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December 20 2013
Commentary - Easy for her to say

December 13 2013
Commentary - Nests of nests

December 6 2013
Commentary - I belong to something…

November 29 2013
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November 22 2013
Commentary - A reasoned response?

November 15 2013
Commentary - Scarcely visible threads

November 8 2013
Commentary - Myths and mythtakes

October 18 2013
Commentary - Um… like… you know…

October 11 2013
Commentary - Something to say… more often

September 3 2013
Commentary - Note to a Grade 9 student on the first day

July 26 2013
Risk assessment/Risk reduction - West Lombok, Eagle Hill, and the Market
Southern Arc Minerals Inc. - Main page (updated)

June 29 2013
Eagle Hill - Singing (and dancing) in the rain
Southern Arc Minerals Inc. - Main page (updated)

June 20 2013
Risk assessment/Risk reduction - Southern Arc Minerals – the path forward
Southern Arc Minerals Inc. - Main page (updated)

June 18 2013
Company Files
New Zealand Energy Corp.
Amended deal for Waihapa

June 12 2013
Commentary - Who will govern?

June 11 2013
Commentary - Only a day away

June 4 2013
Company Files
New Zealand Energy Corp.
TAG Oil to take over NZEC!

May 7 2013
Key Personnel - If I have to explain...
Southern Arc Minerals Inc. - Main page (updated)

April 12 2013
Commentary - Déjà vu all over again

February 25 2013
Company Files
New Zealand Energy Corp.
Stockhouse forum fumbles – New Zealand Energy Corp

January 2 2013
Commentary - Numbers don't lie…

December 17 2012
Risk assessment/Risk reduction - State of the Nation
Southern Arc Minerals Inc. - Main page (updated)

December 7 2012
Commentary - The journey is the thing

November 16 2012
Commentary - J'accuse

November 12 2012
Commentary - Of goblins and short cuts

November 6 2012
Company Files
New Zealand Energy Corp.
Kapuni – huh? Tell me more…

October 29 2012
Commentary - Fallen leaves...

October 2 2012
Commentary - King of the Hill

August 31 2012
Commentary - Victim → Survivor → Thriver

August 2 2012
Risk assessment/Risk reduction - Rope-a-dope
Southern Arc Minerals Inc. - Main page (updated)

July 23 2012
Guest Article
Stan Zalewski
Craig Schwartz

July 4 2012
Commentary - Let the scum burn!

June 28 2012
Company Files
New Zealand Energy Corp.
Quarterly snorting – but we've always done it that way!

June 25 2012
Commentary - "Boy… have I got pictures!"

June 20 2012
Venture Exchange
Insider Trading Summary Reports

June 13 2012
Company Files
New Zealand Energy Corp.
House Rules

April 5 2012
Risk assessment/Risk reduction - Coulda, shoulda, woulda… the Southern Arc Opportunity Cost
Southern Arc Minerals Inc. - Main page (updated)

April 2 2012
Commentary - If we lose the Middle East…

March 29 2012
Commentary - Or maybe I'm suffering from second-hand toke…

March 27 2012
Risk assessment/Risk reduction - Peek-a-boo
Southern Arc Minerals Inc. - Main page (updated)

March 22 2012
Risk assessment/Risk reduction - Political risk in Indonesia – another perspective
Southern Arc Minerals Inc. - Main page (updated)

March 11 2012
Company Files
New Zealand Energy Corp.
Value in the Taranaki Basin (video)

March 10 2012
Toolbox - End of Period Valuation of a Collection of Wells

March 1 2012
Commentary - All women are beautiful…

February 28 2012
Commentary - The jury is… without me!

February 25 2012
Company Files
New Zealand Energy Corp.
A choke and a spitball (video)

February 22 2012
Company Files
New Zealand Energy Corp.
The art of the promise

February 19 2012
Venture Exchange - A better way to invest on the Venture Exchange

February 09 2012
Company Files
New Zealand Energy Corp.
NZEC – what's going on?

February 06 2012
Commentary - Of rights and responsibilities

February 02 2012
Risk assessment/Risk reduction - Have I got a stock tip for you!
Southern Arc Minerals Inc. - Main page (updated)

January 19 2012
Recommended Reading
I like a good mystery

January 13 2012
Commentary - Shawn Ryan says YES YOU CAN!

