For Papua
p. 54 · Read in the full issue
New Prospecting Co.
ANEW company to operate in Central Papua and, later on, in the eastern section of Dutch New Guinea, the Moroka Dredging and Exploration Co. Ltd., was introduced to the market in London, Sydney, Melbourne, and Adelaide in July.
It is seeking about £50,000 to carry out a preliminary investigation of gold-bear ing areas on the St. Josephe River, which flows into the Gulf of Papua just to west ward of Yule Island. It is expected that much of the capital will be subscribed in London.
The preliminary syndicate, which gath ered the first necessary data and obtained promises of concessions from the Papuan Government included Captain A. J. Ken rick, well-known mining engineer, Dr. A.
E. M. Moir, and Messrs. Couch, Armitage, Loomes, Carter, T. M. Foster, G. M. Reid, and L. M. Turner.
The new company intends to apply for and take up, under a prospecting license issued by the Papuan Government, a re servation with mineral rights over 5000 square miles, represented by a strip of country extending from the St. Josephe River, near Yule Island, along behind Port Moresby (including the Yodda), to Cape Nelson. Operations are to be com menced in the St. Josephe River basin,
where Captain Kenrick has reported the presence of good gold. A small power plant will do the initial testing; to be followed, if justified, by bucket and suc tion dredges.
The directors of the new company are Sir Reginald Holland, London (chairman of the Consolidated and Investment Trust) who has important Dutch connections; Professor J. G. Lawn, London (managing director. New Consolidated Goldfields Ltd.); Sir William Robinson, Melbourne; Captain Kenrick, Dr. A. E. M. Moir, Messrs. J. H. Couch and T. F. Trembath.
It is understood that the company can obtain the reservation desired as soon as £30,000 is deposited with the Government in Port Moresby, to be spent in develop mental operations. The company is offer ing 11,000 £5 shares to the public, and 5000 fully paid £5 shares are to go to the Mooroka Alluvial Gold Syndicate, for all its rights and data.