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New South Wales
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Ark Mines Ltd was listed in 2011 with the intent to explore and further develop several prospective tenements in the Lachlan Fold Belt region of New South Wales. After completing a comprehensive program in line with the plans and objectives set out in the company’s prospectus, it became obvious that further significant and costly drilling was required to properly interpret and understand the results of previous activities.
Around the time that the company was considering a further raising to support continued exploration in the Lachlan Fold Belt, the company decided to take an option to acquire the Marsuparia project in Indonesia. This project boasted stunning geology and a great potential to secure spectacular returns for shareholders. Regrettably, the Marsuparia project vendors could not satisfy relevant authorities in Indonesia as to their title and as a consequence the option was never exercised, although it is still in place.
Soon after the company’s board came to the view that title to the Marsuparia project could not be delivered to their satisfaction, it was decided that the company needed to move into gold production as soon as was practicable. As the Lachlan Fold Belt tenements required significant further exploration and investment, it was decided to search for other tenements capable of near term gold production, putting the company in a position to self-fund its exploration programs and pay dividends to shareholders as soon as practicable.
In early 2013 the company entered into a Mining, Farmin and Joint Venture Agreement with Arafura Resources Ltd (ASX:ARU), which gave the company the immediate right to mine a 34,200 Au oz JORC 2004 expandable resource at Mount Porter in the Northern Territory and to acquire up to a 100% interest in highly prospective gold exploration tenements at Frances Creek, also in the Northern Territory.
With a view to preserve cash in very difficult and challenging market conditions, the board decided to focus its attention on the Northern Territory gold assets and to release certain tenements in New South Wales which, given prevailing economic circumstances, could not in the near term be developed into gold producing revenues.
Having successfully navigated many significant challenges over the last few years the company is now well placed to:
commence mining gold at Mount Porter;
comply with its obligations under the ARU Farmin Agreement with a view to acquiring between 70% and 100% of the Frances Creek projects;
further explore and develop its remaining Lachlan Fold Belt tenement “Babinda” well situated in a proven gold mining region; and
secure other near term gold producing projects.
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