January 10 2012
Recommended Reading
A Tale of Two Employees

January 09 2012
Risk assessment/Risk reduction - The demons within… or choose your battles carefully
Southern Arc Minerals Inc. - Main page (updated)

January 03 2012
Guest Article
Money is time: Chris Bart responds
Chris Bart

December 22 2011
Commentary - Money is time

December 14 2011
Risk assessment/Risk reduction - Mud puddles at your feet
Southern Arc Minerals Inc. - Main page (updated)

December 13 2011
Company Files
New Zealand Energy Corp.
NZEC – what you know and who you know

November 17 2011
Recommended Reading
Steve Jobs: Obsessed… or possessed?

November 05 2011
Recommended Reading
The Rare Find – spotting exceptional talent before everyone else

November 02 2011
Links of Interest
Gold ready to attack prior highs in the 1900’s
David Banister

October 29 2011
Commentary - Desperadoes and thieves

October 27 2011
Links of Interest
A rally for gold
David Banister

October 17 2011
Commentary - Like silent raindrops fell…

October 12 2011
Commentary - Go to pancake mix

October 03 2011
Commentary - Idle hands are the devil’s tools

September 30 2011
Commentary - Choosing the best tool

September 25 2011
Risk assessment/Risk reduction - I have nothing more to say…
Southern Arc Minerals Inc. - Main page (updated)

September 14 2011
Links of Interest
Gold heading to $2,350 per ounce after 4th wave consolidation
David Banister

September 12 2011
Risk assessment/Risk reduction - The Rule of Law on West Lombok
Southern Arc Minerals Inc. - Main page (updated)

September 11 2011
Commentary - Bill and Bella

September 7 2011
Links of Interest
Bull Market In Gold Over With Double Top?
David Banister

September 5 2011
Risk assessment/Risk reduction - Perception versus reality
Southern Arc Minerals Inc. - Main page (updated)

September 3 2011
Commentary - Five Star Help!

August 27 2011
Risk assessment/Risk reduction - One leads to the other, of course!
Southern Arc Minerals Inc. - Main page (updated)

August 20 2011
Risk assessment/Risk reduction - Multiple tens of dollars
Southern Arc Minerals Inc. - Main page (updated)

July 27 2011
Commentary - Shoot the middleman!

July 20 2011
Commentary - Critical conversation

July 08 2011
Properties - West Lombok - Way Linggo and its relevance to Southern Arc (video)
Southern Arc Minerals Inc. - Main page (updated)

June 22 2011
Risk assessment/Risk reduction - Connecting the dots
Southern Arc Minerals Inc. - Main page (updated)

June 14 2011
Toolbox
Simplify Insider Trading Reports

June 03 2011
Links of Interest
Crucial Pivot Point for the CDNX Index in Canada

June 01 2011
Toolbox - What’s the grade between the highlights?

June 01 2011
Toolbox - Calculating Tonnage

May 31 2011
Commentary - A Revolution in Education

May 29 2011
Comparative Companies - East Asia Minerals (EAS.V) - Somebody’s gonna be pissed!
Southern Arc Minerals Inc. - Main page (updated)

May 15 2011
Properties - West Lombok - Pelangan - Remember though. I’m just an English major.Southern Arc Minerals Inc. - Main page (updated)

April 29 2011
Links of Interest
Where next for Gold-Silver and the SP 500 Indexes?
David Banister

April 19 2011
Feedback on 'A=B'

April 14 2011
Risk assessment/Risk reduction - Pelangan and Mencanggah: IF A=B and IF B=C, then…
Southern Arc Minerals Inc. - Main page (updated)

March 13 2011
Risk assessment/Risk reduction - Say “Hello” to my little friend!
Southern Arc Minerals Inc. - Main page (updated)

February 13 2011
Commentary - Trust me!

