Southern Arc to acquire controlling interest in an Indonesian property

Canadian mineral explorer Southern Arc Minerals Inc. announces Wednesday it has entered into an arms length letter agreement pursuant to which it can acquire a 75% interest in an undisclosed Indonesian mineral property.

"Southern Arc Minerals Inc. is not able to make further disclosures at this time due to the sensitive nature of the location of the potential acquisition," the company said in a release.

The acquisition of the property is subject to a number of conditions, including the approval of governmental authorities in Indonesia. The Company intends to execute the formal agreement concurrently with the receipt of such governmental approvals, expected later this year.

The company is currently exploring for precious and base metals on four concessions on the islands of Lombok, Sumbawa and Flores in south-central Indonesia.(alex)