On the whole the mines are looking well. The year 1909 witnessed a big improvement in some and a brightening in the prospects of others. In only a few cases has the reverse happened, and, in nearly every instance where this diappointing feature has cropped up, it has been either fully or more than offset by results obtained from more recent development. Large payable ore bodies the existence of which was not known twelve months ago, are now being opened up in several of the leading mines, and prospecting in the deeper ground has proved the lodes to live in depth and maintain their values. Poor zones have certainly been met with in some properties but although always unwelcome these are expected every now and then, and the only thing to do is to make the best of them and go on sinking for better ore. Several companies are doing this at present and in nine cases out of ten their labors will for almost a certainty be crowned with

ground and a portion of it goes straight down to 2,600 ft. Just above 2,500 ft., however, the main portion of the chute has been thrown towards the Golden Horseshoe boundary, but a borehole by the diamond drill, put in at 2,600 ft., passed through 14 ft. of 51 dwt. ore on the Gt. Boulder side of the dividing line. The work done has proved that there is only a very slight westerly dip between 2,500 ft. and 2,600 ft., and at the last named point the lode is practically vertical. It will in all probability come back again, as it has done in the higher levels. The mine's ore reserves, which do not include anything developed in the two bottom levels are 731,426 tons, being nearly three and a half year's supply at the present rate of output, and this ore is estimated to contain approximately £2,500,000. With this splendid margin. to work on the question is frequently asked: Why do the Gt. Boulder directors not put up its return? With the main ore body so dangerously close to the boundary in the present bottom of the mine, the management says in reply, it is not good policy to add to the output. The present outlook indicates that the mine will continue to pay 3s. a year for many years to come, thus making the security, as it has always been, a gilt-edged one at the market valuation. The main

far as opened up assays nearly 2 ounces per ton. The lode is now being prospected at 2,350 ft. and 2,500 ft., and, according to the latest computation, the average value of the ore that has been driven on for a distance of 700 ft. or more at the deep level is about 15 dwt. per ton. Some months ago it was freely reported that there was a danger of the Boulder lode passing into the Golden Horseshoe, below 2,600 ft., and as this rumor is again being repeated it might be well to point out that the ore body is practically vertical for some height above the 2,500 ft, level in Boulder

shaft has now reached a total depth of 2,660 ft., while the other hauling way, Edwards shaft, is sunk to nearly the same depth. It is intended to go on sinking both shafts in the same fearless manner as has characterised the commendable past working policy of the management, who with Mr. Hamilton in charge have no misgivings as to the result of development in deeper ground.

Output, 1909: 210,284 tons for 156,220 oz. value £593,689.

View of turbo-generators, Golden Horseshoe Estates Mine.

westerly are as follows:-1 ft. assay value 10 dwt., 5 ft. assay value 13 dwt.; 3 ft. assay value 13 dwt. ; 4 ft. assay value 5 dwt.; 7 ft. assay value 15 dwt., 18 ft. assay value 22 dwt. These developments, at a depth of some few hundred feet below the lowest level in the main workings, have so strengthened the position. of the mine that the London board, after consultation with the general manager (Mr. J. W. Sutherland), recently decided to push the main shaft down to 2,000 ft., clap on development in the Horseshoe and adjoining

Mill Engine, Ivanhoe G.M.

this tonnage. Early last year the crosscut at 1,970 ft. showed the east lode, or main source of ore supply, to be poor and broken. As, however, breaks and loss in value had occurred in the three levels immediately above the management were not uneasy about the disappointing development, and as they opined at the time a solid body of payable ore, which has since proved to be a splendid mass of lodestuff, was soon struck in driving north and south from the crosscut. At 1,820 ft. where the lode averaged 46s. 3d. for a width of nearly 50 ft. in the crosscut, and which has

payable material for the next twelve months or so. Having regard for this position, the London board, as foreshadowed in the annual report for 1908, has been devoting its attention to the inspection of various. other properties with a view of laying before shareholders some scheme which they could recommend for their consideration. So far, however, no purchase has been made. A mining engineer is at present on a mission to Central America on the company's behalf while a sharp lookout is being kept by the general manager for likely properties in this State. Towards

since turned out to be one of the best levels in the mine, the east lode has been followed for over 700 ft., and for the whole of this distance the ore is of big width and good grade. The 2,120 ft. level is also shaping first rate and there is every indication that a fine run of values will be opened up at this point. The Ivanhoe east lode is the longest, most persistent, and probably the best gold bearing lode on the Kalgoorlie field. It traverses the entire length of the Ivanhoe lease and then extends for several hundred feet north through the Gt. Boulder property to the Gt. Boulder No. I Co.'s boundary and for a longer distance south in the Golden Horseshoe, where it is known as the No. 3 lode. Altogether, it has a payable length of over 3,000 ft. With ore representing a dividend vaule of over £5 per share in sight, and the certain prospects of this position being maintained for years to come, the Ivanhoe's future leaves little to be desired.