February 12 2011
Risk assessment/Risk reduction - All Systems 'Go!'
Southern Arc Minerals Inc. - Main page (updated)

January 31 2011
Key Personnel - Mate in Three?
Southern Arc Minerals Inc. - Main page (updated)

January 19 2011
Feedback on 'Sunday Afternoon'

January 17 2011
Risk assessment/Risk reduction - A Pleasant Sunday Afternoon
Southern Arc Minerals Inc. - Main page (updated)

January 17 2011
Properties - Pelangan Drilling Results Released
Southern Arc Minerals Inc. - Main page (updated)

January 17 2011
Properties - West Lombok IUP Issued
Southern Arc Minerals Inc. - Main page (updated)

December 9 2010
Toolbox:
To Suppress or Not to Suppress

December 8 2010
Feedback on 'Relationships'

December 7 2010
Risk assessment/Risk reduction - Relationships
Southern Arc Minerals Inc. - Main page (updated)

November 24 2010
Risk assessment/Risk reduction - Big Picture… Little Picture – another walk around the barn
Southern Arc Minerals Inc. - Main page (updated)

November 24 2010
Properties - Taliwang - Southern Arc and Newcrest Sign a Heads of Agreement
Southern Arc Minerals Inc. - Main page (updated)

November 24 2010
Key personnel - Mike Andrews
Southern Arc Minerals Inc. - Main page (updated)

November 12 2010
Risk assessment/Risk reduction - Straight and to the Point
Southern Arc Minerals Inc. - Main page (updated)

November 12 2010
Properties - Tirtomoyo/Karang Tengah
Southern Arc Minerals Inc. - Main page (updated)

October 29 2010
Indonesia - The "Fifth BRIC"
Southern Arc Minerals Inc. - Main page (updated)

October 28 2010
Risk assessment/Risk reduction - What’s Southern Arc worth?
Southern Arc Minerals Inc. - Main page (updated)

October 7 2010
Key personnel -Insider Trading Summary Report
Southern Arc Minerals Inc. - Main page (updated)

October 4 2010
Properties - East Elang/ Sabalong - Southern Arc Strikes First Joint Venture Deal
Southern Arc Minerals Inc. - Main page (updated)

September 15 2010
Toolbox: In Situ Valuation Calculator

September 10 2010
Risk assessment/Risk reduction - Various and Sundry
Southern Arc Minerals Inc. - Main page (updated)

August 30 2010
Properties - West Lombok Maps Update
Southern Arc Minerals Inc. - Main page (map update)

July 12 2010
Properties - Taliwang - Taliwang IUP Issued
Southern Arc Minerals Inc. - Main page (updated)

July 12 2010
Risk assessment/Risk reduction - Bureaucratic
Southern Arc Minerals Inc. - Main page (updated)

June 8 2010
Risk assessment/Risk reduction - Fundamentals - Nickel Oil & Gas Corp.
Southern Arc Minerals Inc. - Main page (updated)

June 7 2010
Southern Arc Minerals Inc. - Main page

March 30 2010
Recommended Reading
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March 23 2010
Recommended Reading
The Greatest Trade Ever

March 22 2010
Size and staying power...

March 14 2010
… but the greatest of these is charity!

October 23 2009
New Additions to Library

September 10 2009
TEGWAR

September 9 2009
Just one more barrel of flour

June 30 2009
Survey Reports
Impact Silver Corp (updated)

June 19 2009
Guest Article
If I'm So Smart, How Come
I Don't Run PIMCO?

Gabriel Gray

June 19 2009
Is Indonesia ready to play
in the big leagues?

Kevin Graham

April 9 2009
Short Selling is Bad
for the Market

April 2 2009
Epithermal Gold for Explorationists

March 31 2009
Epithermal Deposits –
gold and silver

March 31 2009
Epithermal gold deposits, geothermal systems and volcanoes

March 22 2009
Southern Arc Minerals – Valuations for Selodong

February 12 2009
Guest Article
The Obama Stimulus:
All Porked Up and
Nowhere to Go

Gabriel Gray

December 27 2008
Canadian Crisis?
Give me a Break!

December 23 2008
Wheel of Misfortune

December 16 2008
Metal Markets?
Go East Old Man!

November 29 2008
You can get it wrong and still you think that it’s all right

October 31 2008
Winners and Losers

September 19 2008
The Indonesia Factor, or… Can’t see the Forestry for the Greed

September 10 2008
Survey Reports
Impact Silver Corp (updated)

September 9 2008
Survey Reports
Silvermex Resources

August 6 2008
Survey Reports
Oroco Resource Corp.

July 15 2008
Southern Arc and
Canada Nickel

July 10 2008
Guest Article
I May Be Drunk, But You're A Nincompoop.
Gabriel Gray

June 20 2008
The TSX Venture Exchange: Fire in the Hole!

