Islands Mining
pp. 68-69 · Read in the full issue
News
From New Guinea
Bulolo Gold Dredging, Ltd,
pvIRECTORS of Bulolo Gold Dredging, Ltd., hav e declared an interim dividend of 1 dollar 50 cents (Canadian) less Canadian ab sentee tax of 5 per cent., payable June 10.
Books close on May 18. Steps are being taken by the Co. to make possible the payment of dividends to shareholders listed on overseas registers. Hitherto, under Commonwealth regu lations, it has not been permissible to export funds for the payment of dividends. Cabled advice received in April stated that extra ordinary general meetings of both Bulolo G.D., Ltd., and Placer Development, Ltd., would be held in Vancouver in May to amend the Articles
of Association, so that dividends may be paid by cheques in Australian currency drawn on the Companies’ Australian bank accounts.
March production from the Co.’s dredges is compared with January and February in the following table:—
Placer Development, Ltd.
An interim dividend of 60 cents (Canadian), less Canadian absentee tax of 5 per cent., has been declared by Placer Development Ltd., and will be payable on June 10, Books close May 18.
Sandy Creek Gold Sluicing, Ltd.
The manager of Sandy Creek Gold Sluicing, Ltd., New Guinea, reports that the last four yields compare as follows:
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 January, February and March:—
Koranga Alluvials: Estimated operating profit for quarter ended March 31 was £5,354.
The high values in Kaili compensated for flood damage by the Bulolo River,
Sunshine Gold Development, Ltd.
Sunshine Gold Development, Ltd., reports that the clean-up for April yielded 721 oz. of gold, compared with 485 oz. in March; 539 oz. 16 dwt. in February; and 362 oz. in January.
A native labourer employed by the Co. died from snake-bite during March.
Enterprise Of New Guinea Gold And
Petroleum Development, N.L.
An extension of the main vehicular road from Wau to the Co.’s Edie Creek mine has been surveyed. It extends from near the entrance to No. 1 Level West, over the main divide to the Watut fall, and will provide access to the last pegged leases, adjoining those through which the underground workings on the Main Lode are now passing. Labour being available, a
Jan.
Feb.
March.
Cubic yards 1.606,000 1,492,000 1,505,000 Bullion, oz. 20,664 24,407 23,802 Gold, fine. oz. .. 14,259 16,841 16,423 Estimated working profit for March, 9,407 oz. of fine gold.
Jan. Feb. Mar. Apl.
Cubic yards .. . . 21,214 17,667 20,095 17.313 Gold, oz 203 178 361 572 Per cubic yard .. 1/6V 2 l/6y 2 2/10 y 2 5/3y 2 Working cost .. .. l/iy 2 /loy 2 /II —
Edie Creek mill— Jan.
Feb.
Mar.
Ore, tons 2,773 3,067 2,870 Gold, oz., flue 688 726 744 Silver, oz., fine . 4,039 3,403 3,573 Alluvial— Gold, oz., fine . 1,258 1,611 1,593 Silver, oz., fine 898 1,161 1,134 Golden Ridges mill Tons treated 2,675 3,118 2,688 Gold, oz., fine , 1,226 1,623 1,380 Silver, oz., fine . 1,395 1,833 1,586 Operating profit— Edie Creek, £ *638 785 212 Alluvial, £ , 3.580 6,645 7,317 Golden Ridges, £ 4,002 6,998 4,810 *Loss.
foot-track is being constructed along the sur veyed route.
Oil Search, Ltd.
Shareholders of Oil Search, Ltd., in Sydney, on April 22, decided to increase the nominal capital of the Co., which is £500,000 —divided into 2,000,000 shares of 5/- each —to £750,000, by the creation of 1,000,000 new 5/- shares.
An alteration of the existing articles, in order to give directors greater freedom in issuing shares and making calls upon them, was also agreed to.
From Fiji
Loloma (Fiji) Gold Mines, N.L.
APRIL production is compared with the two previous months in the following table: —
Emperor Gold Mjining Co., Ltd.
Production at Emperor Mine, Tavua, Fiji, for April is compared with February and March in the following table; —
Mount Kasi Mines, Ltd.
Reports from Mount Kasi mine on Vanua Levu, Fiji, compare April production with the pre vious three months as follows: —
From Papua
Papuan Apinaipi Petroleum Co., Ltd.
LATEST activities at Papuan Apinaipi Petro leum Co.’s first major well on the Oiapu structure reveal that a 13% inch casing was set and cemented at 476 ft. early in April.
Drilling, which was halted until the cement hardened sufficiently, was resumed on April 19 and traces of oil and gas occurred at 655 ft.
Drilling on three shifts every 24 hours com menced on April 21. A report issued on April 26 stated that an increase in petroliferous gas was noted at 1,100 ft. and the well had reached a depth of 1,200 ft. The 1,600 ft. mark was passed early in May.
Australasian Petroleum Co., Ltd.
The area for the site of the first deep test well to be drilled in Papua by A.P.C., Ltd., has been selected about 75 miles from the mouth of the Vailala River. A road, 4% miles long through rugged jungle, from the final off-loading point on the river to the drilling site will be necessary. This will involve the construction of about 33 bridges. Upoia, on the Vailala River, has been chosen as a transhipment base. It is about 25 miles from the river mouth, where all cargo from coastal vessels has to be dis charged. It is reported that more than 700 tons of drilling and general equipment have been transported from Port Moresby to Upoia.
Cuthbert’S Misima Goldmine, Ltd.
Production at Cuthbert’s mine on Misima Island, Eastern Papua, for April is compared with February and March in the following table:—
Yodda Goldfields, Ltd.
Directors of Yodda Goldfields, Ltd., report a gold yield of 80 oz. 1 dwt. for April, compared with 75 oz. 3 dwt. for the previous month.
Four weeks ended Feb. 24. Mar. 20. •Apl. 17.
Tons treated . ,. . . 2,514 2,545 2,260 Gold, oz., fine . . .. 3,821 3,880 3,008 Residue, dwt. . . .. 1.25 0.91 2.2 *Head value. 31.5 dwt. Re-treated, 460 tons, for 46 oz. fine gold, and recovered 250 oz. from accumulated slag and amalgam; total recovery, 3,304 oz.
Four weeks ended Feb. 24, . Mar. 20. *Apl. 17.
Ore treated, tons 13,114 12,100 11,971 Head value, dwt. .. — 7.03 6.76 Gold, oz., fine .. 3,657 3,798 3.663 Residues, dwt. ,. — 0.64 0.59 ♦Concentrates stacked for further treatment estimated to contain 33 oz. fine gold.
Pour weeks ended Jan. 24. Feb. 21. Mar. 20. Apr. 17.
Ore, tons .. 3,058 3,040 3,119 3,209 Gold, fine oz. 660 663 598 656 Value. £ A .. 6,600 6,630 5,980 6,560
Feb. Mar. *Apr.
Mill treated, tons .. .. 3,390 3,132 2.808 Bullion, oz 3,661 3,437 2.788 Gold, fine oz 864 783 634 Silver, fine oz 2,728 2,575 2,087 Estimated value .. .. £7.055 £6,400 £5,198 Value per ton of ore 41/7 40/11 37/- ♦Heavy rains retarded underground work and affected grade and tonnage.