From Papua
pp. 72-73 · Read in the full issue
Misima Gold Reefs (N.G.) N.L.
The Melbourne attorney for Oroville Dredging Ltd., the big English mining concern, has in formed the legal manager of Misima Gold Reefs (New Guinea) N.L. that the option granted by the latter company over its undertaking has been exercised. According to the terms of the agree ment, a company with a capital of not less than
£lOO,OOO must be formed and registered within three months. The consideration to be received by the syndicate is 20,000 fully-paid shares of £1 each, for every £lOO,OOO of capital.
Misima Gold Reefs (New Guinea) N.L. has a nominal capital of £4500, in 900 shares of £5 each, fully paid. The property comprises ten leases, aggregating 198 acres. Extensive prospecting and developmental work has been carried out by Oro ville Dredging Ltd. on the property at Misima Island, Eastern Papua. Apart from the main lode, 20ft. in width, attention has also been directed to two small parallel lodes. Plant costing £30,000 will probably be installed to treat the 46,000 tons of ore, of an average grade of 5.8 dwts., which are estimated to be available,
Oceanic Gold Exploration N.L.
Formed to equip and despatch an expedition to certain islands in Eastern Papua believed to be gold-bearing, Oceanic Gold Explorations N.L. failed to meet with the results hoped for. The expedition, consisting of four mining engineers, under the leadership of Mr. T. J. Shepherd, sailed on the Joseph Conrad in January last. The areas were thoroughly prospected, but the results were unsatisfactory, and the expedition was abandoned.
The directors recommend that the company be wound up voluntarily and an extraordinary meet ing for this purpose has been convened for June 17.
Quotation has been granted by the Stock Ex change of Melbourne to 260,000 contributing shares of 10/ each, fully paid, in the Company.
In addition to the consideration of £75,000 in cash and £20,000 in 10/ fully paid shares paid to the vendor company, Cuthbert’s Misima Goldmine Ltd. was required to pay £17,000 to Mr. Ham bridge as promoter, who agreed to pay all flota tion expenses, including stamp duty and under writing commission at the rate of 1/ a share on the public issue of 260,000 contributing shares. By agreement Mr. Hambridge is entitled to £lO,OOO after the company shall have earned total net profits ©f £150,000. Mr. Hambridge has an op tion over 20,000 ordinary shares at par, but such cannot be exercised except with the consent of shareholders in general meeting, and until the abovementioned sum of £lO,OOO becomes due.
Mandated Alluvials N.L.
The directors of Mandated Alluvials N.L. an nounces that Mr. H. E. Hallam has been en gaged to complete a geological survey of the Moresby King and Sapphire leases situated near Port Moresby, in Papua. The work of correlating the outcropping gossans with the lode bodies now being developed will proceed simultaneously with further developments. It is expected that this work will be completed within a period of two months of Mr. Hallam’s arrival on the field in June.
Cuthberts Misima
Goldmine Ltd.
Cuthbert’s Misima Goldmine Limited, Misima Island, Papua, reported early in Tune that the monthly clean-up on May 23 compared with the previous two months was: March.
April. May*
Treated, tons 1810 1790 1436 Bullion, oz .. 2016 2139 1877 Gold, fine oz 484 561 499 Silver, fine oz 1472 1520 1336 Value ,. £3975 £4590 £4095 (Gold at £A2 per oz.) Per ton of ore ,. 43/11 51/3 57/ * Five days’ work lost by the mill during May for engine repairs. High return per ton of ore for May was result of release of gold locked up in zinc boxes from previous clean-ups.