Southern Arc and Newcrest Sign a Heads of Agreement
November 24, 2010
Last Friday (November 19th), on the morning of the Annual General Meeting and Investor Session in Toronto, the Company released the following:
http://www.southernarcminerals.com/news/news_releases/index.php?&content_id=250
Heads of Agreement means they haven’t hammered out all the nitty gritty details, so this is not binding, but that they intend to hammer out the details on a Joint Venture for Taliwang by March 31st, 2011.
This is the second JV announced in two months for Southern Arc. Moreover, both are with major mining companies. This one, with Newcrest Mining Limited, is with the third largest producer of gold in the world. The Agreement provides for up to US$50 million, to be solely funded by Newcrest ($4 million in the first 24 months) through to and including a feasibility study.
We’ll have to wait to see the final announcement when it comes. Suffice to say that things are beginning to heat up for Southern Arc.







