Arc: Anglo American not proceeding with W. Papua, E. Java projects
Tuesday, September 9 2014 - 12:55 AM WIB
ASX-listed Arc Exploration Limited said Tuesday it has been verbally advised by Anglo American that it will not proceed with the three gold and copper tenements located in the Province of West Papua, or with further exploration at the company?s Trenggalek gold and copper project in East Java.
The company, however, said it has not yet received formal notification from Anglo American.
Subject to receipt of formal notification from Anglo American, Arc Exploration will have the right to move from a 20 percent carried interest to a 100 percent interest in the three tenements in West Papua. ?Arc is now considering its options with regards to these tenements,? the company said.
Subject to receipt of formal notification from Anglo American, Arc said it will retain a 95 percent interest in the Trenggalek project. A detailed aeromagnetic study and reconnaissance drilling (5 holes for a total of 2,564m) were undertaken pursuant to the joint venture, and the company believes the Trenggalek project has significant porphyry potential and is substantially underexplored.
?Arc will continue exploration at Trenggalek to assess prospects identified to date and aims to delineate drill targets in the coming months while it also considers joint venture options in respect of this project,? the statement said.
Editing by Reiner Simanjuntak