Southern Arc Files West Lombok Technical Report
August 23, 2013 – Vancouver, BC – Southern Arc Minerals (TSX-V: SA, OTCQX: SOACF) (“Southern Arc” or “the Company”) has filed a National Instrument 43-101 Technical Report regarding the resource estimate for its West Lombok property. The resource estimate and technical report were completed by SRK Consulting (Canada) Inc. (“SRK”). The technical report has been filed on SEDAR at www.sedar.com and on Southern Arc’s website.
As previously announced on July 11, 2013, SRK has estimated an Inferred Resource totalling 1.49 million ounces of gold, 1.82 million ounces of silver and 397.3 million pounds of copper from three open-pittable epithermal gold deposits and one porphyry copper deposit. Details of the resource estimate are summarized below and in Figure 1.
West Lombok Property Mineral Resource EstimateWest Lombok Property Mineral Resource Estimate
Effective Date June 29, 2013
ns not significant
- Resources for the Raja epithermal deposit are reported at a 0.5 g/t gold equivalent cut-off using the long-term consensus price forecasts for gold and silver of US$1500 and US$25 per ounce, respectively, and assumed 100% metal recoveries for both metals. Bising and Tibu Serai epithermal deposits are reported at a cut-off grade of 0.5 g/t gold. All resources were constrained inside a Whittle open pit shell. Gold grades were capped at 30 g/t for Raja, 5 g/t for Bising and 5 g/t for Tibu Serai.
- The resource for the Selodong porphyry copper-gold deposit is reported for a 0.25% copper equivalent cut-off grade inside a Whittle open pit shell. Copper equivalent is calculated using the long-term consensus metal forecast prices for gold and copper of US$1500 per ounce and US$3.56 per pound, respectively, and assumed 100% metal recoveries for both metals. Gold was capped at 4 g/t for Selodong. No capping was applied to copper.
- All numbers have been rounded to reflect the relative accuracy of the estimates
- The mineral resources have been estimated in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability
On behalf of the Board of Southern Arc Minerals Inc.
Chairman & Chief Executive Officer
About Southern Arc Minerals
About Dundee Corporation
Dundee Corporation is a Canadian holding company listed on the TSX under the symbol “DC.A”. Through its operating subsidiaries, including Goodman & Company, Investment Counsel Inc., Dundee is engaged in diverse business activities in the areas of its core competencies, including investment advisory, corporate finance and private equity investment in real estate and infrastructure, energy, resources and agriculture. Dundee holds, directly and indirectly, a portfolio of investments mostly in these core areas, as well as other select investments in both publicly listed and private companies.
About Eagle Hill Exploration Corporation
Eagle Hill Exploration Corporation is a Canadian mineral exploration company focused on the exploration and development of gold and precious metal prospects. The Company is set to become an advanced stage gold exploration company with its acquisition of the Windfall Lake high-grade gold project, located between
Val-d’Or and Chibougamau in Quebec. Eagle Hill seeks projects that contain or have potential to contain large resource potential. The Company’s website at www.eaglehillexploration.com and public filings at www.sedar.com provide additional information on Eagle Hill’s properties and other information with respect to its management and operations.
Southern Arc Contact
Vice President, Communications & Investor Relations
North American toll-free: 1-888-676-5241
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.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “to make”, “will”, “plan”, “agreed to”, “to be”, “potentially”, “opportunity”, “to earn”, “believe”, “can be”, “will enable”, “unlocking”, “commencing”, “subject to”, “anticipated”, and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. This document contains forward-looking statements and assumptions pertaining to the following: general economic, market and business conditions; the ability of the Company to obtain shareholder approval to close this transaction; the ability of the Company to close the transaction on time, or at all; uncertainty involving resource estimates and the ability to extract those resources economically, or at all; uncertainty involving drilling programs and the Company’s ability to expand and upgrade existing resource estimates; the regulatory process and actions; the need to work with local communities and authorities to advance the properties; the need to work with Dundee and Eagle Hill to advance the properties; technical issues; new legislation; competitive factors and conditions; uncertainties resulting from potential delays or changes in plans; the occurrence of unexpected events; and the Company’s ability to execute and implement future plans. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, including uncertainty related to drill results and the inclusion of drill results in future resource estimates for the property. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct..
Cautionary Note Regarding Resource Estimates and Drilling Results
The resource estimates and drilling results included in this press release were previously reported by Eagle Hill Exploration Corporation. Southern Arc’s President & Chief Operating Officer has reviewed the technical information included in this press release, but the Company does not take responsibility for National Instrument 43-101 compliance and associated quality assurance / quality control standards associated with the Windfall Lake Gold Deposit. These resources will not be attributable to Southern Arc until the deal has been approved by shareholders and completed.
The technical information in this document has been reviewed by Southern Arc’s President & Chief Operating Officer, Dr. Mike Andrews, PhD, FAusIMM, who has sufficient experience relevant to the style of mineralization under consideration and qualifies as a Qualified Person as defined by National Instrument 43-101.