Southern Arc to relinquish Sabalong, focus on Lombok
Friday, December 14 2012 - 06:23 AM WIB
Canadian based firm Southern Arc Minerals recently said it has kick-started the commencement of West Lombok drilling, conditionally accept an offer to buy the Taliwang project in West Sumbawa and relinquish Sabalong, with details to be announced when the sale is finalized.
These are results of company board meeting held prior to Southern Arc?s Annual General Meeting in Vancouver on November 23, 2012, which further ruled out that the company will proceed with staged execution of the drilling program for West Lombok as announced on November 20, 2012, with periodic review at the Board level.
West Lombok is the company?s flagship property, spanning a 13 km by 7 km corridor of mineralization
The company also decided to retain its no-cost joint venture interest in the highly prospective East Elang project and remain open to consider new gold-focused opportunities within Indonesia and advanced-stage projects in other countries.
Editing by Er Audy Zandri