PostersShares on Issue (ARX) - 345 mOptions 3.6 cents to pay...

Posters

Shares on Issue (ARX) - 345 m
Options 3.6 cents to pay expire Jan 2011 (ARXOA)- 153 m
Cash - $3.4 million

Managing Director - John Carlile

He headed the exploration team for Newcrest that found Gosowong, a high grade epithermal project in Indonesia that is now about 3 million ounces.

Exploration Manager - Brad Wake

He headed the exploration team at Aurora Gold that found Tok Tingdung a high grade epithermal project in Indonesia that is 1.2 million ounces.

Main Project - Trenggalek

A high grade epithermal project in Java, Indonesia. Easy access with good infrastructure (power and roads). Surface outcrops running at up to an ounce to the tonne, has been mapped over 2km in length.

Drilling Contractor - Drilling for Shares

Their drilling contractor has agreed to take US$900,000 in drilling services in ARX shares for drilling 10,000 metres.

Comparative Valuations

The closest company I could find was Robust Resources (ROL) who have a high grade project in Indonesia. They have some great results so are a little ahead of ARX. They have 53 million shares on issue at $1.75 = $92m market cap with $10 m in the bank.

Based on this ARX could be in for a run if they get some results from the current Treggaleek drilling program.

Good luck!