ARX - Anglo extend Papua exploration alliance

ASX-listed mineral exploration firm Arc Exploration Limited (ARX) announced on Thursday that its Strategic Alliance with Anglo American to explore for copper and gold in the giant porphyry provinces of Papua and West Papua has been extended to 2014.

As a result of the Alliance, nearly 1,000 km2 of exploration ground has been secured under the new Indonesian IUP tenement system, it said.

Exploration data received from Anglo confirms that the project contains potential for multimillion ounce bulk tonnage gold and porphyry-related copper-gold deposits, it claimed.

Further exploration in the Aisasjur project area is in the planning stage, with a helicopter-borne magnetics survey, stream sediment sampling and regional reconnaissance programs proposed.

ARX has 20 percent interest in the project.

ARX also reported that the amalgamation of the three Aisasjur KP?s into a single Mining Business Licence (IUP) was recently completed. The new Exploration IUP, covering an area of 99,410 hectares (just under 1,000 km2), was signed by the Governor of West Papua on 15 April 2010 and is valid for 7 years.(alex)