Southern Arc, Vale seal Nusa Tenggara copper-gold option agreement

Vancouver-based mineral exploration firm Southern Arc Minerals Inc. announced on Monday that it has entered into an option and joint venture agreement with Brazilian mining giant Vale S.A. regarding its East Elang and Sabalong copper-gold properties in West Nusa Tenggara.

To exercise its option, Vale must fully fund the advancement of either property, through to and including the completion of a Bankable Feasibility study, at no cost to the Southern Arc.

John Proust, CEO of Southern Arc says, "This agreement is a significant milestone for the Company in advancing these two key properties. It reflects and confirms the Company's strategy to acquire, evaluate, and advance mineral properties in Indonesia. The Agreement provides Southern Arc with the opportunity to develop East Elang and Sabalong from early exploration through to and including bankable feasibility studies, while retaining a 25% interest in a joint venture with one of the largest mining companies in the world." (alex)