and Industry

S. Pacific Commerce and Industry

Australasial Petroleum Co. Pty., Ltd.,

D Island Exploration Co. Pty., Ltd

ogress at the drilling sites is as follows: Barikewa: The drill pipe became stuck in 5 course of circulating heavy mud to control 8 high pressure near bottom at 6,310 feet, tempts to free the pipe having failed, the iginal hole is now being side-tracked from 195 feet.

Komewu: The hole has been deepened 838 ■t to 3,295 feet.

Sireru: The hole was spudded-in on June 28, d has been drilled to 310 feet with 13| h casing at 300 feet.

Forward Drilling Location: The construction a helibase on the Era River has been com nced to service a drilling site on the Pori Udine. The hole is scheduled to spud-in yards the end of the year. * * *

Australian Gold Development, Nl.—

rk at Mt. Victor, New Guinea, was tem arily suspended late last month until more fable labour could be engaged. At Clarke's ge opening sets have been put in the No. 2 t and the drive extended 20 feet in soft mtry. A sample taken from the face at feet in the No. 1 adit over 12 in. of lode I lodged for assay on July 3 showed gold ues of 2 oz 19 dwt 12 gr to the ton. * * *

Iulolo Gold Dredging, Ltd—The Esti

fed net profit from the dredges and raulic operations for the year ended May was 850,000 Canadian dollars (£387,000). his was an improvement on the chairman's fement at the annual meeting in February I field estimates indicated that the 1956-57 Fit would be about 500,000 dollars, he latest year's production statement shows I though the yardage dropped, gold pro lion increased substantially because of the her grade treated. he figures for 1956-57, with those for 5-56 in brackets, were: übic yards, 8,246,600 (11,339,200); gold, oz, 51,827 (40,134); value SUS, 1,813,945 04,690); cents a yard, 22.00 (12.39). s foreshadowed by the directors, the com y has now only the No. 5 dredge operating, i the hydraulic mining on the Widubosh es in addition. 10. 4 dredge, the second last to remain at k, was permanently closed down on May last. No. 5 dredge is expected to continue king for several years. t one time, the company operated eight Iges. total of 13,565 oz fine gold worth 474,775 was recovered in the three months ed February 28, compared with 13,621 oz Ih $U5476,735 in the corresponding quarter February 28, 1956. The value a yard was 65 US cents from 1,656,900 yards, compared i 17.12 cents from 2,785,400 yards in the e months to February 28, 1956. >r the nine months ended February 28 last figures with those for the corresponding months of 1955-56 in brackets, were: ardage dredged, 6,324,500 (8,908,700); fine , 39,501 oz (29,022); value at SUS3S per l, dollars (1,015,770 dollars); value ard in US cents, 21 86 cents (11.40 cents). % 5jC

Mterprise Of New Guinea Gold And

Roleum Development, Nl—The Survey

Y was expected to complete the gravity ey in the Limestone Hill area of New lea late in July, and then made a gravity erse between the August and Sepik Rivers, arly in July it was reported that the drill

had reached a depth of 180 feet in limestone at a new site on the August River. It was intended to drill a series of shallow holes to provide additional information to the gravity survey.

The company has been granted permission to extend the gravity survey into part of the Dutch territory adjoining the permit area. * * * FIJI GOVERNMENT LOAN.—The Government of Fiji loan of £F1,250,000, which was under written by lan Potter and Co., of Melbourne and Sydney, was fully subscribed, and closed earlier than the scheduled July 23.

It was well supported by subscribers resident in Fiji and substantial applications were also received from Australia, London, and New Zealand.

Two maturities of stock were issued: 5-year stock at £5 per cent, p.a., and 15-year stock at £5/7/6 per cent, p.a., both offered at £99

m ,J J G- ,~ Loloma Gold Mines, NL milled 18,060 long tons of ore for 6,731 or f ■°' d the year to June 19. In 1955-56 14 i 2 l 3^ f 2 ns of ore V' elded 7,676 02 of gold and 2,657 oz of silver.

Emperor Gold Mining Co., Ltd., milled 154 784 tons of ore for 61,403 oz of gold in the same period. In the previous year 149,029 tons of ore yielded 61,484 oz of gold and 20,183 o* of silver. * * *

Koitaki Para Rubber Estates, Ltd—The

chairman announced at the annual meeting on July 1 that it was proposed to issue three 5/- bonus shares for every stock held on September 2. It will lift paid capital from £18,751 to £75,007. The effect of the issue was to restore the capital to its original value before 15/- a share was paid in June. * * *

Loloma (Fiji) Gold Mines, Nl.—Ln Con

junction with United Uranium, NL, and Kii Island Scheelite (1947), Ltd., Loloma will sii a shaft and carry out 500 ft. of driving 250 ft. depth on the Maranboy tinfiell Northern Territory. The work will be carri< out on the Osman lease section of the mai lode.

