Business
Option and JV Agreement
Option and JV Agreement.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n Alba Mineral Resources PLC\n15 May 2006\n\n\n Alba Mineral Resources plc\n ('Alba' or 'the Company')\n\n Alba options Arthrath nickel-copper-PGE project to Inco\n\n\nAlba Mineral Resources plc (AIM: ALBA), the UK based exploration company, is\npleased to announce it has, through its wholly owned subsidiary Aurum Mineral\nResources Limited, entered into an exploration option and joint venture\nagreement with Inco Europe Limited ('Inco'), a wholly owned subsidiary of Inco\nLimited, one of the world's largest nickel producers, in respect of the\nCompany's Arthrath nickel-copper-PGE project in Scotland.\n\nHighlights\n\n• Inco has the right and option to earn a 60% interest in the Arthrath\n project by funding €2,500,000 of exploration expenditures over a four year\n period\n\n• Work undertaken at Arthrath to date by Alba has confirmed the presence\n of extensive disseminated magmatic nickel-copper sulphide mineralization with\n features similar to other feeder intrusion-related nickel systems worldwide.\n\n• Programmes of deep penetrating, ground electro-magnetic geophysics,\n specialized partial leach shallow soil sampling and diamond drilling \n programmes are planned during 2006\n\nLance O'Neill, Chairman, Alba commented; 'We are very pleased to be able to\nannounce this deal that we believe represents an extremely important development\nfor Alba. We are delighted to have a company of Inco's reputation working with\nus on our Arthrath property, which we believe holds significant commercial\npotential for the Company. The agreement gives Alba exposure to Inco's extensive\nnickel exploration expertise, which will be invaluable in developing the next\nphases of our exploration programme.'\n\nOption Agreement\n\nAlba has entered into an exploration option and joint venture agreement (JV)\nwith Inco in respect of the Company's Arthrath nickel-copper-PGE project, in\nwhich the Company holds a 100% interest. The property is located in\nAberdeenshire, Scotland and work to date has confirmed the presence of extensive\ndisseminated magmatic nickel-copper sulphide mineralization with features\nsimilar to other feeder intrusion-related nickel systems worldwide.\n\nUnder the terms of the agreement Inco has the right and option to earn a 60%\ninterest in the project by funding €2,500,000 of exploration expenditures over a\nmaximu...