Mining News

From New Guinea

Guinea Gold, Nl

A NET profit of £50,754 was shown by Guinea Gold NL for the year ended February 28, compared with £49,522 in the previous year.

Two dividends, each of 1/- a share, absorbed £50,000, leaving £754 to be transferred to reserve. The net profit increased by £1,232, while the total dividends increased by £2,083.

The Co. has now distributed to shareholders more than £460,000, including the forthcoming dividend, it was stated at the annual meeting in Adelaide on May 30. Mr. George Jeffrey was re-elected a director.

Bulolo Gold Dredging Ltd., in Which Guinea Gold NL holds shares, continued operations with marked success in spite of the loss at sea, by enemy action, of some mining equipment.

A dividend of 1/- a share payable on July 2 has been declared. Books close June 24.

Bulolo Gold Dredging Ltd.

Results from BGD Ltd.’s dredges for the past three periods compare as follows:

Estimated working profit for April, 9.248 oz. of fine gold.

An interim dividend of 1 dollar 50 cents (Canadian) per fully-paid share has been de clared, payable on June 30. Books closed on June 9. Payment from Sydney office will be made in Australian currency at the rate of exchange ruling on June 10. Dividends payable to non-residents of Canada will be subject to Canadian Absentee Tax of 15 per cent.

New Guinea Goldfields Ltd.

April production from NGG Ltd.’s workings is compared with the two previous months in the following table; —

t There was no production at Edie Creek and Golden Ridges. Alluvial earnings were affected

by heavy flood damage in the Bulolo River, and to the Bulolo race.

Sunshine Gold Development Ltd.

Sunshine Gold Development Ltd. reports that the clean-up for May yielded 207 oz. of gold, compared with 206 oz. for April. Repairs to the races have been effected and sluicing has been resumed on the terrace section. It is expected that full scale sluicing operations will shortly be resumed.

Sandy Creek Gold Sluicing Ltd.

May production on the Sandy Creek Co.’s area is compared with February, March and April in the following table:—

During May operations were affected to some extent while repairs to water races, damaged during the previous month, were being com pleted. The approximate mine working cost for April was abnormally inflated by the large amount of repair work which had to be carried out.

The new property at Upper Watut was taken over on May 15, when gold recovery operations were immediately commenced. To the end of the month, 72 ounces of gold were recovered from 5,290 cubic yards of material treated at an average value of 2/2(4 per cubic yard.

Placer Development Ltd.

The directors of Placer Development Ltd. announce a dividend of 60 cents (Canadian) per fully-paid share, payable June 30. Books closed June 9. Payment from Sydney office will be in Australian currency at rate of exchange ruling on June 10. Non-residents of Canada are sub ject to a payment of 15 per cent. Absentee Tax on their dividends.

From Papua

Cuthbert’S Misima Gold Mine Ltd.

MAY production at Cuthbert’s mine on Misima Is., Eastern Papua, compares with March and April as follows:

One June 3 the directors announced an interim dividend of 1/- a share, payable June 26. Books close June 16. The dividend (No. 14) will come from the current year’s profits earned exclu sively from gold-mining operations.

Yodda Goldfields Ltd.

Yodda Goldfields Ltd. reports that the yield for May was 68 oz., compared with 82 oz. 1 dwt. in April.

Feb.

March.

April.

Cubic yards . .. . . 1,540,000 1,557,000 1,535,000 Bullion, oz 15,738 16,826 19.&04 Gold, fine oz. .. 10,589 11,610 13,733

Edi? Creek mill— Feb.

Mar. tApl.

Ore, tons 2,606 826 — Gold, oz., fine .. . . 665 189 — Silver, oz., fine . . . . 5,827 1,266 .

Golden Ridges mill — Tons treated . . . . 2,320 861 Gold, oz., fine .. .. 997 760 — Silver, oz.. fine . . . . 1,146 723 Alluvial— Gold, oz., fine .. 1,176 1,097 818 Silver, oz., fine .. .. 837 732 586 Operating profit— Edie Creek, £ . . 446 — n,333 Golden Ridges, £ 1,817 — *2,673 Alluvial, £ 3,928 2,554 2,206 * Loss.

Feb.

Mar.

Apl.

May.

Cubic yards . . 9,997 16,946 6,916 14,403 Gold, oz 100 174 86 201 Per cubic yard 1/7% 1/7% 2/- 2/23/ 4 Working cost . 1/3 y 4 lOVad. 2/4

Mar. Apl. May.

Mill, treated, tons .. 3,237 3,213 3,306 Bullion, oz 3,424 3i918 3,546 Gold, fine oz 78& f 788 801 Silver, fine oz 2,562 3,045 2,659 Estimated value £6,416 £6,443 £6,514 Value per ton of ore 39/7 40/1 39/5

The directors of Yodda Goldfields Ltd. have announced a dividend of Id. a share, payable June 2. Books closed May 28.

Oriomo Oil Ltd.

At a meeting of Oriomo Oil Ltd., in Sydney on May 29 it was resolved to alter the Articles of Association and to sub-divide the company’s shares of 20/- each into shares of 5/- each. The alterations were made to conform with the requirements of the Sydney Stock Exchange, to which application will be made for official quotation.

Papuan Apinaipi Petroleum Co. Ltd.

During May the drilling equipment which arrived recently from the United States, was erected at Papuan Apinaipi Petroleum Co. Ltd.’s site at Oiapu; and on May 20 the drilling of No. 2 major well commenced. The No. 3 north ern well at Oiapu was down to 1,229 ft. at the end of May, the drill passing through sandy shale with gas showings continuing.

On June 11 it was reported that the No. 3 northern well at Oiapu was being reamed for the setting of a 6-inch casing to a depth of 1,245 ft. The No. 2 major well had reached a depth of 160 ft.

From Fiji

Emperor Mines Ltd.

MAY production at the Emperor mine, Tavua, is compared with the three previous months in the following table;—

* Including 1,067 fine oz. auriferous slags, etc. t 7,314 tons sulphide, 2,330 tons oxidised.

Customs ore treated last period, 1,714 tons.

Loloma (Fiji) Gold Mines. Nl

Loloma production for the four weeks ended May 14 compares with the three previous periods as follows: —

Mount Kasi Mines Ltd.

Production at the Mount Kasi mine for the four weeks ended May 21 is compared with the three previous periods in the following table;—

Feb.

Mar.

Apl.

May 19. 19. 16. 14.

Ore treated, tons 12,213 10,939 8,103 19.644 Gold, oz., fine .. 4,107 4,004 *4,003 4.011 Head value, dwt. . 9.4 6.3 8.97 13.49 Residues, dwt. 1.19 0.97 0.93 1.98

Feb. Mar. Apl. May IS’. 19. 16. 14.

Tons treated . . . 2,590 2,600 2,350 2,642 Gold, fine oz. . 3.374 3.250 *2,846 3,190 Head value, dwt. 26.92 25.85 25.14 25.13 Residue, dwt. . . 0.87 1.19 0.92 0.98 * In addition, 332 fine oz. were recovered from slags and concentrates.

Feb.

Mar.

Apl.

May 26. 26. 23. 21.

Ore, tons . 2,753 3,250 3,723 3,775 Gold, fine oz. 638 727 712 781 Value, £ A .. 6,380 7,270 7,120 7,810