- Ark Mines has entered into a joint venture with Trendsheer Holdings and ICA Mining Services
- The joint venture aims to establish a new environmentally gold processing hub in the Frances Creek area near Pine Creek, NT
- The project intends to use environmental friendly technology created by CSIRO
Ark Mines has entered into a joint venture with Trendsheer Holdings and ICA Mining Services to mine and produce gold doré from Ark Mines Tenements in the Northern Territory.
The joint venture aims to establish a new environmentally gold processing hub in the Frances Creek area near Pine Creek, NT.
The project intends to use environmental friendly technology created by CSIRO (The Commonwealth Scientific and Industrial Research Organisation) which will be used to process gold ore mined from Arks Tenements.
The new gold project will create jobs for the local indigenous community and will provide a unique and will increase NT gold production.
The new agreement will help Ark pay off its debts to Chan Investments after the companies have agreed that the joint venture will be responsible for repaying majority of the debt.
Trendsheer holdings has tenements near Arks in the Frances Creek.
When the Territory assignments have been registered Trendsheer will be the holder of an approved Mining Management Plan that lets it mine iron ore out of its tenements.
In the agreement, ICA will acquire the rights to build the plant on Trendsheer’s tenements.
ICA has also secured NT rights to Thiosulphate gold extraction process developed by the CSIRO.
Ark Mines is a exploration and development company that aims on mining its tenements and to develop further cash generating projects in the NT.
The final and binding Joint Venture agreement will be signed within 30 days.
Ark Mines has gained 33 per cent today and is selling at 2¢ per share.