Output, 1909: 231,063 tons for bullion value £499,161

The Associated

Northern
Blocks.

The Associated Northern is lasting well. As far back as 1904 the end was thought to be in sight, but the subsequent development of good ore, in areas which were previously considered to be more or less barren, has enabled the mine to go on producing and is paying dividends up to the present day. The remnants of the rich chute, however, are fast disappearing. The present outlook seems to say that there is not much left in the property. No estimate of the quantity and value of the ore still available is possible, but, according to the manager's report for the year ended December last, appearances indicate the continuance of milling operations on

the end of 1909 a sampling option was taken over the Forest Belle lease, in the isolated Mt. Ida district, but although the results obtained by assaying showed the property to be a promising one the company decided that is was too small and consequently declined to complete the deal. A ten months' option has since been taken over the Corinthian and Corinthian North leases at Southern Cross and the sampling of both proporties is now in full swing. The company is well. off financially having, in addition to plant, stores etc., about £128,000 invested in Consols, bank stock, etc., and about £12,000 in cash. It is therefore rich enough to buy a good property should one be placed on offer. Output, 1909: 43,870 tons for bullion valued at £72,625.

Co. and the shareholders of that company would not have a long weary wait for returns. The scheme is opposed by a number of correspondents in the Perth and Goldfields Press, who assert that the fusion means giving away half the Star's assets for an old plant and an almost worked out mine. The official estimate of the Lake View reserves, however, given above seems to disprove the latter half of this assertion. Although it has parted with some of its Broken Hill South Blocks the Lake View Consols, Ltd., still retains a controlling

was suddenly sprung upon shareholders. The rough details of the proposed fusion were it appears sketched out and talked over in London at the end of last November and made public on Mr. Govett's arrival in this State a month or so later. According to the Chairman of the Lake View, the fusion on equal terms and the finding of £12,500 apiece would mean cheaper costs and the creation of one big flourishing concern in place of two struggling ones. Moreover, he lays stress on the fact that a big outlay for new plant would be saved by the Hannan's Star Consolidated

interest in that property, and it is still largely interested in the Burma Mines, at Mandalay, besides having a lot of other principally sound industrial securities and a big cash balance. Altogether it is a very wealthy concern and if wound up now its assets, apart from its interest in the proposed amalgamated undertaking, would in all probability provide a dividend at least equal to the present price of shares. Messrs. Bewick, Moieing and Co. still have the general management.

Output, 1909: 118,333 tons for bullion valued at £142,748.

raised to the deal, and, as a London paper put it, the fact of such a fusion of interests being received with unanimity may be accepted as an evidence of the soundness of the project and the equity of the terms arranged. The conditions of amalgamation, as set out in a recent official circular, read as follow:Of a capital of £312,500 in 1,250,000 shares of 5s. each the Oroya-Brownhill Company receives 500,000, the Golden Links 500,000, and the Kalgoorlie Amalgamated 150,000, leaving a reserve of 100,000. In order to facilitate the arrangement and save transfer duties it has been decided to expand the Golden Links capital from £125,000 in 500,000 shares of 5s. each, as at present, to £312,500 in 1,250,000 shares of 5s. each, and to alter the name to the Oroya Links, Limited. It has been arranged that the Oroya-Brownhill Company shall transfer to the Oroya Links Company its leases, machinery, plant and stores at Kalgoorlie, and provide an amount of cash equal to that in the Golden Links treasury (estimated at £15,000). The Oroya Company retains all its other assets, together with the accumulated tailings now being treated, and the use of the re-treatment plant until these tailings are exhausted. The Kalgoorlie Amalgamated transfers its machinery, plant, stores, and leases, amounting to about 98 acres, and provides an amount of £6,250 cash. The total area of the Oroya Links Company will be about 297 acres, and the company will be supplied with about £36,000 working capital. The OroyaBrownhill high-grade ore reserves in the mine have been largely exhausted, and while it is believed there is a large quantity of low-grade ore remaining, but not sufficient to keep the full mill at work. In the Golden Links the deepest level is now at 600 ft., and a nice