,44? September i. 32,034 3S.173 54.427 October .. 39.6S7 - 52,742 51,23§ November h. 33,708 53.869 December . * 42,097 _ 49,216 Fractions t. 5 5 « Totafe .. 416.369 510,572 499.15?