18.7% interest in Berong Nickel Corporation (‘BNC’)for...

18.7% interest in Berong Nickel Corporation (‘BNC’)for $6,552,000 in cash.

The Company’s interest in BNC was held in the accounts at $3.48 million.

So BNC interest was sold 90% higer than the book value.

Berong Nickel project: 9.92 m. tonnes of laterite ore at a 1.55% nickel grade


ENK still holds Devolli Nickel project: 100% owned Devolli
Nickel Project in southern Albania. Inferred resource of 35 m tonnes at 1.2%nickel. Refer to BNC's 18% for $6.5m, Devolli Nickel project should be sold at $25-30million.

Borker valued value of 8p/share (AUD 13c) for the Devoli, Berong and Ipilan assets, Now Berong sold, Devoli and Ipilan remaining. (Non-core assets of ENK)

According to the broker's reports, we can expect $25m sales from Devoli and Ipilan Nickel projects.


Recent Berong sale confirmed Non-core asset value.