Misima Gold

G.M. of Papua Plan Production In E. Papua

AN important decision, affecting gold mining development in Eastern Papua, has been taken by the Directors of Gold Mines of Papua Ltd. (generally called the Pratten Group), who hold leases on Misima and Woodlark Islands.

G.M. of Papua took over leases on Misima from Misima Options Ltd., which had gathered something from the wreck of the Mount Sisa Company. Shortly after wards, G.M. of Papua acquired properties on Woodlark Island. Since then the com pany has been very quietly engaged in;— (1) Thoroughly exploring the ground at Misima, where it proved a very large ore body, averaging about 46/ per ton. (2) Establishing, on Woodlark Island, a cyanide plant for the treatment of tailings from the old Kulumadau tailings. This plant is reported to have commenced operations recently. (3) The formation of a new company.

Woodlark Gold Mines Ltd. (which is owned by G.M. of Papua) to develop the ap parently rich North Kulumadau lode. (4) Unwatering and opening up the old Woodlark King Mine (on Woodlark Island), formerly a rich producer. (5) Examination of a possible dredging area on Woodlark Island.

Operations have been proceeding for about a year. The market’s opinion of the company’s prospects is shown in the fact that its 5/ shares usually are quoted at between 13/ and 14/.

The company’s directors have now de cided to proceed to production on Misima Island. A treatment plant is to be installed and, for this purpose, the capital of the company is to be increased from £60,000 to £135,000 by the creation of 70,000 new shares of 5/ each, to be offered first to the existing shareholders.

The circular to shareholders gives an absolute minimum of information. That, and the Pratten reputation for success in mining, suggest that there are likely to be interesting developments in Eastern Papua.