MINING NEWS

Timaru Herald, Volume LXIV, Issue 3559, 11 May 1901, Page 3

MINING NEWS

Per Press Association. HOKITIKA, May 10. The Grey River Consolidated dredge will be ready to start work in about 14 days. Important developments are reported in connection with dredging on the West Coast, by the. investment of English capital in dredging areas between Hokitika and Ross. A cable'message has been received from the attorney of a syndicate in London to the effect that; the successful .flotation of the Tasmani and Golden Gravels dredging areas is practically assured. These areas are situated on an old bed of the Hokitika river, between Hokitika and Boss. Ten claims of 80 acres each have all been bored, with excellent results. These will involve the investment of between £BO,OOO and £IOO,OOO. GREYMOUTH, May 10. A nice parcel of gold has just been brought in from Sullivan's Lead, Duffer's Gully. The results of prospecting a paddock about 40ffc square were taken out and sluiced. The pontoons are under construction. Most of the shares are held in Canterbury and Otago. The prospects are exceptionally good. =A good deal of rain has fallen and the river is a little swollen. Erickson's Reward at Orwell Creek started dredging to-day. The machinery worked smoothly. The shares are mostly owned in Dunedin. The exact result of the washing from Sullivan's Lead, Duffer's Creek, is 460z 6dwt from what is estimated at twelve hundred yards. DUNEDIN, May 10. Dunedin Stock Exchange sales—premiums : PactoJus, 325, 32s 3d. Trafalgar, 7s 6d. ■ Paid up : Alpine -Consols, 46s 6d, 465, 45s 9d. Arrow Junction, 18s. Central Electric, 375. Cromwell, 84s. Dobson 11., 6s 6d. Electric Extended, 35s 6d, 355. Electric, 48s, 48s 3d. First Chance, 29s 9d. Golden Run, 365. Grey River Consolidated, lis. Hartley and Riley, £6 ss. Kelly and Casey, 295. Sailor's Bend, 395, 38s. Second Magnetic, 235, 22s 6d. Vincent, 345. Otago Exchange: —> Alpine 11., 455. Charlton Creek, 335. Fourteen-Mile Beach, 32s 9d. Great Central, 31s 6d. Merrimac, 14s 6d. Three-Mile Greenstone, 15s 6d. Vincent Extended, 31s. Equitable Exchange: Ahaura River, 4s 6d. Spec Gully, 20s.

Teviot, 19s. The dredging returns are:— Cromwell, 87oz Idwt; Sailor's Bend, 85oz; Hartley and Riley, 550z 9dwt; Alpine Consols", 20oz 13dwt 9gr; Gold Queen, 14oz 6dwt; Inch Valley, lOoz 4dwt; Alpine No. 11., 9oz 15dwt; Blue Duck, soz 2dwt; Chatto Creek, 4oz Bdwt 12gr; Vincent,- 3oz 7dwt. The rise in the rivers has caused nearly all working in the Kawarau and Molyneux to close down temporarily. The temperature is high, and the rivers will go down slowly. As the returns from Chatto Creek show no improvement, the dredge has been closed down.