MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22412, 7 May 1936, Page 7

MINING NEWS

YIELDS OF COMPANIES Bundi (West Coast). —For the period ended April 23 the dredge operated 307 hours, treating 65,000 cubic yards of material for a recovery of 141oz. of gold. PROMISING REEF A report from Reefton states that the reef located recently by McLaughlin Brothers and McGeady Brothers promises to be one of the richest finds in the Inangahua district. Mr. G. McLaughlin states that maps of the underground workings of the Globe and Progress mines show that the present reef has no connection with these mines. The stone found is outdde and to the west of the old workings. The reef at present is 20ft. wide, and the wall has not vet been traced. MINING HOUSE CONCESSIONS Notice that the directors of Mining House Concessions, Limited, Christchurch, have made a final call of 2d a share on the subscribed capital, makine the shares Is paid, is contained in a circular issued to shareholders. Jhe company's Maerewhenua North proposition is on option interests for £IO,OOO, with monthly extension payments of £IOO. The option has been confirmed, but the actual deed cannot be completed until the titles are vested in the company, which can only be accomplished after the balance owing to the original vendors is paid in full. The delay involves a loss in extension money, since it- does not. accrue until after the deed has been executed; furthermore, the delay is also liable to jeopardise the success of .the deal. It is mainly for this reason that the final call has been decided upon, states the circular. Furthermore, all the gold produced on the property which exceeded £IOOO per annum, which previously went to tho benefit of the orwnal vendors, will revert to the companv when the final payment is made.