PLACER AND PATO

Evening Post, Volume CXXX, Issue 130, 28 November 1940, Page 19

PLACER AND PATO

REPORTS AND RESULTS

Cabled advice has been received that the Placer directors' report for the year ended April 30, 1940, states the company retains interest in Bulolo Gold Dredging, Ltd., Pato Consolidated Gold Dredging, Ltd., Asnazu Gold Dredging, Ltd., Rutherglen Gold Dumps, Ltd., Gold Dumps Proprietary, Ltd., American Placer Inc., Placer Management, Ltd., Universal Placer Mining Corporation, and Kern County Land Company. Net profit for the year was 1,100,660 dollars (Canadian). Bulolo Gold Dredging, Ltd., net profit for the year to May 31, 1940, before allowing for amortisation was 4,806,408 dollars (Canadian). Pato Consolidated Gold Dredging, Ltd., operated five dredges throughout the year ended April 30, 1940, and dug 16,667,000 cubic yards for bullion realising 2,859,904 dollars (Canadian). Profit for year after allowing for Colombian taxes and expenses outside Colombia amounted to 1,199,258 dollars (Canadian). Estimated gravel reserves as at April 30, 3940. were 572,905,000 cubic yards, ayeraging 14.8 cents per yard, of which more than half is fully developed. Asnazu Gold Dredging, Ltd., handled 1,057,000 cubic yards for a recovery of 458,137 dollars "(Canadian). Difficult ground encountered reduced yardage arid increased working costs. Working profit after deduction of Colombian taxes and expenses outside Colombia but before depreciation and depletion amounted to 156,671 dollars (Canadian). It is estimated completion of No. 2 dredge will be around June, 1941. and of Ovejas hydro-electric plant by December 1, 1940. Gravel reserves for No. 1 dredge estimated at 27,844,000 cubic yards, averaging 31.5 cents, and from No. 2 dredge 69,000,000 cubic yards, averaging 13 cents. Rutherglen Gold Dumps, Ltd., treated 156,461 tons for the year to April 30, 1940, for a recovery of £A 50,362. Net profit subject to depreciation and depletion was £A 19,574. Gold Dumps Proprietary, Ltd., handled a total of 257.152 tons at its Carisbrook. Jubilee, and Llanberris plants, recovering £A 79.901. The working profit subject to amortiestion was £A 28.230.

Placer Development notifies payment 61 interim dividend for the year ended April 30. 1940. of 60 cents Canadian currency, due on November 23, payable December 16 an Australian cuinrency at rate of exchange ruling November 23. and subject to Canadian absentee tax of 5 per cent. Pato Consolidated will pay an interim dividend of 10 cents Canadian on December 18.

Results of dredging three months to November 1 are as follows:—Pato. 3,737,000 cubic yards for 28.602 ounces fine gold, and recovered from hydraulic units 50680z fine gold, value 178.450 U.S.A. dollars; Asnazu gold dredge. 275,000 cubic yards for 23390z fine gold, value 81,865 U.S.A. dollars