From Papua
pp. 70-71 · Read in the full issue
Cuthberts Misima G.M. Ltd.
Directors of Cuthbert’s Misima Gold Mine, Ltd., announcing a dividend of 6d per share, absorbing (with staff bonus of 5 per cent.) £7,875. report that mine operations are proceeding satisfactorily, and the mill continues to run smoothly and efficiently.
The construction programme is well in hand. Ex cavation work is being pushed along for the new plant to increase the treatment plant from about 15,000 tons to 40,000 tons per annum. The direc tors hope to have the enlarged plant erected be fore the end of the year.
The secretary on May 12 reported as follows: Monthly clean-up April 23. Treated 1,790 tons of leads, assay value 7.2 pennyweights, for 2,139 czs. of bullion. Estimated value, £4,590.
The company was formed in September last with a nominal capital of £2000,000 in 400,000 shares of 10/- each, of which 200,000 were subscribed for at par and 40,000 were issued to the vendor company—New Misima Gold Mines Ltd.— which paid a regular monthly dividend for four years. The mine was taken over on October 24, and the mill and treatment plant on October 27 last.
Pacific Iron Ore Deposits N.L.
Pacific Iron Ore Deposits N.L. decided on May 8 to increase the company’s capital from £1,250 in 500 shares of £2/10/ each, to £3,750, in 1,500 shares of £2/10/ each. Shareholders of the company were entitled to apply within 14 days for one additional share for each share held at £2/10/ a share on application, and one bonus share was to be issued as fully paid to the pres ent shareholders for each share held.
It was stated that the increase was necessary to develop the property, near Port Moresby, Papua, and prove the quantity of the deposits.
Assay values were said to have shown the iron content to be highly satisfactory. The com pany is now awaiting a reply from likely buyers of the iron deposits.
Gold Mines Of Papua Ltd.
The directors of Gold Mines of Papua Ltd. announced in the middle of April that they have decided to cease all work at the Kulumadau and Woodlark King mines on Woodlark Island, Eastern Papua, as the prospects are not considered suffi ciently attractive to warrant further expenditure.