MINING NEWS

New Zealand Herald, Volume LXXIV, Issue 22847, 30 September 1937, Page 7

MINING NEWS

NEW RIVER PROFIT The New River Gold Dredging Company, Limited (West Coast), earned a net profit of £'llsl in the 11 months ended .Tulv 31, 1937, covering the first period of operations of the company. During this time 12390z. of gold were won for a net return of £9137. Yardage treated was 312,160. net average value of the ground worked Jbeing 7d a yard. Working costs, including 10 per cent depreciation on the dredge, were 4.6(1 a yard, working profit being therefore 2.4 d a yard. The working account showed gross profit of £3lOl. The directors report that the final cost of the dredge was £14,202, against £IO,OOO estimated when the company was formed. When the dredge began operations the company . was indebted to the contractors to the amount of £6500, but at date of balance this had been reduced to £3259, the money for payment having been found from the proceeds of gold won.

YIELDS OF COMPANIES Gold fields Dredging (West Coast). 1 — 9oz. 7dwt. Okarito (South Westland). Sdwt. in 122 hours

REPORTS OF MANAGERS Rcxmann Mines (Coromandel). Week ended September •_'!: The water race was completed and power streams flumed into same. Most of the mill lias been run in and will start crushing low-grade oro one shift a day until all treatment adjustments have been made. The first clean up will take place on October 30. Tho portal of the prospecting tunnel at the head of Lanigan's Gully was timbered; no driving was done. Sylvia Mine (Thames).—At September 'JI C bore had reached a depth of 300 ft. The class of country penetrated continues to be very favourable and is highly mineralised.