From Papua

Mandated Alluvials N.L.

Mandated Alluvials N.L. reports that the sampling of the mine workings on its property 16 miles from Port Moresby, having been com pleted, the precise figures are as follows: No. 6 area, a total length of 180 ft. averages 7ft. in width of a value of Bdwt per ton. No. 7 workings com menpe 160 ft. east and north of No. 6 and extend for 150 ft. north. Average width here is 6ft., of an average value of 19.8dwt per ton. The next 178 ft. has been tested by three tunnels, which gives an average width of 2.8 ft., of an average value of lldwt. A stretch of 250 ft. of unex plored country follows to where three tunnels have picked up the ore body. A line of bores has been commenced west of No. 8 shaft. No. 1 hole has proved Bft. of sulphides of a value of 4dwt. There is evidence pointing to a major fault running from 80 to 100 ft. west of mouths of the various work ings upon the eastern rim. Until the line of bores is finished, little other work will be done.

Samarai Gold Development Co.

Samarai Gold Development Co. Ltd. has de cided that the capital of the company be reduced from £50,000 divided into 200,000 shares of 5/each, of which 81,485 have been issued and are fully paid up, and 118,515 are unissued,, to £41,580/5/-, divided into 166,321 shares of 5/each, the reduction to be effected by cancelling seven shares for every 17 of the issued shares, and by cancelling all shares which are divided into a fraction as the result of such cancella tion. All options given to shareholders are to be cancelled.

Cuthbert’S Misima Goldmine Ltd.

Construction work, the management of Cuth bert’s Misima Goldmine Ltd., Papua, reports, is well in hand, although it has been somewhat be hind schedule, because of rains and delay in de livering certain portions of the new plant. The balance of the new plant is expected to reach the field by January, meanwhile the tonnage treated can be expected to increase each month to a maximum of 3500 tons monthly, when the en larged plant is completed.

Production for the last three months has been as follows;

Sept.

Oct.

Nov.

Ore treated, tons . 1875 1908 2057 Bullion, oz 1967 2202 2638 Gold, fine oz . . . 572 571 617* Silver, fine oz .. 1330 1563 2200* Estimated value (gold at £A8 per >• oz) £4624 £4642 £5060* Values per ton . . . 49/4 48/8 49/2* * Approximately only as final assays not yet available.

Sapphire Creek (Papua) Development

Syndicate N.L.

Mr. E. P. Hitchcock, local director in Papua for Sapphire Creek (Papua) Development Syndi cate N.L., advised on December 1 having arrived on the field and inspected work carried out on the Borobo and Gagibega leases. Development to date is satisfactory. Owing to the depth of overburden overlaying the lode on the Borobo lease sinking and driving is necessary. This work has been commenced from the northern end of the lode.

The lode on this lease has been traced for 500 ft.

Work on the Gagibega lease is not so far ad vanced, but indications are promising. To date no developmental work has been done on Merrie Eng land lease. He considers it inadvisable to com mence such work until development of the Borobo is further advanced. Suitable native labour has been engaged, and is being used in erecting build ings.

A later message from Mr. W. Cash, field mana ger, stated that developments to date on the Borobo lease have disclosed 18ft. Gin. of lode from hanging wall to footwall. Assays over all slightly exceed 15dwt. No. 2 costean 100 ft. north of No. 1 costean has cut the lode and assays will be available shortly. Costeaning is in pro gress 75ft. south of No. 1 costean and 300 ft. be low the No. 1 costean, where indications are con sidered favourable.

An additional 75 acres of ground have been pegged and applied for, thus joining the Borobo and Merrie England leases and making a total area of 115 acres.

Misima Reefs Ltd.

Melbourne directors of Misima Reefs Ltd. re port that 20,000 fully-paid £1 shares have been allotted to Misima Gold Reefs (New Guinea) N.L. No decision has been made with regard to any immediate operations, it being left to the chairman to communicate with London on the matter. It has been decided to register the com pany in Papua as a foreign company, and appoint Mr. G. G. Smith local agent.

New Misima Gold Mines Ltd.

Mr. F. W. Cuthbert, liquidator of New Misima Gold Mines Limited, Misima Island, Eastern Papua, reports that a declaration of a fourth and final liquidation dividend of 4/1 per share was made in November. This made a total of £7/4/1 per share paid in liquidation dividends, in addi tion to 256 shares of 10/- m the new company (Cuthbert’s Misima Goldmine Ltd.) for every 100 shares of £1 held in the old company, and 49 monthly dividends paid amounting to £3/8/- per share.

Mr. Cuthbert adds that the mine is Still looking well, with plenty of ore and plenty of gold. He anticipates a long life and regular dividends for many years to come.