MINING NEWS.

Kumara Times, Issue 1143, 28 May 1880, Page 4

MINING NEWS.

EBEFTON. The Inangahua Herald, of Saturday, reports: — Golden Fleece Extended.—The stampers were again put in motion on the 24th ultimo, and have been running all the time since. The fifteen heads are capable of reducing about 140 tons weekly, consequently there will be about 500 tons of atone put through the boxes this crushing. A general cleaning up is now going forward, and the yield will probably be from 20 to 25dwts per ton. The mine is looking very well, large bodies of stone being exposed in the various faces. The block, according to report, was not known to exist in the lease, which only shows how necessary to prospect and persevere, as has been the rule by this company. It is desirable that there shoald be occasional crosscutting when driving on a supposed line of reef. If this were systematically done, we should probably hear frequently of unexpected and valuable blocks of stone being opened up. Golden Treasure Extended.—Matters at this mine are much the same as for several months past. A large supply of stone is always on hand, so that there is no difficulty experienced in keeping the stampers regularly in motion. The question is often put, how it is that the cost of raising and crushing stone in this mine is so much in excess of the Keep-it-Dark, where the reef is, if anything, more expensive to work. The Golden Treasure stone is being broken down and delivered for three shillings per ton less than the Keep-it-Dark stone j and one would be apt to imagine that the difference in price in favor of the Golden Treasure would amply compensate for the extra expense that this company incurs for crushing. But further than that, tho Golden Treasure Extended Company have to make calls in order to continue operations, while the Keep-it-Dark Company upon its operations during 1879 declared LSOOO in dividends. The local shareholders are naturally dissatisfied, when comparing the operations of the two undertakings ; and reasonably argue that if there are no dividends, the shareholders at least should not be called upon to contribute largely to the working expenses, as has been the case during many months past. There is no doubt that a good deal of explanation is required, or some change in the management should be effected. If the latter continues, and the allegations in respect to the mismanagement are correct, shareholders will have to continue paying calls, a condition of things which will tend to seriously injure the field, taking into consideration the payable quality of the stone and larae body of reef, cheaply and easily broken down. The sooner a change is effected the better, and all that is necessary to bring that about is that shareholders should take care to attend the half-yearly meetings, in place of Bending proxies, so that they may be in a position to exercise a free and independent judgment. Keep-it-Dark.—The drive is being continued to be carried east. The reef has not been yet met. The sinking of the winze is going on with good speed, the water not being so troublesome as when the contractors knocked off. The lode is still the full width of the sinking, neither of the walls having been seen since the work was first started. Gold is frequently seen throughout the stone.