Misima Gold
p. 10 · Read in the full issue
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INTEREST in Pacific Island Mines Ltd. shares and options quickened on the Sydney Stock Exchange late in July when directors announced that a group from Edmonton, Canada, (unnamed, but ’’not one of the big name concerns”) was negotiating to take a 60 per cent, interest in the company’s mine on Misima Island, Papua.
The negotiations coincided with an inspection of the Misima property by representatives of the Canadian com pany, who were due back in Sydney about August 7.
The chairman of Pacific Island Mines, Mr. G. W. Noe, told share holders at the annual meeting in Syd ney on July 29 that an agreement should be signed with the Canadian company a few days after its repre sentatives returned from Misima.
Shareholders would have to ratify this for it to be effective.
He added that the full cost of ex ploration and development below the Unuma lode at Misima was estimated at £567,000. About £500,000 ($1 million Canadian) would be pro vided by the Canadian partner.