MINING

Hokitika Guardian, 28 June 1933, Page 3

MINING

OTAGO OPTION PRICES. DUNEDIN, June 26. Following on the discovery of gold at Cromwell in October last, many delays owing to a variety of causes were experienced with’ the development ot the area, but there arc now indications of the occurrence of something in the nature of a boom. Mattel s'commenced to move early last week,- when the saLo of freehqkl property to mining interests at prices •reliably given at from £lO to £l5O an acre was reported. The ureas comprised in these sales absorbed a number of original applications, and consternation reigned among the applicants During the last three days there has been remarkable activity. Representatives of capital from all centres of the Dominion, and even Australia, have been in Cromwell, and dozens of options over areas on all parts of the Cromwell flat have been completed-. Many with sniall areas are known to have been signed over for several- hundred pounds, while among the most important are some ranging up to £20,000 for areas of 60 to 80 acres. Cromwell promises to be the centre of the greatest mining boom in its one which nmy dwarf into insignificance the great dredging days. There is abundant capital for mining ventures, and if tho progress anticipated is made, large numbers of men will soon be at work on standard wages. Interest in the discovery of gold has extended beyond tho .Dominion, and a reliable report states that within the last few days a message was received confirming tile purchase by London#interests of an area on the, Cromwell flat.

WAIHI GRAND JUNCTION. AUCKLAND, June 26. A total of 25,475 tons of ore was treated on behalf of the AVailii Grand Junction Gold Co., 'Ltd., for {Tie year ended Decemebr 31, 1932, according to the report of the directors. The return was £l2,664,'compared with £11,397 received in the p-ovious year from tho crushing of 26,496 tons of ore. The net profit for the year was £12,211, an increase of £368. Provision for income