GUANO (ELA04/2007 & ELA04/2008)
On 27 May 2010, Eagle Nickel entered into a Heads of Agreement with Golden Century Mining Ltd whereby Eagle Nickel can acquire 2 offshore exploration tenements regarded as being prospective for accumulations of highly prized organic fertilizer subject to and conditional upon the approval of Eagle Nickel shareholders. The consideration to be provided by Eagle Nickel was 7 million shares in Eagle Nickel and 7 million options exercisable at 20 cents on or before 1 May 2016.
The transaction was approved by shareholders at a General Meeting held on 10 May 2011 and the shares and options were subsequently issued to Golden Century Mining Limited on 13 May 2011.
The Guano Project group of tenements is comprised of application E04/2007 (White Island) approximately 3km2 in size and covering a single unnamed island and application E04/2008 (Brunswick Bay) approximately 50km2 in size and covering 100% of West Montalivet, East Montalivet, Don & Patricia Islands and approximately 50% of Walker Island. The potential of both tenements continues to be assessed ahead of evaluating appropriate exploration methods and scheduling accessible times to visit, identify and quantify the presence of guano on the islands in question once the tenements have been granted.