MINING NEWS

New Zealand Herald, Volume LXXI, Issue 21793, 7 May 1934, Page 5

MINING NEWS

clutha' river company ISSUE OVER-SUBSCRIBED LONDON, May 4 The issue of the Clutha River Gold Dredging Company has been heavily over-subscribed.

[A previous cable message stated that the company proposed to issue 1,550,000 shares of 2s each. The com-

pany will work 20 miles of the Clutha River in the vicinity of Lowburn, Otago.]

YIELDS OF COMPANIES Bell - Hooper (Cromwell). —13oz. lOdwt. for past week. Mahakipawa (Marlborough).—Last week, 109oz.

MURRAY CREEK REPORT The first accounts of the Murray Creek Gold Mining Company, Limited, Reefton, for the year ended October 31, 1933, show a loss for the period of £I62S. The report states that the unwatering of the mine and reconditioning operations have been far more costly and protracted than was ever anticipated, with the result that the available capital is inadequate to sink the main shaft the additional 150 ft. for a new level, No. 5. If successful results were achieved in locating certain reefs, thus enabling the crushing mill to be started, it might be possible to obtain the necessary funds for shaft-sink-ing from the profits obtained from gold production. The capital of the company is £30,000, of which £27,968 was paid at October 31.

WEST COAST ACTIVITY A report from Wcstport states that goldmining activities are increasing in the Buller district. TJie Addison's Flat Gold Mining Company has made good headway. On some old worked dumps for 29 shifts they had a yield of 29J0z., showing that modern methods will still find gold in the old workings. The beach leads at Birehfield arc to be worked shortly on the same methods as at Addison's Flat. An Auckland company, known as the "Wcstport Gold Company, is interested in 800 .acres near Westport. An Australian company is to place another dredge on the Matakitaki River at Murchison. This will be an allsteel dredge and instead of leaving the tailings piled up it will scatter them and leave the river-bed much as it was before.

GOLDEN POINT PROGRESS The Golden Point Gold and Scheelite Company, Limited (Otago), reports that the battery plant is being overhauled preparatory to putting through a trial crushing of ore to determine the best method of treatment. Representative samples of ore have been sent to. Mineral Separation and de Bavay's Processes, Australia, Limited, Melbourne, with the object of obtaining information as to the most efficient method of extraction.

AUSTRALIAN PRICE OF GOLD The price fixed by the Commonwealth Bank for gold, including jewellery, lodged at the Melbourne Mint for the week ended April 27, was at the rate of approximately £7 13s 6d a standard ounce (22 carats), equal to a premium of 97.12 per cent. Payment is made according to the assay value of the gold. The price was unchanged on the week. The prico an ounce fine was £8 7s od, also unchanged.