Ann: Quarterly Activities Report, page-13

Seems it's going to take another quarter or two

Though there is no sugar coating.....the operational turnaround is taking longer than expected

They better start prepping those Tin assets for a sale I think....or tap straight into the high grade Surmans vein they have spent extensive time (and shareholder money) developing to pump the cash flow

Fundamentals are still good though. Asset prices worth more than current m/cap- debt is not a problem- And largest shareholder Australian Metals group (seen below) is an astute outfit who would very much have plans of significantly growing their investment

If there is a small dump it could well be a good contrarian investment if there is any other left field news like that above.


Abstract on History of Mining from "The Geology and Mineral Potential of Papua New Guinea" compiled by Dr. Greg Corbett and edited by Anthony Williamson & Dr. Graeme Hancock.

At the start of World War I, Australia took possession of the German colony of New Guinea, which was administered from Rabaul at that time. In 1922, New Guinea was made a Mandated Territory of Australia by the league of Nations. In the same year, a mining ordinance was put in place to legalise prospecting.
After Arthur Darling's death in 1921, William 'Shark Eye' Park rediscovered Darling's gold find at Morobe in 1922, and together with Jack Nettleton began to work gold in secret at Koranga Creek, in what is now the Morobe Goldfield. By 1932, miners began to flock to the field, which was proclaimed that year. The number of expatriate miners grew rapidly to 219 in 1926. Also in 1926, William Royal and Dick Glasson climbed past substantial waterfalls to discover the incredibly rich alluvial gold deposits in Upper Edie Creek, winning up to 240oz/day from a single sluice box (Lowenstein, 1982). At that time, it took eight days for labourers to carry supplies from the coastal port of Salamaua to Wau, consuming part of the cargo along the way.