Ann: Junee and Oberon Resource Statement , page-5

Yes … there is a real possibility that we could end up with Anglo American withdrawing from the Trenggalek JV once 1.6 million is spent by Anglo and then ARC end up holding these 3 Australian JV's, plus having to fund any work on Trenggalek alone. Leaving ARC holding the bag, lets not forget that ARC have drilled Trenggalek before and although nearly every hole had gold, nothing exciting was found.

I do think Trenggalek has huge potential, no doubt.

In my opinion it is an extremely irresponsible decision by ARC to enter into these Australian JV's until Anglo American has completed the first stage of Trenggalek JV and Anglo have agreed to continue the Trenggalek JV. 'If' that is how the JV works. Which it looks to, as Anglo only have to spent 1.6 million and then has an opinion to withdrawal.

Am holding this stock for the West Papua JV with Anglo American, which could be enormous and fully funded by Anglo. Just want ARC to survive till then and not issue billions of shares along the way to fund these other projects.

Wow !! hope Anglo American return some good hits on this next drilling ….

Go the ARC !!

DYOR …