Mining Notes

Bulolo And Placer

Reports

Advice has been received that at the annual general meeting of Placer Development Ltd., held in Canada, on November 26, all resolutions were passed.

Regarding the final Bulowat Burnside purchase consideration, the chairman (Mr. C. A. Banks) stated that the company had been offered by Bulolo Gold Dredging Ltd., 20,009 fully paid shares in that company as a final payment for the Bulowat Burnside areas, which offer had been accepted by Placer company.

He stated that the 20,000 fully paid Bulolo shares being allotted as final payment for the above areas was less than previously contem plated on account of the development of the large volume of deep gravels in the original area.

Addressing shareholders in Bulolo Gold Dredging Ltd., Mr. C. A. Banks said that, subject to the approval of the shareholders of the two com panies being obtained at general meetings to be held at an early date, Placer Development Ltd. had agreed to transfer to the Bulolo company the whole of the Arnold property in consideration of allotment of 5000 fully paid Bulolo shares.

Mr. Banks stated that the new 4000 horse power hydro electric plants had been completed.

Bulolo Gold Deposits Ltd.

The directors of Bulolo Gold Deposits Ltd., re port that the company has granted to Placer Development Ltd. an option to purchase its leases and rights in the Wau-Koranga area, New Guinea.

During the term of the option the company will continue its sluicing operations for its own benefit.

The manager at Wau advised that the last clean up yielded 53oz gold.

Alluvial Gold (Oceania) Ltd.

Alluvial Gold (Oceania), Ltd., in its annual report, states that prospecting activities in the Mandated Territory have been disappointing. A premium of £4951 obtained on the subscription of New Guinea Alluvials, Ltd., paid for the pros pecting expenditure in New Guinea. The com pany also promoted Gold Mines of Papua, Ltd., in which it was allotted 40,000 fully paid shares of 5/- each. Expenditure for the period from March 7, 1933, to March 31, 1934, was £5477, against which share considerations of £14,951 left a sur plus of £9474. Creditors at March 31 stood at £8222. Besides a holding of £10,000 in Gold Mines of Papua, Ltd., the assets include £6000 paid to Investigations, Ltd., on account of pur chase of leases at Barrytown, New Zealand.

Value Of Gold Samples

Samples of gold from the N.G. property of Equatorial Gold Exploration Syndicate are re ported to be of better quality than usual in other parts of New Guinea, proving to be 90.9 fine and so worth about £7/15/- an oz. instead of £6 an oz., the usual value for gold from other areas in the territory.

British N. Guinea Gold

Shareholders of British New Guinea Gold N.L. were asked, at an extraordinary meeting, held on December 6, to increase the nominal capital from £5000, in 1000 shares of £5 each, to £25,000 in 5000 shares of £5 each, shareholders to be entitled to apply for four additional contri buting shares for each share held, at £2 a share. Alternatively it was proposed that the capital be increased from £5000, in 1000 shares of £5 each, to £30,000, in 30,000 shares of £1 each, and thereby convert the £5 shares to five fully-paid shares of £1 each, each shareholder to receive five bonus shares of £1 each for each share held. The managing director (Mr. C.

Lexius-Burlington), in his lengthy report, stated the expedition has secured valuable options until the middle of December bn approximately 300 acres of Edie Creek alluvial gold ground, whicn should average 3/- a yard on the £4 standard of fine gold valuation over at least a third ot the area from a depth of 12 feet of wash, making a total of 1,936,000 yards of pay material. In addition, within one of the company’s own gold mining leases which have been secuned, the lode shows up as a 50-feet width ore body where Edie Creek has cut through it. The exploration and development of the large areas, he added,

fully justifies increasing the capital to £50,000.

An amount of £2000 will cover the Government lease rental fees for next year and pay the option fees due from mid-December for a fur ther 6 months’ extension of the option period.

Equatorial Gold Exploration

Equatorial Gold Exploration (New Guinea and New Britain) Syndicate N.L. advise that they have pegged out a claim over another large dredging area, where a few preliminary samples gave approximately 2/- a cubic yard. Tests of the alluvial area held under option by the company on the Ramu continue to be satisfactory. At an extraordinary meeting, held on December 3, shareholders were asked to sanction an increase in

the capital to £8000 by raising the nominal value of each of the 800 shares from £5 to £10.

New Territory (N.G.) Increase

Capital

During November, shareholders of New Terri tory (New Guinea) N.L., agreed to increase the capital of the company from £5,000 to £10,000, by raising the nominal amount of each of the 1000 shares from £5 to £10 each. The chairman (Brigadier-General Wisdom) said that New Guinea offered a promising field for prospecting, and one which offered rich rewards. The larger capital was required to continue active prospecting in an area not formerly explored by the com pany’s prospectors.

Ramu (N.G.) Gold Syndicate

The abridged prospectus of the Ramu (New Guinea) Gold Syndicate N.L. was published in Sydney in November. The capital is £5000, in 1000 shares of £5 each. Of these 700 are offered for public subscription and 300 fully paid are held in trust for the vendors and promoters, but not to be allotted until the property has been tested and acquired. The objects of the syndi cate are to despatch a mining engineer to test, and, if approved, acquire areas in the watershed of the Ramu River, stated to contain payable gold, which are under option to the syndicate.

The legal manager is Mr. L. E. Stringer, 243 Collins Street, Melbourne.

Oroville Dredging Co.

Oroville Dredging Co. Ltd., a mining company incorporated in Great Britain, has been registered in Papua as a foreign company, with capital of £740,000 in 3,700,000 shares of 4/- each. Public officer is Mr. J. G. Smith, and the registered office is c/o. J. G. Smith, Port Moresby. The company is connected with New Misima Gold Mines, Ltd., which is working the valuable Aumuna mine on Misima Island, Eastern Papua.

Bulolo Dredge Production

Production of the four dredges of the Bulolo Gold Dredging, Ltd., for November, compares with that of the previous two periods as follows: — Sept. Oct. Nov.

Nos. 1,2, 3, and 4 dredges Cubic yards 930,100 863,000 835,800 Bullion, oz 15,787 16,122 15,557 Gold, fine oz 10,983 11,200 10,742

Value-

Aust. currency* ... £93,355 £95,200 £91,307 Per cubic yard ... /24.08 /26.47 /26.21 Working profit ... £66,079 £67,830 £64,132 * At £A8/10/- per fine ounce.

Accompanying Father F. Lyons, of the Sacred Heart Mission, Papua, two native Papuans attended the Eucharistic Con gress held in Melbourne in December.

The last Maui Pomare took a full list of passengers from Samoa to New Zea land, including: Mr. H. Newton (inspec tor of produce) and family; Mr. Turnbull (secretary to the Administration) on an official trip to N.Z.; Messrs. Irwin (police), Mitchell (customs), and Saps ford.