Monday, November 09, 2009

Trenggalek KP converted to IUP

Arc Exploration Ltd told ASX this morning that the conversion of the Trenggalek KP to a Mining Business Licence (IUP) has been completed in accordance with the new Indonesian Mining Law.
The Exploration IUP, covering the original KP area of 30,044 hectares, has been signed by the Regent of Trenggalek and is valid for 4 years. This conversion to the new IUP title is in accordance with the Indonesian Mining Law, promulgated on 12 January 2009, which requires the conversion of all pre-existing tenements.
The Company recently announced that it has entered into a strategic alliance with a leading drilling contractor in Indonesia to undertake a 5,000-m diamond drilling program on the Trenggalek Project at its own cost in exchange for shares and options in ARX. Preparations for this drilling are on track to commence early in 2010.
The primary targets of the drilling program are multiple prospects containing epithermal gold-silver-bearing quartz veins, high-level hydrothermal breccias and silica cappings having geological settings and mineralization characteristics analogous to known high-grade gold deposits found along Indonesia’s highly prospective magmatic arcs (Eg. Gosowong, Pongkor). Collectively, these multiple prospects represent a series of mineralized epithermal systems with potential to host a major new gold district.

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