From Papua

Borneo Options Nx.

BORNEO OPTIONS NX., has completed a 90 days’ testing option over two Papuan areas comprising a total of 125 acres reported to contain large deposits of payable mangan ese ore, also a gold property of 77 acres. Both areas are situated about 39 miles from Port Moresby and are accessible by good roads.

The Company intends to arrange immediately for an examination of the areas by a compet ent engineer. The purchase for the option over the areas is £6OOO cash. In the event of the option being exercised, the total consid eration payable is £B,OOO worth of fully paid up shares.

Shares in the Company were in good demand following the above announcement.

Mandated Alluvials Nx.

Shareholders of Mandated Alluvials NX., Papua, at a meeting held in Sydney in Feb ruary, decided to raise £3,000 by the issue of 300 £lO debentures for six months and carry ing 10 per cent, interest. The revenue is re quired to meet immediate expenditure prior to production, which was expected to begin to wards the end of the month.

The chairman (Mr. S. H. Carroll) stated that when production began it was estimated 1,020 tons of ore would be treated in 17 days, giv ing a net profit of £4,000. Capital had to be raised prior to production to meet wages, etc., and as the issue of further share capital would entail considerable delay the directors had de cided to raise the money by debentures within the Company. He pointed out that it would be dangerous to allow the debentures to be taken up outside the Company. Messrs. L. E.

H. Smith and A. Cheetham were appointed trustees for the debenture holders. About £l,OOO was promised at the meeting, and sharehold ers were circularised to raise the remaining £2,000.

It was stated that with the assay value of 16,500 tons of readily accessible oxidised ore averaging 13 dwt. gold, 25 dwt. silver, and 1.25 per cent, copper, the total value of the Co.’s mine, Moresby King, in the Laloki district, 25 miles from Port Moresby, should be approxi mately £ 100,000. The value of the gold con tent may exceed the £83,600 originally estim ated and, with a distinct possibility of obtain ing additional tonnage during development, this figure may be substantially greater.

Cuthbert’S Misima Goldmine Ltd.

Figures issued by Cuthbert’s Misima Gold mine Ltd. on March 4 showing February’s clean-up and its comparison with the Decem ber and January outputs were as follows:

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Dec.

Jan.

Peb.

Mill treated, tons i. .. 2,450 2,611 3,062 Bullion, oz .. 2,316 2.698 3,305 Gold, fine, oz 713 788 918 Silver, fine, oz .. 1,368 1,587 1,876 Estimated value .. £5,769 £6,374 £7,438 Value per ton ., .. , ... 47/1 48/10 48/7

Gold Mines Of Papua Ltd.

Cabled advice received in Sydney on March 14 by Alluvial Tin (Australia), Ltd., from the general manager of Gold Mines of Papua Limited, Misima Island, Eastern Papua, states that to March 12, 1,100 tons of ore had been crushed. The plant was operating well, and the residues carried very low gold values. The first clean-up will be made at the end of the month. Production had been somewhat ham pered on account of a shortage of native la bour, but the position was improving.

Papuan Apinaipi Petroleum Co. Ltd.

A report issued at the end of February by Papuan Apinaipi Petroleum Co. Ltd., an Aus tralian concern seeking oil in Papua, stated that the second bore was down to 150 ft. on February 20, the first gas showing at a depth of 80 ft. Boring is being continued to the full depth. The first bore was put down to 509 ft.

Yodda Goldfields Ltd.

Advice has been received from Papua that the gold production of Yodda Goldfields Lim ited during February was 49 ounces.