June 16 2008
Pediment readies itself for a major step forward

June 10 2008
Survey Reports
Puma Exploration

June 4 2008
Toolbox:
Mining Company Survey Form

June 2 2008
Run fast, run far!

May 30 2008
Survey Reports
Tarsis Capital Corp.

May 30 2008
Survey Reports
Impact Silver Corp

May 27 2008
Survey Reports
Dajin Resources Corp

May 26 2008
Engagement is Everything!

May 26 2008
Guest Article
A Case Study in Due Diligence: Southern Arc Minerals
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May 22 2008
When the ‘fan club’ wins,
due diligence loses

May 22 2008
Survey Reports
Garibaldi Resources Corp.

May 21 2008
Survey Reports
Grenville Gold Corp.

May 20 2008
Insider Holdings Summary Reports

May 12 2008
Guest Article
The Zoo Needs More Animals
Gabriel Gray

May 8 2008
Mineral Mining and Exploration Companies on the Venture

May 6 2008
Insider Trading Summary Reports

May 6 2008
British Columbia Securities Commission List of Disciplined Persons

May 5 2008
Insider Trading – Transparency for Lay Investors?

April 28 2008
Would you like some fries
with that investment?

April 24 2008
Southern Arc Minerals Inc.
Survey report

April 23 2008
You say you want a revolution…

April 23 2008
Rare Element Resources Ltd.
Survey report

April 17 2008
Such stuff as dreams are made on… a teaser

April 17 2008
Guest Article
Let's call it the LIE-BOR
Gabriel Gray

April 16 2008
Guest Article
Inflation vs. Hyperinflation
Gabriel Gray

April 9 2008
Hard Rock Miner’s Handbook and Rules of Thumb

April 8 2008
An Introduction to Geology and Hard Rock Mining

April 5 2008
So you think you can geo?

April 4 2008
Southern Arc Minerals Inc.
Toss a Pebble in a Pond

April 3 2008
Required Reading
Exploring Geology

March 31 2008
Guest Article
What if it's not a bubble? – Bubbles past and present
Gabriel Gray

March 28 2008
If it’s neither informative nor entertaining, what’s the point?

March 25 2008
Guest Article
Gold + Money Supply =
A Tool for Gold Analysis

Kim Brasington

March 24 2008
Rare Element Resources Ltd.
Preliminary Report

March 24 2008
Insider Trading Tutorials

March 16 2008
Pediment Exploration Ltd.
Site Visit Report

March 14 2008
Southern Arc Minerals Inc.
PDAC Workshop

March 13 2008
Toolbox: Cubing the Hole

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A Pleasant Sunday Afternoon

January 17, 2011

Q1: My back-of-envelope calculations on Selodong suggest the ‘potential’ for 540 million tonnes of ore, with grades of .235% Cu and .35 g/t Au. Without saying anything that would offend regulatory restrictions, are you in a position to comfortably tell me that I should throw away my envelope collection and just stick to my day job?

A1: No. (Mike Andrews)

… and so began a very pleasant Sunday afternoon.

Hopped the train into Toronto yesterday morning, and spent four hours with John Proust, Mike Andrews, and Hamish Campbell. On Friday, they had begun what might well be termed a ‘shouting from the rooftops’ road trip, involving thirty plus presentations in at least ten cities over a two week period. Mike and Hamish flew into Toronto on Saturday. John followed on the redeye, arriving at 6 o’clock Sunday morning. They went straight into a meeting yesterday morning, followed by the afternoon with me, and two more meetings in the evening.

Our session was interspersed with discussions on the tweaking of their presentation, based on initial feedback from earlier meetings. John’s BlackBerry rarely left his hand, taking calls, sending emails, and monitoring incoming messages. Mike and Hamish were trading images and files back and forth on their laptops while we spoke. The threesome’s itinerary over the next two weeks is a continually shifting target, with another city added during our session.


(left to right, John Proust, Chairman and CEO; Mike Andrews, President and COO; Hamish Campbell, VP, Exploration)

A week ago, the Company put out a News Release announcing receipt of the long-awaited IUP for West Lombok. This 25-year mining license frees the Company to explore the three key prospects on Lombok Island (Selodong, Mencanggah, and Pelangan) through the next five years, converting automatically to a 20-year production license with the potential for two 10-year extensions. Field work plans for the next twelve months were detailed in the NR, to include 25,000 metres of drilling on Lombok, employing two drill rigs by end of February and two more by end of March.

