News

Islands Mining

From Fiji

Loloma (Fiji) Gold Mines, N.L.

MARCH production is compared with the two previous months in the following table:—

Also re-treated 284 tons for 35 oz. fine gold.

Total recovery 3,915 fine oz.

The following report, published in Australian newspapers on March 20, resulted in a period of buying activity on the various Stock Ex changes: “Cody Shaft: No. 2 Level—Main S. drive to 1,451 ft. From 1,426 ft. to 1,445 ft., 6.9 dwt. over 58 in.; 1,445 ft. to 1,451 ft., 20 dwt., 42 in. Lode formation strong. Development very important as most southerly working”. The share values on the Stock Exchanges in early April showed a definite increase over March levels.

Empeeor Gold Mining Co., Ltd.

Production for March is compared with January and February figures In the following table:—

Nine tons concentrates stacked for further treatment, estimated to contain 68 oz. fine gold.

A report issued by the Co. on March 19 stating that good values had been encountered recently on the Regent lode in a cross-cut at No. 3 level attracted some Australian investors and there was marked attention to the Co.’s shares on the Melbourne and Sydney Stock Exchanges for several days.

Mount Kasi Mines, Ltd.

Reports from Mount Kasi mine on Vanua Levu. Fiji, compare March production with De cember, January and February as follows:

From Papua

Cuthbeet’S Misima Goldmine. Ltd.

A NET P r oflt of £40,175 for 1939 was earned by Cuthbert’s Misima Goldmine, Ltd. This compares with £40,601 for the previous year.

Dividend was maintained at 2/- per share (20 per cent.), requiring £30,000.

After payment of a staff bonus of £1,500, a ° f £23,194 is carried forward, against £14,519 brought forward. The net result is struck after charging £4,187, cost of develop ment, writing £750 old plant, £l,lOO proportion of flotation expenses, and placing £3,000 to the special reserve account, bringing this account to the full amount of the contingent liability of £ 10,000 under the promoter’s agreement.

PQSitlye ore reserves at 194,514 tons, at the end of the year, were a trifle higher than a year earlier. Indicating that development had off set the ore extracted. The estimate of probable ore at 113,629 tons has been reduced by 4,225 tons, the report stated, but as the considerable

Jan. 27 Feb. 24 Mar. 21 Ore treated, tons .. 2,522 2,514 2,545 Head value, dwt. .. 31.73 31.65 31.4 Gold, fine oz 3,821 3,821 3,880 Dwt. a ton .. 30.3 30.4 30.5 Residues, dwt 1.43 1.25 0.91

Jan. 27 Feb. 21 Mar. 21 Ore, long tons .. . 13,132 13,114 12.100 Pine gold, oz 4,049 3,657 3 798 Dwt. a ton 6.2 5.6 6 3 Head value, dwt. .. 7.72 6.05 7,03 Residues, dwt .50 .44

Four weeks ended Dec.

Jan.

Peb.

Mar. 27. 24. 21. 20.

Ore, tons .. 3,044 3,058 3,040 3,119 Gold, fine oz. .. 683 660 663 598 Value, £ A 6,830 6,600 6,630 5.980

£ £ £ Net profit 1937. 1938. 1939. 31,783 40,601 40,175 Div., per share . . .. 2/- 2/- 2/- Div., amount . .. 30,000 30,000 30,000 Bonus .. .. 1,500 1,500 1,500 Forward 5,418 14,519 23,194 Ore treated, tons , 26,119 33,521 36,828 Working cost, ton ., Production— 22/1.5 22/6 23/11.5 Gold, oz 7,407 9,537 9,297 Silver, oz 21,387 20,707 25,158

tonnage of ore known to exist above No. 9 level, which at the end of December was 1,386 ft. long, has not been included in either of the ore estimates, the slight reduction in the probable ore is not important.

Cuthbert’s March production is compared with January and February in the following

Papuan Apinaipi Petroleum Co., Ltd.

Papuan Apinaipi Petroleum Co., Ltd., reported in mid-March that the erection of the deep drilling plant at Oiapu had been completed.

