MOUNT ISA

Evening Post, Volume CVIII, Issue 117, 13 November 1929, Page 14

MOUNT ISA

NEW GUINEA GOLD

--OFFICIAL OPTIMISM

Vnlted" Press Association—By Electric Tele-

• Braph—Copyright. (Received 13th November, 11.50 a.m.)

LONDON, 12th November.

Mr. E. Leslie Urquhart stated at the general'meeting of the Mining Trust, Limited, that at Mount Isa the proved ores reserves had been increased to 24,285,000 tons, which have a gross value o£ £80,000,----000. He expects that from the two thousand tons a day plant, now being erected at Mount Isa, the annual production will be approximately 70,000 tons of lead, 3,100,000 ounces of silver, and 4800 tons of zinc, which it is estimated will yield a net annual profit, subject to taxation of about £900,000.

Work on the New Guinea gold-fields properties was proceeding expeditious] v giving-results equal to the highest anticipations held,

Since the opening of the Baud, no goldneld exhibiting such potentialities had been discovered. "If the present work of ore development in depth is attended with the success already attained in the work oh' the numerous valuable gold veins so far found, we shall be fully iusiSc', 1? ? lai, mill S tu*t we have a new goldneld of the greatest importance," Mr Urquhart concluded..

Mr.v Leslie' Urquhart is chairman of the Mining Trust, Ltd., London, which company, holds a ,three-quarter interest in the Mount Isa property, which is situated in .North Queensland, and on the prospects of the property comparison has been made with Broken Hill. The methods lor working the property have been drafted by; Mr. Chas. A. Mitke, of Phoenix, Arizona, a recognised authority in Great Britain and the United States. The plant .has been designed and built by the General Engineering Co., of Salt Lake City, Utah.

. Russp-Asiatic, Ltd.,, in which Mr Urquhart is deeply interested, has also an indirect holding in Mount Tsa ■ The Ellyou ' Goldfields Development Corporation, Ltd., has also Mr. Urquhart as chairman. . It is a company registered I£>irf& aDd> JWith 5 P'^-UP capital of i£>o,ooo, and was formed to develop the idle goldfields, New Gninea, but it proposes to form, if it has not already done so, an operating company for exploitation and equipment of the goldfields. Interests held by the company cover thirteen square miles of gold claims in New Guinea. • •; -