MINING

Hokitika Guardian, 15 December 1932, Page 6

MINING

f OKARITO G.M. CO

ANNUAL MEETING

Tlie fourth annual inerting of shareholders in the Ukarlio Five Mile Beach Gold Dredging Company was neld on M< ridsiy night at bnneuTn, Mu J. E. Wliceler (chairman of directors) pr'emuiug.

In moving the adoption of the annual report- and balance-sheet the chairman said mat at the time of the hut annual meeting they bad been working for about five, months, and the dredge was then working, north along the lagoon side of the beach, and good rcvuriis up to about 1340 r. a week, were being obtained. The last return of the year was a record one of 183 oz. Continuing on this cut trouble was met with in a peat- bench. Buried timber was also the cause of delay. It fra 8 til oil d.Tided to narrow the face and eut out the piiit, and this narrowed 'the return face. The were not satisfied at this time with the cifieiency cv tile dredge, which was handling o n h v (50 yards in the time in which it should handle 75 yards. Mr F. IV. Payne was asked for an opinion, and lie recommended alterations to the float line, the elevator, and the hydraulic pump. In May returns were down to about 40 o/, a week, and it was decided to turn the dredge south and work down the sea side' off the beach. It was then decided to commence making alterations to the dredge, and Mr R. Lee was appointed supervising engineer to oversee the work. Oil the cut south hard ground and heavy stones wpre encountered, and while about 80 per cent of the material had been gold-carrying on the other side of the beach, here only about 20 ii>er cent, could be put over the tallies. The alterations to the dredge wore carried on, and were found to lie very successful. In about five week the dredge would he back at the point where it had turned, and it was confidently hoped that better returns would then be obtained.

The motion was “seconded by Mr J. M. Stewart, who said that he was confident that the returns would improve going south, and they could look for an improvement in the near future. In reply to a shareholder, who asked how the results obtained compared

with the values shown by the test bores, the chairman said that in the past six months no bo-res had been encountered, and if,;the- proposed route of the dredge were followed nene would bp met with for about 18 months. ; „

It was/ reported that £5 15s an .ounce had been obtained for the last shipment of gold. , . Mr -J; M. Stewarii', the retiring director, , was and Miv. B. . H,. Nees was appointed. A shareholder inquired if it would not pay to bore the portion of the claim which it was proposed to work. The chairman kMd that the question had been;considered,, but np decision had been reached-lfs yet. He explained what expense would be necessary. Another shareholder expressed the opinion that it, wpuld be better to go td the expense of boring rather than to gamble on what was ahead of the dredge. ,? It was agreed ' that the matter should have further consideration by the directors.

MATAKT GOLD DREDGING. A Tu-ogfess report by directors of the Mataki (Murchison) Gold Dredging Co;, states that the dredge is likely to be launched this month, and dredging eneratioii'3 will commence in March. Two boxes put down for testing purposes -on the company’s area gave encouraging: results.