KEEP-IT-DARK COMPANY.

Otago Witness, Issue 2861, 13 January 1909, Page 28

KEEP-IT-DARK COMPANY.

The annual report of the directors of the Keep-it-Dai'k Quartz Mining Company to the shareholders at the annual meeting is to the following effect: — 'The block of stone, called the 87ft Hock, has been stoped to within 13ft of No. 6 level, but, although in driving No 6 level through this blook we had fairly pood stone, the sloping up, so far as gone, has been very poor quality, showing that the gold did not go below the level. This will to some extent account for the poor returns during the past year. Also the 180 ft block, whioh was reaohed in No. 7 level, did not turn out as expected, when stopinpr out, although in driving No. 7 level tluough this block we bad very fair

gold, which to all appearance is below the floor of No. 7, and we would recommend the incoming directors to sink two winzes in stone which altogether is about 177 ft long, average width 4ft, to prove quality below this level. During the last three months the mine manager in development work drove an intermediate level about 55ft below No. 5 level north, and struck what appeared to be a large body of stone. The length driven to date on this lode is 70ft, with an average width of Bft 6in. It is of rather low g*rade ; but will greatly assist us in opening other parts of the mine. Since striking the block in the intermediate the No. 7 level has been extended north and intercepted the same stone in this level. Distance driven to date is 64ft, and we are now driving No. 6 level to intercept the same block. This block, with the block now stoping above No. 7 level, and also the block stoping above No. 5 level, should give stone tocrush for at least two years. Your directors also thought it advisable to drive a cross-cut tunnel towards the blind shaft in the old part of the mine, the stone from which gave such good results for many years. This cross-cut will intersect some blocks of stone known to exist in the lower parts of the old shaft, and which, with the cyanide treatment, should give good profit for some time. The total distance driven in this cross-cut is 135 ft, leaving 390 ft to reach the blind shaft. A large amount of development work has been done during the past year, consisting of 1339 ft of driving uprises and cross-cutting with extension of the main levels, also all the upper parts of the mine being kept in good order and repair, and 291 ft of repairing in No. 3 cross-cut to enable the water accumulated in old workings to be bailed. Thirteen thousand one hundred and seventy tons of quartz have been mined and sent to the battery during the past year. The total expense of the mine, including development work, renewal of plant, and all expenses in connection with the working and up-keep of the mine and winding plant, is £8984 17s Bd, or 13s 9d per ton of ore mined. The battery has been working nearly full time this year; 13,170 tons of quartz have been crushed, the yield of gold being 23990z 3dwt, value £9572 4s Bd. Out of this amount and profit from cyanide working, the sum of one shilling per share has been paid to shareholders in dividends. The total cost of running the battery, including the up-keep of headrace and tail-race, with all renewal of plant and everything in connection with battery and concentrators, amounts for the year to £1529 18s lOd, being at the rate of 2s 2d per ton of quartz crushed. The battery has been kept in good order; tailrace and head-race renewed where required, the whole of the plant being in first-class order. The work in the cyanide department for the year has resulted in 13760z 12dwt of bullion being obtained, value £4486 8s Bd. This gives an extraction of 6s 9gd per ton on the gross tonnage crushed. The total expense, including salary, labour, and all goods used with renewal during the year of the whole of the elevating wheel at a cost of £99 8s 7d, and also new foundations under cyanide vats, amounts to £1853 0s 6d, costing 2s 9id per ton on the total tonnage crushed. The whole of the cyanide reduction plant is now in first-class order. The balance sheet shows that the receipts for the year were £14,301 7s 4d, and from the registration of the company £457,412 9s. The dividends to date amount to £158,666 13s 4d, and for the 12 months £1000.