Arc to sell shares to raise funds for exploration
Wednesday, July 15 2015 - 03:35 AM WIB
ASX-listed Arc Exploration Limited said that it is currently in talks with potential partners to participate in the company?s projects both in Australia and Indonesia.
?The company is currently engaged in ongoing discussions with potential joint venture partners who may wish to farm-in to each of the company?s projects,? Arch said in a statement Wednesday.
?The company will undertake a share purchase plan to raise new funds for working capital purposes while it pursues joint venture interest for the longer term exploration and development of the company?s projects,? it added.
In Indonesia Arc has been exploring for gold and base metal deposits along Indonesia?s highly prospective magmatic arcs and associated geological terranes. The primary exploration targets are porphyry-related coppergold and high-grade epithermal gold-silver veins.
Arc operates a joint venture with its local Indonesian partner, PT Sumber Mineral Nusantara, which holds the Trenggalek Exploration IUP tenement, located in the Southern Mountains of East Java. The Southern Mountains is composed of an older segment of the Sunda-Banda magmatic arc which hosts the Tumpangpitu porphyry copper-gold located about 200 kilometers to the east of Trenggalek, and the large Batu Hijau and Elang porphyry copper-gold deposits located on Sumbawa Island. Trenggalek contains a similar package of rocks to those hosting these three major porphyry deposits. The Trenggalek Exploration IUP tenement is valid until November 2016 and covers an area of about 300 km2.
Editing by Reiner Simanjuntak