MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21764, 2 April 1934, Page 5

MINING NEWS

KING SOLOMON OPERATIONS Successful operations during the period September J, 1933, to February 28, 1931, arc reviewed in the halfyearly report of King Solomon Deep I <Cad, Limited, Gore. A total of 322107,. of gold was secured, compared with ISoOo/,. during tho previous six months. The working account shows a not profit of £11,015, against £2313 in the preceding half-year, and equal to 85 per cent of the capital. Since August 3.1, ]933< three dividends of 25 per cent each have been paid, making a total of four to date, or a distribution of £13,000, which is equal to the paid capital of tho company. The directors state that some time ago it was found that tho load of gold was tending in the direction of a freehold section of 50 acres which adjoined the company's claim. Tho directors acquired the right to mine the first 25 acres of this land, and recently completed negotiations for the purchase of the freehold of tlx? remaining 25 acres. The drives had now entered the first section, and good values had been encountered. The company had lately acquired additional valuable water rights, and was investigating the possibility of generating power cither from this source or from Diesel engines. The principal feature of the operations was the development of the northern section of the mine. This had been carried on steadily, and the indications of the developing faces in this section were promising The values had been quite satisfactory. Concurrently with these operations, blocking out in tho eastern section had been carried on.