Promising Field.

Misima’S Gold.

Pratten Interests Enter Promising Field.

THERE have been interesting developments in connection with gold mining operations on Misima Island, Eastern Papua.

Some two years ago, a company called Misima Options, Limited, was formed to take over certain leases on Misima Island from Mount Sisa, Limited. The latter company was believed to hold very good country, but it had come through a period of financial stress and storm, and was not popular among in vestors. Misima Options, Ltd., met the full blast of the depression, and was not able to carry out its original plan. It subscribed some £8,000 or £9,000, however, with which it did a good deal of testing. Being unable to take over its options, it made a working agreement with Mount Sisa, Ltd., under which the two concerns jointly investigated and to an extent worked the leases. About four small lots of gold were recovered in recent months.

It became apparent, this year, that the two companies, either separately or jointly, had not the funds to work these leases in the only way in which they could be made profitable—that is, on a large scale. It was also apparent that, properly handled, this might become a very valuable property.

Negotiations took place, as a result of which it has been announced that the joint interests of Misima Options, Ltd., and Mount Sisa, Ltd., are to be taken over immediately by a newly registered concern, Umuna Lodes No Liability. The latter is making ar rangements for the thorough testing of the leases by New Guinea Alluvial Gold, Ltd., which is to employ diamond-drill ing methods, and spend some £10,000 on the job. The announcement of the fact that Umuna Lodes is practically a Pratten concern has caused a marked rush for shares in the new company; and it looks as if Misima Options and Mount Sisa shareholders, whose pros pects a few months ago were definitely blue, will tasts a sweet profit after all.

The Pratten interests have made a very thorough investigation in Misima Island, and are reported to be satisfied that there is substantial gold in the leases under notice. As soon as this is proved, Umuna Lodes is to turn the con cern over to a new company with big capital.

There are two other mining concerns now located on Misima the company operated by Messrs. Cuthbert and Wil kinson, which continues to produce very profitably, and a new organisation called Misima Gold Reefs N.L., which has been fully subscribed. The field has had rather more than its share of wild cats, but the gold is there, and the advent of the Pratten group may mean the establishment of a valuable industry on Misima.

Misima Gold Reefs (New Guinea) N.L., has been fully subscribed. The directors are Messrs. W. Langlands Jack (chairman), W. McGregor, P.

Day, W. Blewett, and Dr. C. Fyffe.

Mr. J. A. Miller is reported to have gone to Misima Island to equip the camp and prepare for the Company’s engineer (Mr. Stuart Love).