Ark to acquire Indonesian copper/gold project in Central Kalimantan

Australian listed Ark Mines Ltd (AHK) announced that it will acquire 100 percent shares of Sphere Complex Limited, a company which is the indirect majority owner and controller of PT Pasifik Masao Mineral.

Pasifik Masao holds a prospective and advanced exploration project, the Masuparia contract of work (CoW) located in Central Kalimantan.

The project is located in a region well known for copper-gold projects. The Mount Muro, gold project, which has historically produced 1.3 m oz Au, is located 20 kilometers from Masuparia, and the Kelian gold project, which to date has produced 7 million ounces of gold, is in the same region.

Under the terms of the agreement, Ark will acquire the business and COW for $4 million cash, and issue the vendors 10M Ark shares. Ark will be funding this through equity. All personnel currently engaged on the project will continue to operate as part of Ark.

?This is a very exciting acquisition for Ark, as this advanced project gives us the capability to be producing gold within twelve months, and the opportunity to define significant resources on the tenement,? said Ark?s Managing Director Roger Jackson.

The agreement should be finalized within six weeks and is subject to shareholder approval and the completion of funding to finalize the purchase and initiate a drilling program at Masuparia. (romel/roffie)