daytrading august 29 afternoon, page-140

Trees ARX $20m carried exploration by Anglo see here old news

http://www.arcexploration.com.au/IRM/Company/ShowPage.aspx/PDFs/1571-75110073/AngloAmericanFarmsIntoTrenggalekProjectEastJava

The key terms of the Trenggalek Project Joint Venture are:
* Anglo American has the right to earn a 51% interest by sole funding US$ 10 million before 1 October 2016 of which not less than US$ 2.5 million shall be spent before 30 June 2014
and a minimum spend of US$ 1.6 million is required before 30 November 2013 before Anglo American can withdraw from the project

* After spending US$ 10 million Anglo American can move from 51% to 75% by sole funding an additional US$ 10 million


On reaching 75%, Anglo American will free carry ARX for
its remaining 20% through completion of a Pre Feasibility Study



So ARX keep 20% and carried through $20M and PFS not bad for a company with $5m Market cap and $3m in the bank