Southern Arc Minerals (TSX VENTURE:SA)(OTCQX:SOACF) ("Southern Arc" or "the
Company") today announced that the Company has, subject to certain conditions,
agreed to sell its interest in the Taliwang project in return for cash and
shares in the acquiring company, thereby retaining upside potential and
financial flexibility for Southern Arc shareholders as the new owner advances
its portfolio of projects.


Southern Arc's 90% share in the Taliwang project (remaining 10% held by the West
Sumbawa Regency Government) will be sold to Coke Resources Limited ("Coke"). In
consideration for Coke purchasing 90% of the Taliwang project, Southern Arc will
receive US$500,000 and 15 million shares of Coke. The transaction is contingent
on Coke completing its initial public offering on the Australian Stock Exchange.
Coke anticipates issuing up to 21,000,000 shares at A$0.20 per share. With 15
million shares, Southern Arc will own approximately 8% of the company. The
shares will be held in escrow for a period of six months from the date Coke
lists on the Australian Stock Exchange, after which Southern Arc may freely
trade the shares.


Taliwang will be one of two projects in Coke Resources' portfolio. Coke
Resources is an Australian-based exploration company founded in February 2011 to
pursue opportunities in Indonesia's mining sector. Coke's Board of Directors and
senior executives have a broad range of expertise in the minerals exploration
industry, with extensive experience and business relationships in Indonesia. The
company's PT Cristian Eka Pratama ("Cristian") project is a long-life thermal
coal project with established infrastructure in place, located 15km from the
Mahakam River in East Kalimantan on Borneo Island, Indonesia. 


"On December 13 Southern Arc's Board of Directors announced the conditional
acceptance of an offer for the Taliwang project," said John Proust, Chairman and
Chief Executive Officer of Southern Arc. "This arrangement with Coke Resources
meets our objectives of increasing the Company's treasury and allowing Southern
Arc to focus its time and resources on its priority projects.


"Southern Arc's investment in Coke Resources brings new opportunities to the
Company," continued Mr. Proust. "Through Coke Resources we have exposure to two
promising projects. We look forward to seeing progress at both the Taliwang and
Cristian projects, yet have maintained financial flexibility for Southern Arc's
shareholders with a liquid, public-company investment." 


On behalf of the Board of Southern Arc Minerals Inc. 

John Proust, Chairman & Chief Executive Officer

About Southern Arc

Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on
gold and copper-gold exploration. The Company's key exploration property is its
West Lombok project, with several gold-rich copper porphyry and epithermal gold
vein prospects. Southern Arc is listed on the TSX Venture Exchange under the
symbol SA and on the OTCQX International under the symbol SOACF. More
information is available at www.southernarcminerals.com or by emailing
info@southernarcminerals.com. 


Forward-looking Statements 

This news release contains forward-looking statements relating to expected or
anticipated future events and operations, timing of projects and anticipated
results that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events, and the company's capability to execute and
implement future plans. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors. There is no representation by the company that
actual results achieved during the forecast period will be the same in whole or
in part as that forecast.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Southern Arc Minerals Inc.
Rhylin Bailie
Vice President, Communications & Investor Relations
604-676-5241 or North American Toll-Free: 1-888-676-5241
info@southernarcminerals.com
www.southernarcminerals.com

Southern Arc Minerals (TSXV:SA)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Southern Arc Minerals Charts.
Southern Arc Minerals (TSXV:SA)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Southern Arc Minerals Charts.