MINING.

Otago Daily Times, Issue 18543, 2 May 1922, Page 7

MINING.

HAURAKI MIXES. The following progress report of work m the Hauraki mines has oome to hand:—“At the 400 ft level the drive seaward from ti o bottom of No. 1 winze is in 90ft. and though no gold)’ has been seen the indications a~e favourable. The flow of water is increasing as the drive advances. In the Welcome Find section, w© are still engaged securing the broken ground met. with last week, leaving about 90ft to go to get the reef. W© expect to be through this run in a few days. At the 300 ft level, in order to locate the northern continuation of Legge’s reef, a drive has been started and 10ft driven. The"country is interlaced with strong mineral seams." 1 RISE AND SHINE COMPANY. ANNUAL REPORT. The twenty-second annual report of the Rise and Sliine Gold Dredging Company says;—"During the past 12 months the dredge has worked with but little loss of time, but, unfortunately, without winning sufficient sold t o meet expenditure, which has been fairly heavy, because of the necessity for providing a number of new main buckets and a bottom tumbler. As the returns had fallen below a payable point, it was decided, in the first week of April, to stop work, effect repairs that could not be longer delayed, and then take the dredge to the lower end of the claim, where the dtedgemasfer proposed to open out a. cut that he felt reasonably confident would give payable returns. The dredge began work there on April 27. When the accounts were closed there was an available cash surplus of about iCSO, but the unprofitable week’s work at the beginning of April, and the cost of new parts and of repairs since then, have reduced this to about £450. A dividend of a shilling per share was paid during the year.”