Southern Arc Minerals Up 4% on Indonesia Update
Southern Arc Minerals Inc. (SA.V) was up 4 cents or 4% at 97 cents and has hit a day high 99 cents after reporting exploration progress at its Sabalong Project on Sumbawa Island, Indonesia. Under the option and joint venture agreement with a wholly-owned subsidiary of Vale S.A. announced on October 4, 2010, Vale is solely responsible for funding all project expenditures and has funded approximately US$785,000 since December 2010 to complete mapping and surveying activities at the project. Vale must fund an additional approximately US$215,000 to complete Phase 1 funding requirements, and drilling is scheduled to begin in early Q4-2011.
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