Islands Gold Mining

Notes

Mandated Gold N.L.

Mandated Gold N.L. reports that owing to the withdrawal of its expedition from the Mandated Territory of New Guinea the reciprocal arrange ment with New Territory (New Guinea) N.L. has been discontinued. The company has obtained from N.Z. Gold Options N.L. the right to apply for and have allotted 51,000 shares in any com pany formed to equip and work the dredging area at Nevis, Central Otago, South Island, New Zealand, containing approximately 900 acres.

Bulolo Deposits Ltd.

Bulolo Gold Deposits Ltd. reports that a par tial clean-up on their property in New Guinea yielded 71oz of gold. The company expects two additional returns before the end of July.

Guinea Dredging N.L.

Directors of Guinea Dredging N.L., formed re cently to test gold-bearing areas in New Guinea, are Messrs. J. T. Pollard, C. W. Gray, C. E.

Bradshaw, J. F. W. Eskdale and S. Wright- Smith. Mr. J. D. Morrison, Bank House, Bank place, Melbourne, is the legal manager. Nominal capital is £5000, in 1000 shares of £5 each, of which 600 were subscribed for at £5 each; 250, fully paid, will be allotted to the vendors or their nominess; 50, fully paid, will go to the promoters, and 100 are in reserve.

The allotment of the fully-paid shares to the vendor will not be made until the areas have been secured and approved by the company’s engineers.

Mr. A. E. Dredge, who has been Government medical patrol officer in New Guinea, will lead an expedition.

Platinum Guinea Gold

With a nominal capital of £5000, in 1000 shares of £5 each, Platinum Guinea Gold N.L. has been formed. Six hundred shares were subscribed for at £5 each; 250, fully paid, will be allotted to the vendors; 50, fully paid, will go to the promoters, and 100 are in reserve. The company is interested in platinum and gold bearing areas in New Guinea.

A well-equipped party left Melbourne in June for New Guinea to carry out the syndicate’s pro jects.

N.G. Gold Output.

Last year New Guinea produced 248,088 ozs. of bullion, as against 133,847 ozs. in 1932. Of last year’s total, Bulolo Gold Dredging Co. contributed 136.000 ozs. and Aew Guinea Goldfields Ltd., 42,000 ozs.

Samarai Gold Development

With, the object of making its shares eligible for listing on the Sydney Stock Exchange, Samarai Gold Development Co., Ltd., has made calls total ling the full amount owing on the contributing shares, and when these are paid, all shares issued will be fully paid. The board of directors intends shortly to release 20,000 of the reserve shares to enable developmental work to be expedited.

Samarai Gold Development Co., Ltd., was formed to develop an area situated at Ouru Ouru, Papua, and work, including a drive into the hillside, has already been accomplished.

New Guinea Gold Claim

A further 1240 acres of dredging claims on the lower Aiauwi River, New Guinea, has been pegged on behalf of the company. Placer Development engineers, who will test the new areas for the company, left for the property on June 26.

Gold Mines Of Papua.

At the statutory general meeting of Gold Mines of Papua, Ltd., held in Canberra on May 16, the chairman (Mr. E. H. Pratten) said it was in tended to arrange for the cyaniding of about 130.000 tons of slimes and sands from the old Kulumadau lode. The slimes vrere valued at from 3 to 4 dwt., and the sands were valued at 1 dwt. or better. Profits from this undertaking should provide sufficient capital to prospect and sample both the Umuna and Kulumadau lodes. The receipts of the company on April 30 amounted to £14,102, representing subscribed capital on 64,000 shares. The exoenditure was £1555.

Bulolo Dredge Production

Production of the Nos. 1,2, and 3 dredges of the Bulolo Gold Dredging, Ltd., for June compares with that of the previous periods as follows: Nos. 1,2, and 3 April. May. June, dredges— Cubic yards 612,700 707,000 688,700 Bullion, oz 9,803 11,249 14,106 Gold, fine, oz 6,605 7,548 9,602

Value—

Aust. currency* .. £56,142 £64,158 £81,617 Per cubic yard ... /22.00 /21.78 728.44 Working profit £36,380 £43,996 £60,579 * At £A8/10/ per fine Ounce.

Placer Co.’S Dividend

An interim dividend of 1 dol. 20 c. (Canadian) per share has been declared by Placer Develop ment Ltd., New Guinea. Canadian absentee tax of 5 per cent, is to be deducted from non-resident shareholders of Canada. Cheques were posted from the Sydney office to shareholders on the Sydney register on July 11. Transfer books were were closed from June 5 to June 12, inclusive.

Akmana N.G. Gold Co.

A circular to shareholders of Akmana New Guinea Gold, N.L., states that the whole of the forfeited shares —172,750 —have been reinstated or sold. Holders of fully paid shares have placed at the disposal of the directors 65,145 fully paid shares, and the directors consider the financial position satisfactory. A call of Id per share (making Sd paid) has been made to continue operations at the Bimbimbie gold mine.

Guinea,Gold Leases

Guinea Gold N.L. advises that the results of further scout tests on the company’s leases were as follows: Leases one and two, 4/4 a cubic yard; lease three, 1/3; lease four, which was the minimum value encountered. Values are based cn the present price of gold in Australian currency.

Arrangements are being completed with Placer Development Ltd. for the despatch of engineers with full equipment to test the area. No further values will be reported until a proper inspection is completed.

Bulolo G.D. Co.’S Dividend

Bulolo Gold Dredging Ltd., New Guinea, has declared a second interim dividend of 60 cents (Canadian) per share. Canadian absentee tax of 5 per cent, is to be deducted from non-resident shareholders of Canada. Dividend cheques were posted from the Sydney office to shareholders on the Sydney register on June 11. Transfer books closed from June 5 to June 12, inclusive.

New Claims For Enterprise Of

New Guinea Co.

A radiogram was received recently from the representative in New Guinea of Enterprise of New Guinea N.L., advising that he had returned from the Upper Watut area. His hands had been forced by others intruding, and he had been com pelled to peg out two dredging claims of good ground. The first, of approximately 40 acres, was in the Upper Watut River, a little below the junction with the Iroa Creek, and the second, of approximately 50 acres, was higher up on the Iroa Creek. They were hydraulic propositions. The prospecting party was now pegging out a claim of mountain outcrops to protect the company’s in terests. He would require £1500 for applications, survey fees, and rents. The directors report that these claims are quite apart from the original locations.

Later information received from the company indicates that the representative has pegged out seven additional claims, aggregating 3500 acres, giving the company over four miles along the strikes and one mile breadth, covering all of the prospects discovered in this location. The area of hydraulic ground has been increased to approxi mately 200 acres. Values have not yet been deter mined, but are thought to be good.