This follows acquisition of the tin fie by the three companies in a joint prospectii venture. A contract has been let for the sha sinking and driving, and work was expect to begin before the end of July.

Free working options over 12 mineral lease totalling 136 acres, on the Main and Stannu, Xing lodes have been secured on "most favou able" terms.

The Northern Territory Administrator hi granted the companies two prospecting ares covering 19 square miles, which include ; known tin lode outcrops.

Lolorua Rubber Estates, Ltd.—Net Proi

for the year ended April 30 for this Papi rubber company was £29,831 —£2,110 low than in the previous year. A steady 20 p cent, dividend requires £20,000, and £5,01 goes into general reserve.

Production of dry rubber for the year w 490,132 lb, or 67,552 lb more than in 192 56.

About 451,300 lb of rubber in varia grades was sold on the Australian markets ai realised an average of 32.99 d a lb—aba 6£d a lb less than in the previous year. * * 5!:

Mac. Robertson's Pty., Ltd.—Mr. G.

Brewer, purchasing director of the firm, co siders there is no reason why an Australii chocolate oould not be produced from Nl Guinea cocoa. He said in his return to Ml bourne from an inspection of the firm's coo plantation in the Markham Valley, that Nl Guinea cocoa was already being blended Australian chocolate and some samples of New Guinea chocolate had been made.

He said that at present the quality of Ni Guinea cocoa was too uneven for commerc production of chocolate.

He said that if the New Guinea cocoa w a success, other plantations might be bought!

New Guinea Goldfields, Ltd.—The M

and June returns were, May figures fin Golden Ridges mill, gold, 1,140 oz, 1,199 silver, 1,396 or, 1,399 oz; Golden Ridil alluvial, 58 oz, 136 oz; Koranga, 60 oz, 2 oz; Tributes, 145 oz, 115 oz; Timber, 217,8 super feet, 108,105 super feet.

The company is to start prospecting on I new Kainantu field in the eastern highlai of New Guinea.

In the last year 150 natives and a hai ful of European alluvrel miners have tak about £30,000-worth of gold from Kainam The company, which is at present minr in the Wau-Bulolo area, has taken out exclusive prospecting licence over about 6 acres at Kainantu.

Almost all mining on the field is alluv\ but Mines Division officers at Port Moree say that lode bodies are present. * * *

Norfolk Island And Byron Bay Whali

CO., LTD. —The company expects to prodt about 1,200 tons of oil from Norfolk t season. Late last month the tanker. "Forsoo had delivered to Sydney 220 tons of oil.

The chairman of directors, Mr. Philip Prr said that all oil had been sold forward satisfactory prices. The price of meal t slightly higher than last year.

It was expected that the Norfolk Isl.l quota would be completed by the end of t month. Since whaling started on June and up to July 29 59 whales had been cauoi This was in spite of some very bad weatH The oil yield from eaeh whale was betww 9\ tons and 10 tons.

Mr. Pring said that whaling would b©( at the Byron Bay station about September! as soon as personnel had been transferred fit Norfolk Island.

Papuan Apinaipi Petroleum Co., Ltd

lr, B. W. Graham, MP, chairman, has an junced that the company expects to spud-in well during October.

He said that the company's field programme ir the current year included further integra on and extension of regional and detail iploration. The object was to provide drilling irgets, including the drilling of a well at lufana, in the eastern portion of the area.

The directors made a third call of 1/- a iare on the 3,007,841 contributing shares lyable on August 1. This made the 5/- shares lid to 4/-.

Sandy Creek Gold Sluicing, Ltd.—During

ay and June about 26 oz of gold were re vered from about 2,100 cubic yards of aterial. * * *

Solomon Islands Rubber Plantations,

D. —The company, in voluntary liquidation, turned 6/10£ a share to shareholders on ly 15. * * * TIMOR OIL, LTD. —The site for the first test >ll in Portuguese Timor has been selected— Aliambata on the south coast. Drilling will obably start early next month and will go about 6,000 feet in this well.

Drilling plant, transport and auxiliary equip ent were sent from Cairns by landing craft i August 1.

The selection of the site followed a visit Timor by a consultant petroleum geologist, . W. F. Schneeberger.

The directors later reported that Dr. hneeberger considered structural conditions to less complex than was originally reported, fid work, and Dr. Schneeberger's personal ob rvations disclosed additional favourable atures, which were being investigated.

In the Viqueque area, 15 miles from Aliam bata, field work was developing another structure which appeared to warrant testing.

An aerial survey undertaken in co-operation with the Portuguese Government to speed up geological evaluation of the whole concession.

Plans were implemented to integrate and expand the exploration programme to provide for shallow core drilling to supplement surface observations.

Airborne magnetometer surveys might be necessary in other areas, the directors added.