New Guinea

Bulolo Gold Dredging Ltd.

THE annual report of Bulolo Gold Dredging Ltd. states that 121,352 oz. of fine gold, and 52,600 oz. of silver, were recovered from 10,915,000 cubic yards of gravel. The bullion realised 4,359,000 dollars, and an operating profit of 3,208,986 dollars (including 18,135 dollars of sundry income) —approximately £828,800 —was made, knm which 217.000 dollars were transferred to amortisation reserve.

At May 31, 1936, the company’s dredging areas in New Guinea were estimated to contain 204.000,000 cubic yards of 33 cent, gravel (gold at 35 dollars an ounce), with a net working profit of 50 million dollars, after allowing for deduction of gold royalty and expenses outside New Guinea.

The first of the three new dredges is expected to be completed about next July.

The Co.’s production for October compares with that of the previous two periods as follows:

Enterprise Of N.G. And Petroleum

Development N.L.

Reporting on operations for the period Septem ber 6 to October 27, Mr. H. Taylour, general manager of Enterprise of New Guinea and Petro leum Development N.L., advised that sluicing operations continued as usual on the alluvial pro perty at Surprise Creek until October 12. when a large landslip five chains in length occurred on the main water race. This resulted from a succession of heavy rains, and completely cut off the supply of water to the nozzles. Repairs were almost com plete, and it was anticipated that water would be available for a recommencement of sluicing on or about the 28th inst., when the clean up for the month’s run would be commenced.

In the Edie Creek area prospecting on the gold mining leases continued, and several small aurifer ous veins were discovered. Further work will be carried out on these outcrops. The mule road to the Edie mine was completed, and when re quired, be widened sufficiently to permit motor lor ries to transport supplies direct to the mine from the Wau aerodrome.

The site has been cleared and approach com pleted for a drainage adit on the Edie mine to be driven 150 feet vertically below No. 1 west drive on the main lode. An additional gold-mining lease has been pegged adjoining the Edie mine leases.

As a result of prospecting in the Oriabanda area portion of an old river bed has been discovered.

The value or extent of the wash is not yet known.

Gum River Development N.L.

A meeting of Gum River Development, N.L., took place in Melbourne on November 20 to con sider winding up. A similar meeting was held on May 7, but as insufficient shareholders were rep resented to sanction winding up nothing could be finalised.

Assets at August 28 included cash in hand, £1891; survey fees to be refunded, £836; and ten : hares in Gum Heights (which had since decided to liquidate and return £2/10/- a share). Plant and equipment are shown at £292. The company had spent £2587 on prospecting account, and paid vendors £5 617 in cash and shares.

Holders of the 32,000 shares had contributed £6400 in cash (4/- a share), while vendors re ceived 24,000 shares, representing £4BOO.

After providing for a creditor, £7 5, the above liquid assets (when survey fees are collected) represent about 1/7 a share on the 32,000 con

Aug.

Sept.

Oct.

Cubic yard . 978,000 981,300 962,200 Bullion, oz. . . . 17,740 17,052 18,172 Gold, fine, oz. . 12,484 11,794 12,606

Value—

Aust. currency* £109,235 , £103,1972 £110,3022 Per cubic yard /26.8 / 25.2 /27.5 Working profit £75,748 £73,998 £76,265 *At A £8/15/ - per fine ounce.

tributing shares or lid a share on the total shares issued, including vendors’. It is understood that the vendors will not rank in full in the distribu tion of the remaining cash.

Sandy Creek Gold Sluicing Ltd.

The mine manager of Sandy Creek Gold Sluicing Limited reported early in November as follows:

Sunshine Gold Development Ltd.

Early in November, the manager of Sunshine Gold Development, New Guinea, radio’d to the Sydney office as follows:—“October: Hours sluiced 4 70, cubic yards treated 12,000. During month elevator was lowered to 55 feet, and since been sunk to 64 feet. Average recovery during October 4/- per cubic yard. Time lost through opening out and sinking elevator.”

New Guinea Goldfields Ltd.

Recent monthly returns of production and esti-

Day Dawn South (N.G.) N.L.

Speaking at an extraordinary general meeting of Day Dawn South (New Guinea), N.L., in Syd ney in October, the chairman of directors (Mr. N.

Barrell) said that, owing to the poor response to the last call, the directors had to consider the future of the company. He said they had entered

into an arrangement with a party, which was to pay an amount in cash and work the mine on a percentage basis. They hoped within 12 months to be able to pay a dividend on the fully paid shares.

An auction sale would be held shortly to dispose of the forfeited shares. Replying to a shareholder, who asked for particulars of the arrangement to tribute the mine, Mr. Barrell said he thought that was a matter which could be left in the hands of the directors. The amount received in cash, how ever, would be sufficient to carry on the company for a year. The meeting agreed to the directors’ proposal.

Gum Heights Gold Syndicate.

Shareholders of Gum Heights Gold Syndicate N.L., who at the end of October passed a resolu tion placing the company in voluntary liquidation will receive approximately 50/- a share for each £5 share held. The company was formed to prospect a lode at Gum River, New Guinea.

Mr. W. I. Potter, who presided at the meeting, told shareholders that values on the area tested had not been sufficiently high. A very large ex pense would have been involved in testing such an extensive area, and prospects were not attractive enough to undertake such expense under present conditions.

Bulolo Gold Deposits Ltd.

Bulolo Gold Deposits Ltd.’s Sydney office was advised in November that production for Septem ber and October compared as follows:

*Aug. Sept. Oct.

Cubic yards 8,175 11,707 9,121 Gold, oz 101 310 281 Average cub. yd. . . 1/10 3/ll| 4/7i *Plant was in operation for hall of month only, balance of time being taken up in constructing new penstock and moving pipes, elevator and boxes to new position.

mated profits of New Guinea Goldfields Limited are: Aug. 14.

Month ended Sept. 14 Oct. 14.

Edie Creek mill— Ore, tons 4,089 4,662 3,765 Fine gold, oz. 1,417 1,232 1,023 July.

Aug.

Sept.

Alluvial — Fine gold, oz. . . 1,166 1,147 1,068 Fine silver, oz. . 837 776 711 Gold Ridges mill— Fine gold, oz. . . 1,617 1,681 1,534 Fine silver, oz. . 1,258 1.249 1,143 June.

July.

Aug.

Operating profit— Edie Creek mill . £2,275 £2,287 £4,344 Alluvial 4,214 3,803 3,375 Golden Ridges mill 6,130 7,266 7,972

Sept.

Oct.

Hours 451 609

Wash, cub. yd. . . .

8500 8000 Gold, oz 439 368