Islands Mining

Notes

From New Guinea

Sunshine Gold Development, Ltd.

Sunshine gold development, ltd., New Guinea, showed a net profit of £11,142 for the year ended September 30, compared with £13,111 for the previous year.

With £10,916 brought forward, £22,058 was available. One dividend of 6d. a share was paid, absorbing £5,000. An amount of £5,000 was transferred to reserve account, and £7,000 trans ferred to depreciation reserve, leaving £5,058 to be carried forward.

Net proceeds of bullion sold and on hand totalled £23,220. The yardage treated during the year was 309,087, of which 130,758 cubic yards represented overburden. Gold won during the year realised £24,777. Royalties, freight, smelting, and other charges amounted to £1,714 additional plant and buildings involved an ex penditure of £6,186.

The increased volume resulting from the sluicing down of overburden was reflected in lower working costs, which amounted to 7.722 d. a cubic yard. It is anticipated that working costs will be increased as the war continues, owing to higher prices of supplies, but this should be offset by the enhanced value of gTJId, and the increased yield which it is expected to obtain from plant extensions.

The purchase from Bulolo Gold Dredging, Ltd., of claims totalling 40 acres, adjoining the com pany’s main workings, was completed on satis factory terms.

The clean-up for November yielded 201 oz. gold. The general manager stated that the clean-up, as expected, is below the average,

owing to transferring over to the No. 6 ele vator for the sluicing of a channel on the Watut River wing portion. This had to be completed before the heavy rains and high rivers, usually experienced in December, prevail.

Guinea Gold, N.L.

The directors of Guinea Gold, N.L., announce the declaration of a half-yearly dividend of 1/a share, payable December 12. Books closed De cember 14.

Placer Development, Ltd.

The directors of Placer Development, Ltd., have declared a half-yearly interim dividend of 60 cents (Canadian) less Canadian absentee tax of 5 per cent. The dividend will be payable on December 18. Books closed December 2.

Enterprise Of New Guinea Gold And

Petroleum Development, N.L.

Enterprise of New Guinea Gold and Petroleum Development, N.L., showed a debit balance of £10,013 in the year ended August 31. Receipts from bullion recovered in operations at the Surprise Creek alluvial mine amounted to £2,154.

Current assets exceeded outside liabilities at the balance date by £5,354. Mine expenditure (including depreciation) totalled £11,009.

The oil concession in New Guinea in which the Co. was interested was still in “uncontrolled” territory, and the directors therefore had been unable to take further action to endeavour to acquire the lease, said the chairman, Mr. Edward Ward, at the annual meeting in Melbourne at the end of November.

No ore was treated at the Edie Mine during the year, but metallurgical research work was continued, and confirmed the previously ex pressed opinion that the ore can be treated at a cost that will show a good profit on opera tions.

Operations had been confined principally to the underground development of the main lode.

Sufficient ore had been blocked out at the Edie Creek mine to supply a battery with 100 tons a day for three years. Average value was about 7 dwt. a ton. Other large quantities of pay able ore had been developed. When the Sala maua-Wau road was completed construction of a mill would be considered. Two or three calls of 5/- a share would be necessary to finance development.

The shareholders in the Co. number over 2,100 and the percentage of British is 99.5.

Bulolo Gold Dredging, Ltd.

Production of Bulolo Gold Dredging, Ltd.’s dredges in New Guinea for October is compared with the two previous months in the following table (issued in November): —

ounces of fine gold, allowing for the new excise duty.

No. 8 dredge commenced operating on Novem ber 7.

For the five months ended November 1 the Bulolo dredges handled 7,534,000 yards of gravel for a recovery of bullion valued at 2,533,000 dollars.

At the annual meeting of the Co., on Novem ber 16, the managing director (Mr. Banks) said that war regulations had held up the declaration of a dividend, but he anticipated that the diffi culties would soon be overcome. Several days later a half-yearly dividend was declared. It comprised 1 dollar 50 cents (Canadian), less a Canadian absentee tax of 5 per cent., payable on December 18. Books closed December 2.

New Guinea Goldfields, Ltd.

A progress report issued by The Mining Trust, Ltd., consulting engineers to New Guinea Gold fields, Ltd., compares the production and profit for August, September and October:—

August.

Sept.

Oct.

Cubic yards .. .. 1,609,000 1,589,000 1,646,000 Bullion, oz. . .. 19,774 25,851 23,215 Gold, fine, oz. . 13,645 17,838 16,018 Estimated working profit for October, 10,058

Aug.

Sept.

Oct.

Edie Creek mill— Ore, tons 3,008 2,360 3,009 Gold, oz., fine .. .. 1,179 646 891 Silver, oz., fine .. .. 6,832 5,364 7,321 Alluvial— Gold, oz., fine .. .. 1,683 1,734 Silver, oz., fine .. .. 1,170 "— 1,224 Golden Ridges mill— Tons treated 3,142 2,744 2,336 Gold, oz., fine .. 1,500 1,367 971 Silver, oz., fine .. 1,596 1,513 1,070 Operating profit— Edie Creek, £ .. 3,280 •178 1,226 Alluvial, £ 4,588 3,746 5,788 Golden Ridges, £ .. 5,633 5,382 1,644 ♦Loss.

During September, N.G.G., Ltd., did not par-

ticipate in the working of the Koranga alluvlals, operations being confined to ground not included in the agreement. Since then, most of the work has been removing overburden.

In view of the intermittent nature of the operations, the Co. will in future issue reports of production quarterly. The first report will cover the period ending December 31.

Sandy Creek Gold Sluicing, Ltd.

The manager of Sandy Creek Gold Sluicing, Ltd., New Guinea, reported in November that the last four yields compared as follows:

Aug. Sept. Oct. Nov.

Cubic yards .. .. 26,693 26,153 24,238 18,920 Gold, oz 446 39>6 255 243 Per cubic yard .. 2/4 y 2 2/3y 4 1/7 1/11 Working cost ... /II /10Vi /II —