Southern Arc Completes Strategic Review; Stocks Down 5%

By Midnight Trader, December 13, 2012, 11:08:53 AM EDT

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Southern Arc Minerals Inc. (SA.V) announced the results from its recent strategic review.

The company's Board has approved the recommended strategy, which includes:

- Proceeding with staged execution of the drilling program for West Lombok as announced on November 20, 2012, with periodic review at the Board level

- Conditional acceptance of an offer to buy the Taliwang project, with details to be announced when the sale is finalized

- Remaining open to considering new gold-focused opportunities within Indonesia and advanced-stage projects in other countries

- Relinquishing the Sabalong project

- Retaining the company's no-cost joint venture interest in the highly prospective East Elang project

SA has dropped 5% to 28 cents in moving closer to year low 20 cents.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing, Commodities

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