PERTH (miningweekly.com) - ASX-listed junior Arc Exploration has inked a binding sales agreement to divest of its joint venture (JV) interest in the Trenggalek copper/gold project, in East Java, Indonesia.
The company has sold its interest to JV partner PT Sumber Mineral Nusantara for A$100 000, saying on Friday that the divestment was consistent with a decision to focus its resources and activities on developing the Manitou gold project, in Ontario.
The sale of the Trenggalek interest was subject to the satisfaction of a number of conditions, including the necessary regulatory approvals and the execution of various assignment deeds.
Arc completed the acquisition of the Manitou gold project in the June quarter. The project comprises 112 claims, totalling 245 km2 in north-western Ontario and positions Arc strategically in the past producing Manitou Lake area.
Meanwhile, Arc stated that while the company’s immediate focus was on the Manitou project, the board was also assessing new business opportunities in the mining and resources sector.