Wow .. it's been one hell of a ride on ARC in 2011... a usual they have moved slow and another year is nearly passed.
Have held for years, even picked up more last months and only for the Anglo American project .. if not for that would sell right down just hold a liitle to see what Bima produced ...
It is hard country in West Papua, jungle so think you can't walk through it, mountains, locals to deal with ... but the richest Gold mine in the world is not far from ARC/Anglo's project and Anglo have the resources to do it .. just a matter of when ...
ARC management handle it very well .. I mean it's obvious that ARC have little faith in making a large find at Treggalek, or they had no reason to stop drilling at Treggalek in 2011 after 8 holes that turned up same as the 5000m meters of scout drilling at Treggalek in 2010, if not worse than the 2010 drilling. ARC has conserved the 6 million in the bank and stand ready to drill out Bima ... The surface grabs look very good from Bima, but they looked very good from Treggalek as well .... The Anglo American project is the company maker ... ARC just have to survive long enough to see Anglo American move ahead with West Papua ... so it wouldn't surprise me if Bima drilling starts in DEC 2011, and if poor results are returned after 10 - 20 holes, the same thing will happen as Treggalek .. ARC will shut it all down and conserve cash ... Anglo may take years to begin the high cost Heli assist drilling campaigns that West Papua will require ... Anglo have till 2014 from memory.. so will the world economic scene as it is, wouldn't count on anything till 2013/14 ...
Anything could happen of course and any sniff that Anglo are progressing will spike (as in the past) ARC's share price ... nothing I have ever seen moves ARC's sp like the Anglo American project can ...
Am surprised that the sp isn't now under 0.01, Bima is keeping many holding for now I guess ... although can't see it staying above 0.01 for much longer if Bima doesn't get busy ... and if Bima brings in a decent drill result the sp will be 0.05 in a day .. and continue ... ... we all wait !!
Go the ARC !!!
only my views ...
ARX Price at posting:
1.2¢ Sentiment: LT Buy Disclosure: Held
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