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Southern Arc Minerals Inc.: Progress Update on West Lombok IUP PDF Cetak E-mail
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Jumat, 19 November 2010 07:24
VANCOUVER, BRITISH COLUMBIA, Tambangnews.com.-   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.
 

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