MINING NEWS

New Zealand Herald, Volume LXXIII, Issue 22579, 18 November 1936, Page 9

MINING NEWS

THE BULOLO ACCOUNTS EXTRA DREDGE IN JULY The annual report of Bulolo Gold Dredging, Limited, which has its head office in Vancouver, stated that 121,352 ounces of fine gold and 52,600 ounces of silver were recovered from 10.915.000 cubic yards of gravel. The bullion realised 4,359,000 dollars, and an operating profit of 3.205.956 dollars (including 15,135 dollars sundry income) (about £828.800 in Xew Zealand currency), was made, from which 217,000 dollars was transferred to amortisation reserve. At May 31, 1936. the company's dredging areas in New Guinea were estimated to contain 204,000,000 cubic yards of 33 per cent gravel (gold at 35 dollars an ounce), with a net working profit of 50,000,000 dollars, after allowing for deduction of gold royalty and expenses outside Xew Guinea. A moderate additional yardage of lowervalued gravel will be dredged and some hydraullcingj ground will be developed. The first ot the three new dredges is expected to be completed about next July. PLACER DEVELOPMENT A summary of the report of Placer Development, Limited, for the year ended April 30. states that the Bulolo property, of which Placer holds 30 per cent, made a working profit of 3.190.550 dollars (about £'797,750 in New Zealand currency), in addition to which sundry income amounted to 18,135 dollars (£4530). At May 31, 1935, that company's New Guinea properties were estimated to contain a working profit of ' 50,000,000 dollars (£12.500,000), with gold at 35 dollars an ounce.

ARGO DIRECTORS At the annual meeting of the Argo Gold Dredging Company, Limited, at Reef ton. Messrs. D. A. McYicar and J. Bolitho wore elected to the directorate. The report and balance-sheet were adopted, and shareholders expressed appreciation of the results of the year's working. WAIHI WARDEN'S COURT {BV TELEGRAPH —OWN CORRESPONDENT] WAIHI, Tuesday Metals Trust, Limited (Auckland), for which Mr. Beeche appeared, was granted six months protection of the Marv and Matilda special quartz claims by Mr. F. H. Levien, S.M., in the Waihi Warden's Court to-day. 10 claims, which were formerly known as Consolidated-Favona, comprise acres. It was stated that the company desired protection, because much capital had to be raised for development such a field.