High Hopes For Misima Gold Mine
p. 13 · Read in the full issue
If future developments prove present assumptions to be correct, the l ode on t the Property of Pacific Islands Mines Ltd. at Misima Island, Papua, could well prove to be one of the world’s major cold ore discoveries, ’ the president of Cultus Exploration Ltd., Mr. J. F. Sullivan said in a report to shareholders in late September.
Mr. Sullivan said plant and production costs were being confirmed with a view to bringing a mine into production at Misima. The method of financing the mine project would then be determined The report estimated that it would take a year to get a mine and mill into operation.
Cultus Exploration Ltd., a Canadian concern, signed an agreement TJnnnnn 1^0 lu™/ 8 , Mlnes Ltd -> last year Providing for it to spend t4UU,OOO on the development of the Misima mine in return for a 60 per cent, interest. K A report made to Cultus in September by Mr. F. L. C Price a consulting engineer, said proven gold reserves on the Misima property had a gross value equivalent to £A3.B million, and could yield a profit of more than £A2 million.