From Papua
pp. 77-78 · Read in the full issue
Cuthbert’S Misima Gold Mine, Ltd.
ON operations for the year to December 31 last, Cuthbert’s Misima Gold Mine, Ltd., Misima Island, Eastern Papua, reports net
profit of £31,783, compared with £27,634 for the previous period of 14 Vi months. The 1937
result has been struck after providing £3,388 cost of development, writing off £4ll old plant, and £1,400 proportion of flotation expenses, and placing £2,000 to special reserve. Pour dividends, each of 6d. a share, were paid dur ing the past year, equal to 20 per cent, of the nominal value of the shares, the distribution in volving £30,000.
A total of 26,119 tons of ore was treated for 7,407 oz. gold, and 21,387 oz. silver, net cost being 23/1.5d a ton, against 22/I.ld in the pre vious period. Costs were affected by interrup tions due to construction operations, higher cost of raw materials, and higher trucking costs.
Oxidised ore reserves are estimated at posi tive 190,091 tons, and “probable” 112,925 tons, being net increases of 44,591 tons and 5,725 tons respectively. No estimate has been made of “possible” reserves above No. 9 level and No. 1 branch lodes. The general manager antici pates that it will be possible to mine about 300,000 tons in the oxidised (or upper) zone of the northern section of the mine. No work was done in the sulphide zone.
At December 31, assets included cash £4,251, bullion in transit £6,500, debtors £1,819. Cre ditors stood at £6,897. Flotation expenses ap pear at £12,600.
Recent production figures have been:—
Borneo Options, Ltd.
A three months’ option over two areas in Papua was obtained by the directors of Bor neo Options, N.L., when the Company with drew from Borneo. The areas now are being tested.
They comprise 125 acres, reported to contain large deposits of manganese ore, and also a gold lease of approximately 77 acres. The Company’s Sydney director, Mr. S. Hall, left for Papua on March 29 to make arrangements for an examination of the areas by a com petent engineer. The manganese areas are 4 X A miles inland from Rigo at Kapa Kapa, and 39 miles from Port Moresby. The gold mining lease is bn the Astrolabe gold mineral held, 20 miles from Port Moresby. In the event of the option being exercised the purchase price will be the allotment to the vendor of £B,OOO worth of fully paid-up shares in the Com pany, in addition to the casu payment of £6OO.
Gold Mines Op Papua. Ltd.
The general manager of Gold Mines of Papua Ltd., Misima Island, Eastern Papua, reports that a preliminary run of the plant has been com pleted. Operations were intermittent, on ac count of acute shortage of native labour and mechanical and metallurgical adjustments. To March 31, 1,750 tons of ore were crushed, from which was recovered gold valued at approxi mately £1,150, in addition to which the esti mated value of the gold remaining in the plant is £350. The plant will continue to operate intermittently and at only half capacity until all mechanical and treatment difficulties are overcome.
Sapphire Creek (Papua) Syndicate.
The directors of Sapphire Creek (Papua) Development Syndicate, N.L., advise that they have abandoned the option over the alluvial tin property at Catarrh Creek (N.S.W.).
Mandated Alluvials, N.L.
The management of Mandated Alluvials, N.L., whose property is situated near Port Moresby, Papua, pointed out in March, in a circular to shareholders, that, of 300 first mortgage deben tures of £lO each offered for subscription, only about one-third had been applied for. The money was required to enable production to be commenced. Unless further sums were sub scribed immediately, the management states, it will be impossible to carry on the work. The assets of the company would then be taken over on behalf of the present debenture-hold ers, who are fully secured by a trust deed over the whole of the property.
Jan. 23 Feb. 23. tMar. 23.
Ore treated, tons . 2,611 3,062 2,805 Bullion, oz. .. 2,698 3,305 2,814 Gold, fine ozs. . . . . 788 918 845 Silver, fine ozs. .. 1,587 1,876 1,550 *Est. value . . £6,374 £7,438 £6,833 Value of ton of ore 48/10 48/7 48/9 •Gold at £8 an oz., Australian currency. fTwo working days lost, short month.