FROM TIN TO GOLD.

Evening Post, Volume CXVII, Issue 73, 27 March 1934, Page 12

FROM TIN TO GOLD.

The directors of Bundi Tin Dredging Company, N.L., in a report to shareholders regarding" the location of a suitable gold dredging area in New Zealand, etate lin: part) that the testing of the area which was specially mentioned in the last report is now sufficiently advanced to justify the directors in deciding to transfer No. 2 dredge (now stored at Chukai) to that property, and all necessary arrangements are now being made with that object in view.

Ihe area, which is secured under option, ia Eituatedon the west coast of the South Island, about nine miles from Greymouth It consists of four blocks, with a total area of 360 acres, mai#ly held under ordinary prospecting, licences, together with wajer and , tail race rights. An additional adjoining area of approximately 150 acres is being acquired, and is included in an application for a "special claim" covering an area of 471 acres.

The area proved to date comprises 76,836 acres, containing 2,955,908 cueic yards, carrying gold values .averaging 4.5gr per cubic yard. The transport, reconditioning and re-erection of the dredge, including new pontoon and all expenditure while that work is being carried out, is estimated to cost £27,000. The report adds that the available funds of the company, including uncalled capital, amount to approximately £21,000.