Drilling commenced according to programme and the first major well on the structure reached 50 ft. on the first day. Progress was delayed by torrential rains but the drill, oper ating on a day shift only, reached a depth of 200 ft. Arrangements were then being made for continuous drilling on a three-shift basis.

The directors announced on April 8 that the new issue of 150,000 shares of 5/- each had been fully subscribed.

Yodda Goldfields, Ltd.

Yodda Goldfields, Ltd., report that the yield for March was 75 oz. 3 dwt. gold. A new area, comprising 54 acres of river bed at McLaughlin’s Creek, has been taken up and is believed to contain payable values.

Mandated Alluvials, Ltd.

Mandated Alluvials, N.L., reports that Mr.

George A. More has arrived on the field to re port and advise on the plans for the develop ment of the Laloki mine.

All preliminary work to expose a large sec tion of the ore body has been completed, and about 2,000 tons of ore already mined. A further shipment of 38 tons of copper gold matte has been despatched, but complete assays are not yet available. The smelting plant has resumed operations, and a further shipment will be made shortly.

From New Guinea

Bulolo Gold Dredging, Ltd.

WORK on the Upper Baiune power scheme proceeded during March and the frame work and roof of the main power house build ing were completed. The whole structure is expected to be finished this month.

February production is compared with January and December in the following table:— Dec. Jan. *Peb.

Cubic yards .. .. 1,543,000 1,606,000 1,492,000 Bullion, oz 19,996 20,664 24.407 Gold, fine, oz. .. 13,797 14,259 16,841 Estimated working profit for February, 10,266 oz. of fine gold. *No. 3 dredge was closed throughout February for alterations to the gold-saving equipment, which have now been completed.

Sunshine Gold Development, Ltd.

Mr. J. Bannigan and 45 natives recently com

pleted the building of a new road, 400 yards in length, necessitated by the Watut River and a large slip.

The Co. reports a clean-up of 485 oz. of gold for March. Directors have declared an Interim dividend of 6d. per share payable on April 26, books closing on April 19.

New Guinea Goldfields. Ltd.

A report issued by the Mining Trust, Ltd., consulting engineers to N.G.G., Ltd., compares the production and profit for December, January and February:—

tThe increased profit was due to better values at Edie Creek, alluvial in deeper wash treated with new equipment, higher values in Kaili. lowered costs at the Edie mine, and higher tonnage at Golden Ridges.

Sandy Creek Gold Sluicing, Ltd.

The manager of Sandy Creek Gold Sluicing, Ltd., New Guinea, reports that the last four yields compare as follows:

* No. 1 plant operated for half the month only.

table:— Jan.

Feb.

Mar.

Mill treated, tons .. .. 2,928 3,390 3,132 Bullion, oz 3,285 3,661 3,437 Gold, fine oz 751 864 783 Silver, fine oz 2,457 2,728 2,575 Estimated value .. £6,145 £7,055 £6,400 Value per ton of ore .. 41/11 41/7 40/11

Dec.

Jan. tFeb.

Edie Creek mill— Ore, tons 2,381 2,773 3,067 Gold, oz., fine .. .. 789 688 726 Silver, oz., fine .. .. 5,369 4.039 3,403 Alluvial— Gold, oz., fine .. .. 1,341 1.258 1,611 Silver, oz., fine .. .. 950 898 1.161 Golden Ridges mill— Tons treated 2,268 2,675 3,118 Gold, oz., fine .. 1,108 1,226 1,623 Silver, oz., fine 1,235 1,395 1.833 Operating profit— Edie Creek, £ ,. 132 *638 785 Alluvial, £ 4,191 3,580 6,645 Golden Ridges, £ .. 3.123 4,002 6,998 •Loss.

Dec.

Jan. *Feb.

Mar.

Cubic yards .. . . 14,267 21,214 17,667 20.095 Gold, oz 240 203 178 361 Per cubic yard . 2/6V2 1/6 V 2 1/7V, 2/10 V 2 Working cost .. . — i/iy 2 /ioy 2 —