MINING NEWS.

Pelorus Guardian and Miners' Advocate., Volume 6, Issue 40, 25 June 1895, Page 2

MINING NEWS.

We are informed that of the 20,000 shares intended to be issued by the Wakamarina Gorge Company 18,000 have already been allotted, and it is expected that in a few days the shares will be fully subscribed. A gentleman who has just returned from the Preservation Inlet goldfields informs us (says the Gore Standard) that things are quiet there. On Coal Island a nugget has been found estimated to contain from 16ozs to 18ozs of gold. Much dissatisfaction is expressed at the too glowing reports which have been published of the goldfields. •> A valuable gold discovery (says a Melbourne cablegram) has been made in the Pyrenees Ranges, Western Victoria. About £4OO worth of gold was secured in an hour. One specimen, which was found six inches from the surface, weighed 42ozs. The report of the alluvial discovery ten miles from Coolgardie has been confirmed. Over l,oooozs of gold has been brought in.

The mining industry has (says the Auckland Star) absolutely " boomed " during the past month, values of all stocks having advanced wonderfully since last report. In fact, a purchaser of any stocks a. month ago could sell at higher figures all round to-day. The returns from the various mines have been very satisfactory this month. The Waihi mine got £7,963 worth of bullion from 2,520 tons of ore; Cassell's Company obtained £1,147 from Waihi tailings; Crown mines, £2,415 from 430 tons crushed; Hauraki, £7,000 for the month's work; Woodstock, £738 from 224 tons treated; May Queen, 8320zs of gold from 433 loads of quartz and 2501bs of picked stone; Try Fluke, 2830zs for the month, and the Kaipai-Ver-mont got 3820zs for a partial clean up. It will thus be seen that the returns from the mines that have been developed warrant some faith baing felt in the future of our mining industry now that foreign capital is flowing in to work our auriferous areas systematically. Meanwhile, new companies are being steadily placed upon the local market, Coromandel mines being in particular demand just now. Last Monday a mine called the Zealandia was floated in a quarter of an hour. Syndicate shares sold then at £25 were on Wednesday quoted at £IOO. This, of course, adjoins the famous Hauraki mine at Coromandel. Syndicate shares in nearly all the other holdings placed upon the market have also sold at a premium this week. The Kuaotunu field, which has lately been neglected, suddenly came to the fore during the last week or two, and now nearly the whole district has been once more begged out. Some remarkably rich stone has been obtained from -the Invicta mine, and satisfactory returns are being got by several companies.