hcy- read this!

Halcyon Group Limited (HCY), today announced that Minara Resources Limited (MRE), have agreed to enter into a joint venture with Halcyon to explore for nickel sulphides at the Bardoc Project. The terms of the Joint Venture include, a cash payment of $300,000 on signing, with Minara to earn up to 70% of nickel rights through the expenditure of $2.7 Million on Exploration. There would need to be a first year minimum spend of $900,000 and following the expenditure of $1.5 Million, Minara will have earned a 51% interest. On completion of 70% earn in, Halcyon can elect to contribute or dilute to a 20% free carried interest until decision to mine Minara have demonstrated their confidence in Halcyon’s technical management team by appointing Halcyon to manage all nickel exploration, until a 70% interest has been earned. Halcyon say the joint venture provides the necessary funding to aggressively explore the Bardoc Project. Halcyon has already identified numerous targets situated within the same komatiites that host the Scotia Nickel Mine (35,000 tonnes of Nickel Metal) some 10 km to the north of Halcyon’s tenure.