From Papua
pp. 71-72 · Read in the full issue
Mandated Alluvials, N.L.
Speaking at a special meeting of Mandated Alluvials, Xo Liability, held in Svdney on March 9 u * chairnian ( Dr -. William Wood) said that the directors had decided to concentrate on the Port Moresby mine, as prospects there were re garded as particularly bright. This mine, which was situated 16 r /£ miles from Port Moresby, con sisted of two leases—the Sapphire Lease of 30 acres, and the Moresby King Lease of 20 acres— wv j an additional area of 50 acres had been ap phed for. Developments to date had not been sufficient to permit of any very definite estimate of ore reserves, but the directors had been strengthened in the conviction that they had an exceedingly valuable mine. Twenty-nine bulk samples taken gave an average of 16dwt. 20gr. of gold and 15 per cent, of copper. The directors had decided to exercise their option and purchase the mine, and to embark on a policy of immediate and extensive development.
Cuthbert’S Misima Goldmine Ltd.
The secretary of Cuthbert’s Misima Goldmine Lunited reported on March 6 that the last clean up (February 23) showed that 1630 tons of ore had been treated for 2,336 ounces bullion. The esti mated value was £4,274. During the period the
mill worked three shifts on 25 days, and two shifts on one day.
Misima Gold Reefs (N.G.), N.L.
Oroville Dredging Ltd., the big English concern, intends to exercise the option of purchase over the property of Misima Gold Reefs (New Guinea) N.L., Misima Island, Papua. Although the agree ments have yet to be signed, the attorney of the company in Sydney has notified Misima Gold Reefs to this effect. It is intended to form a company, probably in Australia, with a nominal capital of £lOO,OOO, in £1 shares, of which 40,000 contributing shares will be offered for subscrip tion and underwritten by the Oroville Company; 20,000 fully paid will be allotted to Misima Gold Reefs, and 40,000 fully paid to the Oroville com pany. The latter company will also pay to Mr.
J. A. Miller, vendor of two of the leases, £l5OO.
Nominal capital of Misima Gold Reefs (New Guinea) N.L. is £4500, in 900 shares of £5 each, fully paid, and the consideration is equal to 22 fully paid shares for each share held. The pro perty comprises ten leases, aggregating 198 acres.
Oroville Dredging Ltd. has carried out extensive prospecting and developmental work on the pro perty, at a cost of £20,000. A large main lode 20 feet in width has been proved for a considerable
length, also two small parallel lodes. Approxi mately 46,000 tons of ore of an average grade of 5.8 dwt. a ton, has been proved to date. Attention is now being directed to another lode 6 to 7 feet wide, and values disclosed indicate additional ton nage. The Oroville company intends to instal an efficient plant, at a cost of not less than £30.000. on the property. The new company, it is expected, will be formed within the next three months.
Shareholders of Misima Gold Reefs, a.t an ad journed special meeting on March 2, endorsed the action of the directors in entering into the ar rangement with the Oroville Company.
Pacific Iron Ore Deposits N.L.
Application has been made to register Pacific Iron Ore Deposits N.L., which is being formed with a nominal capital of £1,250, divided into shares of £2/10/- each, to carry out mining operations at Port Moresby, Papua. Mr. H. P.
Lockwood, of 360 Collins Street. Melbourne, is legal manager of the company.
Lakekamu Goldfields Development,
No Liability
Expenditure of Lakekamu Goldfields (Papua) Development N.L. on development account for the twelve months ended January 23 was £8920, and
fees received for the services of Mr. R. A. Clin ton amounted to £420, leaving £B5OO to be trans ferred to profit and loss account. Cash in hand at the close of the year stood at £BBB, and sundry creditors at £224. The company was registered in January, 1935, and acquired from Tiveri Gold Dredging Co. Ltd. alluvial areas in Papua, at which time options were obtained over dredging claims, known as the Twisty areas, on the Lake kamu field, and also for prospecting certain areas on the St. Joseph’s and Inaufunga Rivers. An option was subsequently acquired over the plant and main leases of Tiveri Gold Dredging Co., on which a small dredge had been working on a pro fitable basis for some little time. Other options were acquired, and additional areas pegged in the company’s name. The options were subsequently relinquished. The board recommended the voluntary winding up of the company, and a resolution to that effect was passed at the annual meeting on March 10.
Addressing the meeting on March 10, the chair man, Sir Robert Knox, said that in reviewing the report of Mr. R. A. Clinton, who inspected the leases held by the company, it would be realised that boring and other operations had been carried out on an extensive scale. Unfortunately, however, the results, while encouraging at various stages, were ultimately not sufficiently attractive to
warrant the board exercising the options, and making a recommendation to shareholders for the flotation of a company.
“Careful consideration was given to the margin of profit over working costs,” continued Sir Robert, “and it was decided that, even after taking into account the present premium on gold and the rate of exchange, the profits disclosed were too low when due consideration was given to vendor consideration, cost of plant to equip the properties, and further sums necessary to make the areas reasonably accessible for economic handling.
“In the latter stages of the investigations it was hoped that further areas then under examina tion would have proved a sufficient payable yardage to make both Middle and Camp Creeks (Twisty Areas) attractive, and justify forming a company.
The anticipated results were not realised. As fur ther expenditure would have become necessary at December 31, in regard to leases and other rents, it was decided to relinquish the options and abandon other areas pegged in the company’s name.”