Islands Mining

News

From New Guinea

Bulolo Gold Dredging Ltd.

CEPTEMBER production figures are compared ** with the two previous months in the following table:—

Estimated working profit for September. 9624 oz. of fine gold, allowing for the new excise duty. Estimated working profit for August, al lowing for the excise duty, 7018 oz. of fine gold.

Members of the Sydney Stock Exchange were informed on October 30 that no restrictions were now imposed upon trading in shares of Placer Development Ltd. and Bulolo Gold Dredging Ltd. Under the securities regulations made recently, owners of shares expressed in Canadian currency, and registered in Australia, were prohibited from entering into any trans actions affecting the shares without the per mission of the Federal Treasurer. Towards the end of the month, however, the governor of the Commonwealth Bank gave permission for free trading in these shares.

New Guinea Goldfields Ltd.

Production figures for August are compared with June and July in the following table:—

Sandy Greek Gold Sluicing Ltd.

Revenue from mining and treatment of op erations of Sandy Creek Gold Sluicing Ltd. in the past three months ended July 31 was

£5,020 and expenditure £3,226. Cash at bank at the end of the period was £14,255.

In the following table, October production is compared with the previous three months:—

Sunshine Gold Development Ltd.

Sunshine Gold Development Ltd. reported early in November that the clean-up for October yielded 574 oz. gold. This is the company’s highest monthly production to date.

From Fiji

Emperor Mines Ltd.

A DIVIDEND of 6d. a share payable on No vember 30, has been declared by Emperor Mines Ltd. It represents the fifth payment since the company went on the dividend list in November last year and brings total dividends to £285,000.

Production during the past four months Is shown in the following table:—

* In addition recovered 450 oz. from accu mulated concentrates, making total production 4,762 oz.

Old mill recovered 284 oz. from treatment of accumulated concentrates, making total for Oc tober 4 period 4,122 oz.

Loloma (Fiji) Gold Mines, N.L.

The directors of Loloma (Fiji) Gold Mines, N. 1., have declared a dividend of 1/- a share and a bonus of 6d. a share, payable December 8. It will be the seventh dividend paid by the company, which made its first payment in May, 1938, and brings total payments to £309’,375.

The previous dividend was 1/- on September 8.

The output for the four weeks ended No vember 1 compares with the past three month ly periods as follows:

Mount Kasi Mines, Ltd.

Mount Kasi Mines Ltd. reports that an er ror was made in calculating the estimated value of 657 fine oz. produced in the four weeks ended October 4. The value stated by the company was £5,749, whereas it should have been £6,590.

Latest yields from the Mount Kasi mine at Vanua Levu are compared in the following table:—

From Papua

Papuan Apinaipi Petroleum Co. Ltd.

Papuan Apinaipi Petroleum Co. Ltd. Re

ports that the scout drilling campaign set out by the Commonwealth Oil Advisory Com mittee has been completed. The results dis close that all six sections penetrated over a distance of 12V 2 miles are petroliferous at the actual bore sites. In all the bores light to strong traces of oil were found from depths varying from 140 ft. to 1,052 ft. Petroleum gas was encountered from 60 ft. to 1,124 ft.

More than 4,000 ft. of cores were recovered, and samples forwarded to Canberra for exam ination by the Commonwealth Government palaeontologist, who has determined the age of the deepest strata penetrated by the scout bores as lower Pliocene, and that these sediments were deposited under shoreline conditions. Fossils, which are common in the Mio-Pliocene bed of Java have been located in these cores.

The road from the landing site to the loca tion for the major well has been completed, and it is expected that the 'erection of the deep drilling plant hired to the company by the Commonwealth Government will begin shortly.

Cuthbert’S Misima Goldmine Ltd.

Figures for the October clean-up from Cuth

July.

August.

Sept.

Cubic yards . .. 1,435,000 1,609,000 1,589,000 Bullion, oz. .. 18,919 19,774 25,851 Gold, fine oz. 13,053 13,645 17,838

June.

July.

August.

Edie Creek mill— Ore, tons 2.973 3,182 3,008 Gold, oz. fine .. .. 787 903 1,179 Silver, oz. fin? 3.751 5,280 6.832 Alluvial— Gold, oz. fine 653 1,060 1,683 Silver, oz. fine 463 720 1.170 Golden Ridges mill— Tons treated . . .. 2,995 3,116 3,142 Gold, oz. fine 999 2,002 1,500 Silver, oz. fine 1,222 1,923 1,596 Koranga Alluvials— Gold, oz. fine — — 1,456 Silver, oz — — 935 Operating profit— Edie Creek, £ *765 1,185 3,280 Alluvial, £ •699 1,578 4,588 Golden Ridges, £ . 1,556 10,294 5,633 Koranga Alluv’ls, £ — — 4,697 * Loss.

„ July. Aug. Sept. Oct.

Cubic yards .. .. 22.443 26,693 26,153 24,238 GoW- 02 279 446 396 255 Per cubic yard . l/8y 2 2/4»/ 2 2/3V 4 1/7 Working cost .. . liy 2 d lid loy 2 d lid

Four weeks ended Aug 9 Sept 8 Oct 4 *Nov 1 Ore treated, tons 14,445 13,185 12,655 13,386 Head value, dwt. 6.45 7.0 6.8 7.2 Gold, oz. fine 4,086 4.046 3,838 4,312 Residues, dwt. 0.63 0.81 0.67 0.70

Four weeks ended Aug. 9 Sept. 6 Oct. 4 Nov. 1 Tons treated . . 2,459 2,525 2,540 2,532 Gold, oz. fine . . 3,236 3,295 3,277 3,330 Silver, oz. fine . 572 660 674 Residue, dwt. 1.28 0.84 1.0 1.2

Pour weeks ended Aug, 9 Sept. 6 Oct. 4 Nov. 1 Ore. tons . . . . 2,719 3,069 3,547 3,520 Gold, fine oz. . . 652 716 657 707 Value. £ A .. .. 5705 7,160 6.570 7,070

bert’s mine on Misima Island, Eastern Papua, compared with the two previous yields as fol lows:

Mandated Alluvials, N.L.

Mandated Alluvials N.L. reports that the last two shipments of matte, Nos. 17 and 18, have given the following results: Ore treated, oxidised 1,137 tons, sulphide 547 tons; matte produced, 129 tons, containing 593 oz. of fine gold, 1,554 oz. of silver, and 34y 2 tons of copper. The final figures are not yet available, but the total net value will exceed £7,000.

Australasian Petroleum Co. Pty. Ltd.

Nominated Holdings Pty. Ltd., a subsidiary of Oil Search Ltd., has subscribed and has been allotted 15,000 £1 shares in Australasian Petroleum Company Pty. Ltd. This brings the total number of shares held by Nominated Hold ings in Australasian Petroleum Ltd. to 150,000, equal to 23.07 per cent, of the issued capital of the latter company.

Aug. Sept. Oct.

Mill treated, tons . .. 3,326 3,341 3,208 Bullion produced, oz. 3,354 3,331 3,018 Gold, fine oz 842 839 788 Silver, fine oz 2,436 2,407 2,170 Estimated value .. .. £6.885 £6.856 £6,347 Value per ton of ore 41/5 41/ 39/7