Ark Mines partners with Arafura Resources

Company News

Ark Mines Limited (ASX:AHK) has signed an agreement with Arafura Resources Limited (ASX:ARU) to mine, farm in and joint venture with the rare earths producer on the Mt. Porter and Frances Creek gold projects in the Northern Territory.

The gold and base metal explorer says the agreement provides it with a right to earn a 40 per cent interest in Arafura’s Mt. Porter tenements which it acquired from Iluka Resources Limited (ASX:ILU) in 2002.

Ark mines also has four prospective tenements in the Lachlan Fold Belt in NSW.

Ark Mines booked a net loss of $2.2 million in the 2012 financial year.

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