Commenting on the Plumridge Nickel Joint Venture, Segue’s...

Commenting on the Plumridge Nickel Joint Venture, Segue’s Managing Director, Mr Steven Michael, said:

"The Plumridge Nickel Joint Venture with MMG is a significant milestone for Segue in the exploration for a world-class nickel deposit in the Fraser Range. The multi-million dollar, multi-year joint venture with a leading diversified base metals company will provide the necessary resources, both financial and technical, to adequately explore the extensive tenement holding at the Plumridge Nickel Project.

MMG has a highly skilled team of geologists and geophysicists who will help maximise the potential for a significant nickel-copper discovery at Plumridge with a large and accelerated exploration programme. MMG will manage all exploration activities on the Joint Venture tenements and is required to spend a minimum of $1.5 million by 31 December 2016 and a further $5.0 million by 31 December 2019 to earn an initial 51% interest in the Joint Venture.

If MMG elects to continue sole-funding beyond Stage 1, it can increase its interest to 70% through an additional $7.5 million of expenditure over two years. If this occurs, a total of $14 million would have been spent by MMG on the Plumridge Nickel Project, with Segue retaining a 30% interest.

We are excited about the potential upside this joint venture partnership may deliver."