Southern Arc and Vale Enter Into Option/Joint Venture Agreement Source: NoticiasFinancieras

(Marketwire) -- 10/04/10 -- Southern Arc Minerals Inc. ("Southern Arc" or the "Company") (TSX VENTURE: SA) is very pleased to announce that, subject to TSX Venture Exchange acceptance, it has entered into an option and joint venture agreement (the "Agreement") with Vale...

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Published inNoticiasFinancieras
Format Newsletter
LanguageEnglish
Published Miami Global Network Content Services LLC, DBA Noticias Financieras LLC 04.10.2010
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Canada
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Summary:(Marketwire) -- 10/04/10 -- Southern Arc Minerals Inc. ("Southern Arc" or the "Company") (TSX VENTURE: SA) is very pleased to announce that, subject to TSX Venture Exchange acceptance, it has entered into an option and joint venture agreement (the "Agreement") with Vale S.A. ("Vale"), through its wholly-owned subsidiary Vale International S.A., regarding its East Elang and Sabalong properties. [John G. 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. We look forward to working with Vale on both of these projects as we seek to add value for both companies, for the local communities, and of course, for our shareholders." Surface geologic mapping has defined an area of 3 x 4 km of structurally-controlled argillic alteration with lesser advanced argillic assemblages, hosting low sulfidation epithermal veins in the east (Toyang Prospect). To the west, residual silica and enargite-bearing quartz veins typical of high-sulfidation epithermal systems are encountered (Lito Prospect). Low sulfidation veining comprises veins and vein breccias of up to 50 centimeters wide and form sporadic zones ranging from 1 to 20 meters wide, containing Au and Ag and anomalous As, Sb, and Mo. There is a direct relationship between gold tenor, concentrations of quartz veins/breccias and illite crystallinity, as evidenced by higher surface intersections including 4.0 m @ 7.23 g/t Au, 4.0 m @ 6.79 g/t Au and 10.0 m @ 5.91 g/t Au.