MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22398, 20 April 1936, Page 5

MINING NEWS

COMPANIES' ACCOUNTS . BIG RIVER PROFIT A profit of £5847, compared with a loss of £1338 in the previous year, is shown in the accounts of Big River Gold "Mines, Limited (Reefton), for the year ended December 31. The battery crushed 2-172 tons of ore, and yielded from battery cyanide and concentrates a total of £17,104. Gold duty of £1484, realisation expenses £233, and freight and cost of treatment' of concentrates £206, were paid. A sum of £2127 was spent on repairs and maintenance, the bulk of which is represented by main shaft repairs. The credit balance, plus investments and cyanide stock, amounts to £9754, against which there is a liability of £1314 to repay a subsidy received from the Mines Department. In view of the heavy expenditure required for shaft repairs, which also restricted, and finally suspended, all general mining and crushing operations, it was not considered advisable by the directors to distribute, any profits until operations are again in the producing stage. Now that the end of the difficulties over the restoration of working conditions in thf* main shaft is in sight, the directors arc confident that the future of the mine will develop satisfactorily and profitably for the shareholders. \ GOLDEN SANDS ACCOUNTS The accounts of Golden Sqhds, • Limited (West Coast), for the "year ended March 31, disclose a net profit of £3555, against £1358 earned in the previous year. The amount brought in was £322. Two dividends totalling 25 per cent paid during the year absorbed £1750, and the directors propose writing £307 off plant, machinery, etc., and £BO3 off plant extension and improvement, providing £46 for income tax and paying: £2OO directors' fees, leaving a carry forward of £753. Gold production yielded £6096 for the year, against £3387 for the previous year. The directors state that tJie shifting of the plant to its present position occupied two and a-half months of the present year. Repairs and alterations and the Christmas vacation repi-eseuted a loss of 292 shifts, and the production is actually the result of a little over eight months' sluicing. A total of 638 shifts was worked during the year, compared with 487 in tho previous year. YIELDS OF COMPANIES Argo (West Coasts.—Last . week, 61oz. for 116 hours and 13,000 yds. Stafford (West Coast).—Last week, 590z. sdwt. for 121 hours and 10,800 yds. Gillespie's Beach (South Westland). —Last week, 4Soz. for 121 hours. Mossy Creek (West Coast).- —450z, lldwt. for 198 hours ar\d 19,053yda, This return represents broken time during the past fortnight, including tho Easter holidays. The dredge is still working on the south side on comparatively poor ground, but soon will be back again in the usual channel. Mount Morgan (Queensland), for four weeks ended April 15, with figures for the four weeks ended March 18 in parentheses:—Ore quarried, 21.705 (16,708). tons; concentrator treated, 21,110 (17,700) tons, assaying 4.24dwt, (4*s3d\vt.) gold; .67 (.66) per cent copper. Concentrates produced 890 # (659) tons, containing 31050z. (27140z.), gold and 125 (102) tons copper.