Fiji

Loloma (Fiji) Gold Mines N.L.

TyRECTORS of Loloma (Fiji) Gold Mines N.L., U Tavua, Fiji, estimate that production will commence in June of next year. Ore reserves at July 31 were sufficient to provide at least four years’ tonnage for the proposed new treatment plant. Additional ore reserves have been proved since that date, and taking into consideration the possibilities of a further large tonnage being open ed up, the directors have every confidence that operations will prove highly profitable for many years. Expenditure for the 12 months ended July 31, exceeded the revenue by £3255, Aus tralian currency. Current assets, at the close of the year, exceeded the liabilities by £94,587, ex cluding 17,000 shares of £l, paid to 10/-, in Tavua Power Pty. Ltd. ■ Ore tests, the directors report, have been con ducted in America and Australia and it has been decided, as a first step, to erect a treatment plant with a capacity of 500 tons weekly. Its cost is estimated at £BO,OOO. Concurrently with the plant erection it will be necessary to carry out further development work, also provide housing accommodation for additional employees required when treatment operations commence. The general manager’s estimate of the cost of this work is £25,000. Portion of the expenditure of this programme has been met, but it may become necessary early next year to make a call of 1/a share on the contributing shares.

Mr. F. W. R. Godden (general manager) esti mates the positive ore (definitely assured and blocked out), probable ore (not fully blocked out, but reasonably expected) and possible ore (ex posed on one side only, but which should be avail able with further development) at 105,130 tons, of an average value of 29.97 dwt., containing 156,529 fine oz.

Mt. Kasi Mines Ltd.

The gold yields of Mount Kasi Mines Ltd. for the four weekly periods since August have been:—

East Reefs Consolidated N.L.

Addressing shareholders at the annual meeting of East Reefs Consolidated N.L. during October, the chairman, Mr. A. E. Ffrost, said that a London company had made a tentative inquiry about the company’s area in Fiji. Any further action, however, depended on whether the London interests acquired the surrounding properties.

Shareholders left to the directors the decision as to whether the company should wind up.

For the period June 6, 1935, to August 31, last.

East Reefs expended £7147, and at the close of the term current assets exceeded liabilities by £2Bl.

Emperor Mines Ltd.

Stating that a new milling plant, which would

Aug. 14. Sept. 11.

Oct. 9.

Nov. 6* Ore, tons . . 848 1444 1590 1627 Bullion, oz. 295 358 318 452 Value, £A . 2260 2601 2525 3550 *Mill closed down five days for overhaul to Diesel engine.

treat 12,000 tons a month, was expected to be working by September, the managing director of Emperor Mines Ltd. (Mr. E. G. Theodore) ex pressed the opinion at the annual meeting of shareholders on November 4, that within a few weeks of that time it should be possible to dis tribute profits.

The new mill will treat oxidised ore, Mr. Theo dore said, of which there is 750,000 tons. It will be necessary to instal a sulphide milling pro cess, but this will be gradual, and in conjunction with the oxidised mill, as the oxidised ore is treated. The units will be converted to treat sulphide ore. Provision for this mill will not be necessary for several years, and by that time pro ceeds from the mine will be able to take care of capital expenditure.

The managing director gave a comparison of figures quoted by Mr. T. R. Victor just before the formation of the company, and at the end of September, 1936, which showed that development during the last 12 months had been satisfactory;—

Mr. Theodore said that it was highly encour aging that the mine had stood up to active de velopment work, resulting in enormously increas ed ore reserves.

Each month brings reports of further disclosures which support the view that the Emperor Mine will ultimately rank as one of the major pro ducers of the world, said the chairman (Mr. Wal lace H. Smith).

He added that the pilot plant had proved that high extraction was possible, and costs were very reasonable. With the installation of a larger plant and much larger crushings, costs were ex pected to be reduced still further. Since the time when Mr. Connolly had assessed ore reserves at 720,000 tons, highly important developments had taken place.

Finance, the chairman concluded, were very healthy, and no difficulty whatever will be ex perienced in financing the 1937 programme.

Issued early in November, returns for the past three periods are compared in the following table

May 1935.

Sept. 1936.

Tonnage proved ... 211,000 670,000 Fine gold, oz 141,500 335,000 Value (believed gold content) £ 1,132.000 2,680,000 Proved gold, per share 15/1 35/8

Sept. 5.

Oct. 3.

Oct. 31.

Ore (dry weight). tons 2315 2200 2136 Fine gold, 02. ... 1060 1065.6 1057.1 Head values, dwt. 10 10.7 10,7

Recovery, dwt. . .

9.16 9.67 9.89