Ark completes due diligence on Marsuparia

Australian firm Ark Mines Limited reported on Monday that it is has completed extensive geological, financial and legal due diligence on the Marsuparia Contract of Work (COW) tenement in Central Kalimantan, and is now awaiting final endorsement from the Indonesian Ministry of Energy and Mineral Resources, for the appointment of Roger Jackson as a director of PT. Pacific Masao Minerals, to complete the first phase of the transaction, funded by a recent placement.

Upon the endorsement of Jackson the company can then commence the process of working with the existing Pacific Masao management to immediately reinstate exploration activities at Marsuparia and to prepare for completion of the transaction.

The Marsuparia COW is a company transforming acquisition for Ark Mines, with the Ongkang gold-silver epithermal project expected to be the initial primary focus once the transaction is completed.

The Rina Porphyry Copper project, with mineralised drill intersections down to below 850m will be a high priority for Ark Mines. The Porphyry has the same geological features as Grasberg and will require a systematic deep diamond drill program.

Ark Mines? Managing Director Roger Jackson commented, ?Marsuparia is a major project, and the unique province has the potential to contain multiple stand-alone projects. Given the potential upside for shareholders, we are engaged in ongoing and continuous discussions with the relevant authorities to ensure all issues are addressed to our satisfaction.?

?We are confident of completing the first phase of the transaction in the coming weeks.?(romel)