GOLDEN RIDGE QUARTZ-MINING COMPANY, (Limited.)

Nelson Evening Mail, Volume XIII, Issue 16, 18 January 1878, Page 2

GOLDEN RIDGE QUARTZ -MINING COMPANY, (Limited.)

Directors Report. In submitting the present half-yearly report your Directors think it necessary briefly ta refer to the previous half-year ending 14th July, 1877. At the date of the last half yearly meeting the balance to the Company's credit was £6 18s ; gold in hand but not included in balance-sheet 1840Z3. This amount was earned during the currency of the period ending July, 1877, but too late to be included in that account. The first three months of the year gave but a very unsatisfactory result, the yield being 99ozs, about equal to working expenses. It was decided, for the time, to discontinue work from that part of the mine, and take a trial crushing from the outcrop. Thi3 has paid remarkably well, especially when we take into account the small crushing power the Company have at present. We have much pleasure in stating that the prospects from this part of the Company's property are quite sufficient to warrant the erection of an additional five head of stampers to their crushing power. There seems to be a very large body of crushing stuff, and so far as we are abie to judge, dividends may be expected throughout the whole of it. The yield for the six months now expired has been 480ozs, valued at £1864; the expenditure for the same period has been £860, leaving a profit of £1004. This result cannot be otherwise than satisfactory. With the gold in hand at present your Directors propose to pay a dividend of Is per share (£550), retaining tbe balance as a working reserve. We believe that a considerable profit would be derived by the Company if they decide to increase their present crushing power, and we would advise that this course be adopted. The additional outlay could be fairly met by the profits, so the expense — which will considerable—need not act as a deterrent to the course indicated. (Signed) J. Heard, \ . J. Coffey } Directors - January 14, 1878. Mining Manager's Report. For the information of shareholders ia the Golden Ridge Quartz Mining Company, I beg to submit the following report for the past half-year. With the exception of completing laying of Tramway, &c, in the upper drive, work has during the past six months, been confined to getting and crushing cement. No. of tons crushed, 1700 Yield of gold. 4790zs 13dwts. being an average of s£dwts per ton. As the stuff is easily obtainable, and the cost of crushing small, the above average is very good. When it is also considered that the strip o ground wrought during the twelve mouths proves that a large amount of similar stuff remains to be treated, the result of the past year's operations must be regarded as highly satisfactory. With reference to the erection of an additional five head of stamps there is to all appearance ample cement to warrant the outlay. At a small expense the dam can be built say three feet higher, sufficient water could then be relied on in all excepting very dry seasons. No doubt if they were up and in good working order great benefit would accrue in the shape of larger profits, the company would be better able to thoroughly prospect the mine for quartz, and in the very probable event of discovering a payable reef would be in a much better position for working the same. As to the cost, much depends upon whether the present machinery is strong enough to bear the extra strain. In my opinion it is; on this point however I recommend the Company to obtain better informrtion as should any breakage occur, then from the difficulty of repairing or replacing much inconvenience and loss would arise. It will probably be necessary during the ensuing six months to lay a tramway from the cement to battery the shoot direct. Should it be decided to increase the plant a new flume would have to be put up somewhat larger than the present one; this last however cannot be considered an extra work on account of such increase as the present flume is so far decayed as to render its renewal within the next twelve rnonths almost a matter of necessity, While I would not advise the Company to strain its resources yet I think that while the cement pays so well, a portion of the profit should be spent in prospecting, especially as a large portion of the ground is as yet untouched, aud all the indications go to show that there is something better in the hill than has yet been discovered. I am &c. Jqein Smith.