Well, this is a small and nimble group. The execution of their plans is somewhat fluid, flexing where appropriate so as to take advantage of new outcroppings, so to speak, as they appear. Case in point. Yesterday, I learned that they now plan for 29,000 metres of drilling on Lombok in the next year. Second case in point. Arrangements are now in place for three rigs (not two) to be on site by end of February and another three rigs (not two) by end of March. To say that these guys are itching to get on with the show would be an understatement.

For more than four years, this Company has been tiptoeing around West Lombok, under the very dark cloud of an unauthorized, but nonetheless existing decree from the former, now imprisoned, provincial governor, rendering all mining activity on Lombok as illegal.

West Lombok is seen by some as even more prospective than neighbouring Sumbawa, home to Newmont’s world-class Batu Hijau mine. My take is that a number of influential groups have been jostling over the past four years in hopes of scooping Southern Arc’s West Lombok property. What better way to accomplish this than to render mining on the island illegal, sever the Company’s legal tenure on the property (since mining would be illegal), make mining legal again, and issue the permit to someone else. This may be no more than my active imagination at work on conspiracy theories… or maybe not.

Witness the almost 2 ½ year delay in the release of drilling results for two holes on the Pelangan prospect:

Q2: Were the Pelangan drilling results held specifically because you had not yet received the IUP?

A2: Yes. (Mike Andrews)

Q3: Were they that good (so as to place the property at risk)?

A3: Yes. (Mike Andrews)

In short, the Company is, with the issuance of the West Lombok IUP, now free with legal tenure to advance this property in full force.

Southern Arc enjoys first-mover advantage in the re-birth of one of the world’s most highly prospective regions. Its operational team (stress that word, ‘team’, including Andrew Rowe, Chief Geologist) is deep in Indonesian experience (collectively, 65 years), matched strongly on the corporate side by John Proust. It holds a diversified portfolio of four properties. Three of these have been joint ventured with two of the largest mining companies in the world (Vale and Newcrest), and will be advanced solely at the cost of the partners through to and including Bankable Feasibility Studies. The securing of these joint ventures should be enough to support the notion that these are three strong prospects. The fourth property, West Lombok, is the flagship of this portfolio. West Lombok has just received a 25-year ticket to ride. My understanding is that the Company has recently received five offers on this property. It has (wisely, in my view) opted to leave suitors drooling on the sidelines over the next year, waiting and watching. In a bull market for gold and copper, those suitors will still be looking to replenish their reserves in another year. In the meantime, Southern Arc will have more chips to bargain with, including an NI 43-101 compliant resource estimate. They have a program laid out to achieve that objective and are taking steps to move into that program aggressively within the next month. I anticipate more than 200 holes being drilled into the Pelangan and Mencanggah prospects over the next twelve months. The only unknown in this picture is funding. The 24 month budget for West Lombok, alone, is $16.4 million, $6.4 million of that in the first 12 months. All I get from John Proust when I raise the topic of funding, however, is a smile. I guess we’ll all just have to watch and see what has him smiling.

Miscellaneous and Randomly Ordered Tidbits

Q4: Have you yet dismissed the ‘fingertip/palm’ concept for Selodong?

A4: No… but you should be thinking about this as many hands extending across one big system. (Mike Andrews)

During the drilling hiatus over the past 2 ½ years, key staff have been seconded to other Indonesian operators (including Mike Andrews’ Way Linggo project on Sumatra. By the way, he is no longer attached to that project, and is dedicating himself now to Southern Arc.), on the condition that they be returned to Southern Arc upon resumption of activity on Lombok. Staff are now back with SA.

The Company will employ a local labour force of about 150-180 unskilled workers, on a rotating basis, thereby bringing the total to a level perhaps two or three times that number.

