From Papua
pp. 74-75 · Read in the full issue
Misima Gold Reefs (N.G.) N.L.
Advice has been received by the management of Misima Gold Reefs (New Guinea) N.L. from Oro viile Dredging Co. Ltd., that the understanding of the chairman of directors as set out by him in his address to shareholders on March 4, Oroville Dredging Co. Ltd. has not yet exercised, nor ex pressed its intention, of exercising the option, but the option has been extended to May 31. Neither the Oroville company nor Misima company has undertaken to underwrite any shares. The forma tion of a company is entirely contingent on the exercise of the option, and, unless and until the option is exercised any statement of Oroville Company's intentions with regard thereto is un authorised by them. If the option is exercised the period for the formation of a company is three months. There is no provision in the option for erection of plant, nor are the intentions of the Oroville company known in respect thereof.
Golden Stream N.L.
Golden Stream N.L., an Adelaide concern, is without a property. The company held an area of 700 acres at Karama Creek, and had a half share with Guinea Gold N.L. in a larger area of /,200 acres on the Tauri River, Papua. Both areas have been proved to be too low in value to war rant further expenditure, and have been aban doned. In September an area of 300 acres on Quartz Creek was pegged. Preliminary testing proved the property to be too small for the com pany, and the claim was abandoned. For the twelve months ended June 30 last, expenditure was £4,853 and £214 was received m interest. The surplus of liquid assets at the close of the year was £4,933.
Cuthbert’S Misima Goldmine Ltd.
The clean up on March 23 on the property of Cuthbert’s Misima Goldmine Ltd., Misima Is land, Papua, resulted in the recovery of 2,0160 z. gold bullion from the treatment of 1,810 tons of ore, with head assays of 7.2 dwts. The estimated value is £3,975. The monthly clean-up seldom corresponds with assay value ore heads, because of varying retention of gold in the zinc boxes.
Mandated Alluvials N.L.
Directors of Mandated Alluvials N.L. have ac cepted the application of Mr. R. D. Smith, of Messrs. Spence and Smith, Wau, New Guinea, to take direct management of the Moresby King mine, near Laloki River, in Papua.
The Moresby King is situated in the Astrolabe goldfield, which many years ago commanded great attention on account of its rich copper lodes. These lodes contained a percentage of gold and silver, and within the last two years have been investi gated on this account by many concerns in New Guinea and Australia.
Cassowary Dredging N.L.
An extraordinary meeting of shareholders of Cassowary Dredging N.L. was held on April 15 to increase the capital to £16,000 in 160 shares of £lOO each, by creating 80 new shares. Authority was sought by the directors to dispose of these shares. The Company was registered in Mel bourne last year, and is interested in an area on the Lakekamu goldfield, Papua. The directors are Messrs. O. T. Lempriere, A. Pratt. F. G. Hughes, T. Owen, and C. G. Lyon. Mr. C. Cameron, 395 Collins Street, Melbourne, is the legal manager.
Astrolabe Explorations Ltd.
It is reported that Astrolabe Explorations Ltd. have taken an option over Mr. P. R. Hinds’s mine on the Astrolabe goldfield. Mr. H. Hallum, re presentative of Astrolabe Explorations Ltd., started work on the mine (Mount Judith) on April 1. The preliminary assays of the “show” have been very encouraging, and it is expected that the average already secured will be main tained.