From Papua

Yodda Goldfields Ltd.

YODDA Goldfields Ltd. has decided to reduce the capital of the Company from £25,000 to £lO,OOO by reducing the value of the 100,- 000 shares from 5/- to 2/- each by cancelling 3/- a share.

Gold valued at £3,640 was won from 41,010 cubic yards during the year ended April 30, the average value being 1/9 a cubic yard.

Operations resulted in a loss of £405. Numer ous difficulties were encountered, the direc tors report, but better results are now being obtained, and they hope to be able to an nounce a dividend shortly.

The Company’s yield for June was 570 z. gold.

Papuan Apinaipi Petroleum Co. Ltd.

Mr. Launcelot Owen, petroleum geologist, at a meeting of the shareholders of the Papuan Apinaipi Petroleum Company Ltd,, held in Sydney recently, said that the surface evid ence at the Company’s Oiapu dome was fav ourable to the occurrence of commercial oil

at depth. Rarely in his 20 years of profes sional experience, he said, had he been able to give such a definite report as he had on the Oiapu structure. The chairman, Mr. W.

M. Marks, said that the directors had carried out the preliminary work outlined in the prospectus, after close co-ordination with and to the satisfaction of the Commonwealth Oil Advisory Committee. Dr. Wade and Dr. Ward, of that committee, Mr. Marks added, had stated that they were impressed by Mr. Owen’s report, and that they proposed to visit the area at an early date.

A report from the field manager in early July stated that drilling had commenced on the Oiapu area, and that 22ft. was drilled on July 4. The aerial survey of the Com pany’s area has begun.

A report on July 18 stated that the Oiapu bore was down to 243 ft. and that gas was struck at 224 ft.

Cuthbert’S Misima Gold Mine Ltd.

Figures for the monthly clean-up on June 23 from the mine in Eastern Papua, owned by Cuthbert’s Misima Gold Mine Ltd., com pare with the previous two months as fol lows: —

Mandated Alluvials N.L.

Mandated Alluvials N.L. reports thalt the assay of the second shipment of matte from the mine near Port Moresby, Papua, gave 189 oz. gold, 4310 z. silver, and 6 tons copper. The

third shipment of matte now ready Is of less tonnage, but much higher grade. Smelter op erations were temporarily suspended in mid-

tMar. 23 Apr. 23 June 23 Ore treated, tons 2,805 2,656 2,552 Bullion, oz. .. 2,814 2,496 2,274 Gold, fine ozs. . 845 764 733 Silver, fine ozs. . 1,550 1,503 1,445 *Est. value .. . £6,833 £6,184 £5,950 Value of ton of ore 48/9 46/7 46/8 •Gold at £8 an oz., Australian currency. tTwo working days lost, short month.

July owing to shortage of native labour. This is not expected to be of long duration, and, in the meantime, all available labour is con centrated on the mining of ore and accumu lation of reserves for the next run.

Gold Mines Of Papua Ltd.

The June report of Gold Mines of Papua Ltd., Misima Island, Eastern Papua, states:—

Although the mine-head values and plant residue values are satisfactory, the Company reports a loss of gold is still occurring. An exhaustive sampling campaign is at present in progress under the supervision of Mr. D. F.

Scott. Recent extensive mine sampling fully confirms the mine valuation.

Borneo Options N.L.

The Sydney representative of Borneo Op tions, N.L., has secured a contract for the purchase of 50,000 tons of manganese ore from the mine at Kapa Kapa, Papua. Delivery of 8,000 tons is to be made by November. The balance of the order is to be spread over 12 months.

April.

May.

June.

Crushed, tons . 1,375 1,600 1,690 Gold £930 £ 1,630 £1,775