Sherlock Bay completes agreement with traditional owners
Sarah Belfield
Monday, May 10, 2004 Sherlock Bay Nickel Corp has completed an agreement with traditional owners the Ngarluma People for the company's namesake project near Karratha in Western Australia.
The agreement, via wholly-owned subsidiary Bushjet Pty Ltd, involves a cash donation of $5000 to the Roebourne sporting complex and, following a 30 day cooling-off period, a payment $70,000 to the Ngarluma People.
Within 28 days of obtaining all approvals and finance needed to start mining, Bushjet will issue 1.5 million Sherlock Bay shares to the Ngarluma People's nominees.
Once production starts, the subsidiary will then pay an annual $200,000 to the Ngarluma People, with an additional annual $20,000 going into a trust account for sporting events.
The two parties will also cooperate to identify employment and contract opportunities at the project for members of the Ngarluma People.
Sherlock Bay has a resource of 9 million tonnes grading 0.53% nickel and 0.10% copper, with a bankable feasibility due to be completed this month.
Sherlock Bay shares previously closed at 7.9 cents.
SHN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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