Pelangan: The system is intact, and that’s very encouraging. “We’ve drilled down 200 metres. It could well run another 100 metres below that.” (Hamish Campbell or Mike Andrews)

Mencanggah: While no drilling has been conducted there yet, they have 2,500 surface samples. In contrast to a porphyry formation, what you see at the surface in epithermal formations is what you see at depth. Much greater reliability in surface sampling. (Hamish Campbell)

Dr. Steve Garwin, described by the Company as perhaps the world’s leading authority on structural geology, will be consulting on site for Southern Arc throughout the next year. He will also be making a presentation to attendees of the Company’s investor session in Toronto on March 6th of this year. He will also be present at SA’s Coreshack table at the PDAC conference that week. A member of the Company’s Board of Advisors, Dr. Garwin wrote his doctoral thesis on none other than Batu Hijau. He worked at Newmont for ten years, two as their Chief Geologist in Nevada.

Forestry permits will not be an impediment to forward movement on Lombok.

There is a genetic relationship ‘across’ the Lombok property.

For a mere $10,000 I can buy my own copy of Micromine software, enabling me to plot drilling results into a 3D picture. Something to consider.

Q5: Mike – tell me about your thinking in advance of taking on the presidency of SA? What did or do you see in this Company?

A5: I see what I’ve always seen. In my joining the Company, what you’re seeing is a formalization and acceleration of what I’ve been doing all along; specifically, explorational geology, now with an enhanced focus on operations.

Major mining companies like high sulfidation epithermal deposits a lot (over low sulfidation epithermal deposits), both in and of their own value, and because they also suggest the potential presence of a nearby porphyry. High sulfidation epithermals sit above porphyries, whereas low sulfidation epithermals are peripheral to underlying porphyries.

Q6: John – Even with the recent implementation of the Shareholders’ Rights Plan, at current share price, do you still see some risk of a hostile takeover bid? In the event of an unsolicited takeover effort, what do you see as the Company’s strongest defence against falling to a lowball bid?

A6: There’s always a risk, but with three properties joint ventured, and a full program to advance the Company’s flagship property, it shouldn’t be difficult to make the case for shareholders to hold. We feel that the Company is greatly undervalued and that the upside from current share price is significant. While this is certainly a strong point, I reckon that the Company’s accentuated attention to shareholder relations may ultimately be the ace to play. This is a Company dedicated to maintaining close contact with its broad base of shareholders. If and when push comes to shove, John Proust and his team have earned a high level of trust by which to make their case.

Sumbawa: While the joint venture with Vale provided for funding to be held until forestry permits were in place, Vale has not waited. Funding has begun and activities are underway on both Sabalong and East Elang. Drilling is expected on Sabalong by end of the first quarter. (Hamish Campbell)

Q7: Do you have any worries about stability in the leadership of Indonesia. SBY (the president) is limited to two terms. Might there be a change in direction vis à vis support of mining investment.

A7: None. SBY is just in the second year of a second five year term. Steps are already underway to prepare for his successor. Support for mining will continue. (Hamish Campbell and Mike Andrews)

Vectoring: Along with drilling results, surface samples, and structural considerations, temperature, texture of rocks, ratios of gold:silver all contribute to the vectoring of drill targets. Geologists are able to read the rocks, for example, to determine at what temperature they were formed. In Pelangan and Mencanggah, they’re looking to follow rocks formed at between 190-220 degrees Celsius, as that’s the range for precipitation of gold in the hydrothermal process there. As another example, the ratio of gold to silver over an area of interest moves according to its relative position to the source at depth. As the ratio of gold to silver rises, you’re getting warmer. Structurally, while the West Lombok system (the fault zone) is generally described as running northwest, within this system, geologists are looking for perpendicular faulting. Think of this as identifying paths of least resistance. Where intersection faulting appears, there is lesser resistance to the upward flow of hydrothermal fluids. Hence, finding and following structural intersections leads to concentrations of target metals.

The total surface footprint of alteration for Grasberg (the world’s largest gold mine and third largest copper mine, located in Indonesia in the province of Papua) has a diameter of 650 metres. While yet undeveloped, between Pelangan and Mencanggah, Southern Arc has identified a number of targets showing localized porphyry alteration signatures and coincident magnetic anomalism associated with favourable structural intersections. Just one of these targets marks a surface footprint of more than 4 km by 2.5 km. Early to draw any conclusions, but intriguing, to be certain. The entire West Lombok property measures 13 km in length along a structural corridor dotted everywhere with promising anomalies.

There are perhaps a dozen more such porphyry targets across the property. (Mike Andrews)

Including Selodong?

No. Outside of Selodong. (Mike Andrews)

With respect,

Kevin Graham

 

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