MINE AND DREDGE

Evening Post, Volume CXXVIII, Issue 26, 31 July 1939, Page 12

MINE AND DREDGE

REPORTS AND RETURNS Big River Gold Mine? reports for the week ending July 27: —No. 5 level: North stope, south end—Reef, has shortened 12ft to south. .. North stope: Filling in progress. North level: Advanced Bft, total 33ft; still) track formation. No. 6 level: Winze sunk 3ft, total 57ft. Reef broke at this point and is making again in, hanging wall. Stone sent to battery, 31 tons. WELLINGTON ALLUVIALS. A net profit of £28.981 was earned by Wellington Alluvials, Ltd., in the year ended April 30, after charging £ 14,656 to. depreciation. Depreciation is charged on a basis which will write off fixed assets in 25 years. Current assets at the balance date stood at £28,436, including stores and spares' valued (at cost) at £23,946. Sundry trade creditors were owed £16,157 and bank overdrafts amounted to £86,257. The dredge worked 5883 hours in the year, handling 2,710,000 cubic yards of material. This comprised 936,000 cubic yards of barren overburden, and 1,774,000 cubic yards of gold-bearing wash. Gold bullion amounting to 12,86402, containing 12,2050z of fine gold, was recovered. Sales of gold realised £110,077 net. The total gold yield represented 2.16gr or 9.75 d a cubic yard. Mine working costs totalling £62,217, equalled 5.51 d a cubic yard, and the mine profit, £47,860, averaged 4.24 d a cubic yard. MARTHA MINE. The following information has been cabled to the London office of the Martha. Gold Mining Company (Waihi) Ud.:—No. 2 . level; I lode: Driving west the next 36ft shows no change. No. 4 level: I lode—Driving west the next:27ft. shows no change, but at 102 ft we have crosscut to the south and at ■ 25ft there is 27in of quartz of good •grade. No. 8 level: At a point 305 ft in No. 4 shaft, north crosscut, have commenced driving, east and west on a sulphide vein, which is small but promising. MIKONUI GOLD DEEDGING. Mikonui Gold Dredging (N.Z.), Ltd., has been formed to acquire a dredging property at Mikonui, West Coast, New Zealand, containing a selected , area of 70,000,000 cubic yards. It is ! proposed to equip the property with ; a bucket dredge designed for a throughput of 4,500,000 cubic yards per annum. Capital is £324,800, in 320,000 orainary shares of. £1 each, and 96,000 deferred shares of Is each. The com-, pany is sponsored by British Develop- I ments (N.Z.), Ltd., ;-7 ' . WORKSOP. Worksop Extended return for the week ending July 27 was 240z for 127 hours and 11,500 yards. GREY RIVER REPORT. ! Directors of Grey River Dredging Company, Ltd., in their second annual report, state that the dredge commenced digging on December 3, 1938, and operated satisfactorily through the end of the year. As stated in the first annual report of the company, it was anticipated that the dredge would commence digging about the middle of i September, 1938, but final completion ! was delayed owing primarily to short- j age of skilled labour. During the period December 3 to 31, 1938, the dredge dug 218,499 cubic yards, from which 439 crude ounces of gold were produced, having an estimated value of £3749. The volume excavated was below anticipated, normal because of opening out of the pond, Christmas holidays, and causes incident to the commencement of a dredging operation. During;this period the dredge operated in ground outside the area originally included in the gravel re- ( serves. Due to the delay in completion .of the dredge, together with the rising cost of labour and materials, during the period of construction, it was found necessary for the company ' to arrange an overdraft with the j National Bank of New Zealand, Ltd., in order to complete the dredge and to i provide for working capital and pro-1 perty payments. As shown in the balance-sheet, at December 31, 1938, £11,931 5s 3d had been borrowed from ; the bank on overdraft. As the 1938 production figures and operating accounts' cover a period of less than one month, it is the intention of the directors to give at the annual meeting a summary covering operations and estimated finances for the first eight months of 1939. The retiring directors. Messrs. S. A. Lewisohn and J. L. Greenburgh,. of New York, offer themselves for real action- I