"And if you find more gold than you need, just drop off a couple of bags here," he invited, with a laugh.

"He's just like the rest of 'em," complained Billy, as they rode on. "He doesn't believe in the treasure."

They saw that the dam was almost completed, and that a few more days' work would bring it to the point where the big gates could be closed and the river stopped from flowing, except as it was needed.

Already the stream was partly confined, flowing through several openings in the big concrete wall, and this made the current much swifter, also deepening the water. It had backed up some behind the dam.

"Another hour will bring us to Golden Peak," announced Billy, toward the close of the afternoon, when they had stopped for lunch and again taken the trail. "Then to get up the tent and camp out."

"It doesn't seem as if that hill was so far away," remarked Frank. "Why, to look at it from the ranch I'd say we could walk to it in a little while."

"That's because the air is so clear," explained Billy. "Distances look shorter than they are. It's a good way off yet, but we can make it before night."

The shadows were just beginning to lengthen when they reached the foot of the curious little mountain where they expected to remain several days, and which they hoped would contain a treasure trove.

"Make camp!" cried Billy, as he leaped from the saddle. His companions did likewise, bringing the burros to a halt. As they were about to unload the animals, looking the while for a good location for the tent, Andy, who had strayed off to one side, uttered an exclamation. At the same time there was a sound in the bushes as if somebody was forcing a way through them.

"What is it?" cried Frank.