Pacific Commerce and Produce
p. 151 · Read in the full issue
Private Backing For Pacific Is.
Mines
i finance its programme of ex ploration by deep adit of the una lode, on Misima Island, jern Papua, Pacific Islands Mines has been backed by private in jts with a £lO,OOO interest-free „ reported the company in Decem- Early last year, PI Mines offered )000 worth of new shares to its beholders on the basis of 1-for-l; the climate for investment in „ particularly in Papua-New nea, was not favourable and the ft was not fully subscribed, he new loan is unsecured, and vertible into ordinary shares at As part consideration, the com y has granted the lenders an un over a further 322,000 shares, zh may be taken up at par at time prior to August 5, 1964 lie of the currently-issued options), rce of the loan is an influential said Mr. G. W. Noe (chairman) , in the event of a successful out e of the present explorations, ire capital requirements will be red. muna lode on Misima Is. was a lomenal “money-spinner” for Mr.
I Cuthbert, who worked it for ie years before World War 11, in Cuthbert’s Misima Gold Mine . interests were driven out by the ancing Japanese. The mine was re-established immediately after war, however; but Pacific Islands tes Ltd. was formed and registered 'ort Moresby a couple of years ago •elocate the lode and explore it at th. he current work is being carried on a 24-hour basis, in three shifts, ier the supervision of experienced topean miners. Purpose of the adit D test the downward continuity of n-grade gold and silver ore at the them end of the lode. It is ex ;ed to intersect the lode about DO ft. from the portal, at a depth approximately 500 ft. below the crop and 110 ft. below existing kings. In mid-December, the adit reached 222 ft.
Apart from gold, it is known that una lode contains between 2 oz 4 oz of silver per ton. The dual rise in the silver price in
1962 from 8/8 per oz (where it had remained for six years) to 10/10, by November, was noted with more than passing interest by shareholders.
PI Mines Ltd. will hold an extra ordinary general meeting on January 7, to alter the company’s articles of association, bringing the transfer of shares in future into conformity with current practice and streamlining the transfer process.