Southern Arc Minerals Inc.
TSX VENTURE : SA

Southern Arc Minerals Inc.

November 17, 2010 08:30 ET

Southern Arc Minerals Inc.: Progress Update on West Lombok IUP

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2010) - Southern Arc Minerals Inc. ("Southern Arc" or the "Company") (TSX VENTURE:SA) is pleased to provide the following update on its application for an exploration mining business license (IUP) for its West Lombok Property. For property details, see the previous update in the news release dated July 6, 2010.

Since the proclamation of the provincial land utilization regulation (Perda No.3/2010) on July 1, 2010, Company representatives have been working closely with three levels of government in support of the IUP application. Steps in this process include:

  • The Director-General of Minerals, Coal and Geothermal Department of the Central government in Jakarta has issued a letter, authorizing the Company to establish a local holding company necessary to the issuance of the IUP.

  • In a separate letter, dated November 11, 2010, the Director General has given legal authorization to the West Lombok Regent to issue the Company's IUP.

  • The Company has filed all documentation in support of the establishment of this local holding company.

  • This documentation has been approved by BKPM, the Indonesian Foreign Investment Coordinating Body. Final processing for the new company's Deed of Establishment, tax registration, and business operating licenses is now underway.

  • Once the local holding company has been established, the West Lombok Regent will be free to issue the IUP. The Regency (a 10% shareholder in this project) has already reviewed and, in principle, approved the IUP document, and awaits the establishment of the local holding company.

The Company looks forward to the issuance of the IUP and to embarking on this important partnership with the Regency in advancing the West Lombok property.

On behalf of the Board of Southern Arc Minerals Inc.

John Proust, President & CEO, Director

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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