From Papua

Mandated Alluvials N.L.

BECAUSE of delay in the delivery of plant and a consequent deferring of payment for matte, the directors of Mandated Alluvlals N.L., Papua, advise that with the consent of the trustees for debenture repayment of the debentures for a period not exceeding three months from September 1. Under the provis ions of the trust deed, additional interest at the rate of 25 per cent, per annum will be payable as from September 1, in addition to the interest already provided for in the deben ture certificate.

The late delivery of a portion of the smelt ing plant, and the necessity of a number of mechanical adjustments, caused the delayal of production, due to have started last March, for about two months. Although substantial quantities of matte are now being produced, the final payment of the matte cannot be obtained until a minimum period of two months after delivery to the refiners, thus pre venting full benefit of production within the required period.

Since May 10, there has been a total pro duction of over 860 oz. gold, 20500 z. silver, and 25.25 toi\s copper of a gross value exceeding £9,000, practically all of which has been ob tained from intermittent running only, and does not adequately represent the capacity of the plant. Further plant improvements have been effected, and it is confidently anticipa ted that the returns from month to month will show improvement.

Gold Mines Of Papua Ltd.

Comparative monthly returns from Gold Mines of Papua Ltd., Misima Island, show:— May. June. July. .Aug.* Crushed, tons . 1.600 1,690 2,190 2,128 Gold £1,630 £1,775 £2,575 £2,705 * Average battery head value by assay was sdwt. and the tails 6 grains.

Papuan Apinaipi Petroleum Co. Ltd.

Shareholders of Papuan Apinaipi Petroleum Co. Ltd. have adopted resolutions altering the

articles of association to comply with the re quirements of the Sydney Stock Exchange.

These resolutions will be submitted for confirm ation to a further meeting.

On September 8, the Company reported that its geologist, Mr. Launcelot Owen, had advised from the field that the Oiapu bore was down 782 ft., that traces of oil were struck at 774 ft., and that good progress was being made.

Cuthbert’S Misima Goldmine Ltd.

Figures for the monthly cleanup on August 23 at Cuthbert’s Misima Goldmine Ltd.’s pro perty in Eastern Papua compared with the previous two months as follows:

June.

July.

Aug.

Treated, tons 2,552 2,800 2,858 Bullion, oz 2,274 2,466 2,872 Gold, fine oz. 733 804 822 Silver, fine oz. .. 1,445 1,570 1,939 Value (gold at £ A8 oz £5,950 £6,517 £6,684 Value per ton 46/8 46/7 46/9