CANADA’S GOLD BOOM

Taranaki Daily News, 3 August 1932, Page 7

CANADA’S GOLD BOOM

NINE NEW MINES OPENED. YEAR’S INCREASED OUTPUT. (New Zealand Herald Correspondent.) Vancouver, July 7. The prevailing premium of gold has given a tremendous impetus to production throughout Canada, particularly in British Columbia. Extensive recoveries of the precious mjtal from placer (alluvial) operations during 1931 are likely to be more than doubled this year. \ At the beginning of this year Canada had 19 straight producing gold mines, with a number of base metal mines adding to production. Since then nine new gold mines have been added. Production is expected to aggregate about £13,000,000 compared with about £ll,080,000 last year. There are 88 mines in the world producing individually in excess of £lOO,OOO worth of gold annually, of which South Africa has 34, Canada 16, United States 11, Rhodesia 6, India 5 and Australia 5. Canada is expected to have 28 mines producing at the end of this year. Kirkland Lake, Ontario, the largest producer, is a continued serial of heavier returns, better recoveries, higher values and greater ore reserves. In British Columbia two mines are doubling their capacity. Placer mining has been given a tremendous impetus through Government encouragement. In fact, the whole country has turned to an intensified gold search, which has extended to Yukon and Alaska.

To the straight gold producers has been added a growing contribution from certain of the base metals mines. Noranda has climbed to third place and is extending its facilities. Hudson Bay is adding £400,000 a year to Canada’s output. Nickel mines have shown a declining tendency, gold btfing a by-pro-duct. It is generally believed that gold mining will have a major part in restoring the country’s prosperity.