Bulolo Gold Yield.

Working Costs at Present Below Estimates.

Bulolo Gold Dredging Ltd. re ports that the clean-up on April 25 yielded 1,871 ounces of bullion of an approximate value of 25,250 gold dol lars, from 98,700 yards, making a total yield of approximately 57,000 gold dol lars from 243,700 yards for the first 28-day period to April 25, or 23.39 cents, per yard.

The above recovery, the Company points out, cannot be taken as a guide to the value of the property as a whole, or a check on the prospectus estimate of an average value of 50 cents per yard, for the reason that the prospectus valuation included low grade ground as well as high—in.fact, all ground which drilled above the then estimated inclu sive working and royalty costs of 15 cents per yard.

So far, none of the original drill holes have been cut by dredging, and not more than four are likely to be dredged over during the next six months. Until dredging has proceeded for perhaps a couple of years, it will be impossible to form any reliable com parison between actual recoveries and the original drilling results and, even then, as the highest values which are located in the upper end of the property will not have been reached, the com parison will have to be made on the theoretical value of the area dredged, and not necessarily on the average value of the whole property.

The dredge is digging a much greater yardage than was expected, and while the yardage to date cannot fairly be taken as an average of the future, it is apparent that, on account of increased

yardage, and, while it lasts, the benefit derived from the depreciation of the Australian pound, working costs will be materially below the estimates.

The latest clean-up of 1871 ounces is valued at £5195 on a gold basis, or 1/0.65 per cubic yard, and £8700 in Aus tralian currency, or 1/9.18 per cubic yard. The total yield for 28 days is

valued at £11,728 on a gold basis, or /11.55 per cubic yard, and £19,655 in Australian currency, or 1/7.35 per cubic yard.

Work On No. 2 Dredge.

The bottom plates of No. 2 dredge were laid in the erection pit on April 20.

Shares Officially Listed.

Shares in Bulolo Gold Dredging, Ltd., have been added to the official quota tion list of the Sydney Stock Exchange.

Authorised capital of the company is 6,000,000 American dollars in 1,200,000 shares of five dollars each. Subscribed capital comprises 224,000 shares fully paid (vendors) and 541,000 shares fully paid (public), leaving 435,000 shares in reserve.

View of interior of new station on Bulolo goldfield, from which electric light and power are supplied to the Bulolo Company’s dredges and other works in central New Guinea. This heavy machinery was all transported from the coast over the mountains by aeroplane.