MINING

Hokitika Guardian, 16 January 1933, Page 6

MINING

'(N.Z. Financial Times)

The difference between American and New Zealand methods 'is well illustrated in, comparing the Riniu Flat dredge which is owned and operated by Americans, and the Okarito dredge. Tbs .Americans hnv, 8 tested the country so thoroughly with boi>s that they know week by week th e amount of gold they should obtain from the country they are working through. At th© annual meeting t>f the Okor-to Dredging Company inquiries showed that during the last six months' work to bores had been met and further if they continued working in the same d’ reckon non? would be met, with for another 18 months. However, in deference to the shareholders’ wishes, the Directors agree to give th.-, matter of more borings their immediate attention..

OKARITO. One of th e directors is Mr B. H. Nees probably one of the most experienced dredging men in the country. Mr Nees and his brother have built ovpv 50 dredges and have owned and operated three themselves. Wo think that Mr R, T. Stewards an excellent boring engineer and that his fin dines can always be taken as reliable. Ground at Okarito at present 1 being worked by the dredge is suitable f©>- a screen type aiici the dredge at present is the box tvn© : but in E°bi’’ in '’” i+ will, have worked its way hack to tlio country for which it was designed and - v< be in land similar to where it was previously working and where a weekly, return of 60 ozs. was considered a disappointing return. The working expenses of the dredge are in the vicinity of £l2O per w. e ek and returns to date have not only paid for all alterations, repairs and two 10 per cent, dividends, but have also left a substantial bank balance. Further, the dredgo is being converted into a machine suitable to work all the ground and at the sam ° tiiu© iis being kept working with B minimum loss of time. Th e secretaries advise us that with the new pe ton wh (J el and improved type of tah.es more yardage will he worked for lesspost and more gold saved. Provided that gold keeps at its present price they anticipate that shares will ns* to 10 g and as an indication of their faith in the venture they, are increasing thw own holding of shares.