From Papua

Gold Mines Of Papua Ltd.

Cabled advice was received in December from Gold Mines of Papua Limited that owing to an accident to the metallurgist it will be necessary to close down the treatment plant on Woodlark Island, Eastern Papua, for approximately six weeks.

Cuthbert’S Misima Gold Mine Ltd.

A clean-up made on December 23 from 18 days’ run showed that 1020 tons of ore had been treated, yielding 865 ozs. Estimated value is £1,775 in Australian currency. In future the clean-up will take place on the 23rd of each month.

Guinea Gold N.L.

A wireless message has been received by the secretary of Guinea Gold N.L. in Adelaide, from Mr. G. S. Dyer, the company’s field superintendent in Papua, advising that he has now moved to the Nepa areas, as he has abandoned the other claims.

Lakekamu Goldfields (Papua)

Development N.L.

Directors of Lakekamu Goldfields (Papua) Development N.L. report that, following on the completion of the boring programme carried out on areas held under option by the company in Papua, and after careful consideration by the board of the report furnished by Mr. R. A. Clitaton, it has been decided not to exercise the options.

Following the New Year vacation a meeting of shareholders will be convened to consider the future of the company.

This company, of which the directors were Sir Robert Knox and Brig.-Gen. E. A. Wisdom, was formed in January, 1935. It has a paid up capital of 3000 shares of £5 each, and it took an option from Tiveri G.D. Co. Ltd. (Hinks, Sefton and Smith) over five dredging claims known as the “Twisty” area of the Lakekamu field.

The £5 shares, soon after they were listed in March, 1935, went to the ridiculous figure of £37.

Then speculators began to sober up, and the price fell steadily. When the Stock Exchange closed, just before Xmas, there were sellers at 60/-, but no buyers.

New Misima Gold Mines Ltd.

Mr. F. W. Cuthbert, managing director of New Misima Gold Mines Limited, reported on Decem ber 3 that for the month ending November 30, 398 tons of ore were put through the mill, yielding 294 tons of sand and 104 of slime for gold bullion of approximate value in Australian currency of £2400. Monthly dividend, number 49, of 2/- per share was declared payable. The mine, together with the crushing and cyanide plant, has now been sold to a new company, Cuthbert’s Misima Gold Mine Limited, for £95,000, of which £75,000 is in cash and £20,000 in fully paid up shares in the new company. New Misima Gold Mines Ltd. will now go into liquidation and the cash and shares will be distributed to shareholders as soon as the necessary legal formalities have been complied with.