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No doubt DONEGAL has advised SMY when they bought LANFRANCHI and Tenements.

And DONEGAL holding 25% of this JV as well, gives me a great deal of comfort:
_________

LANFRANCHI--NICKEL.
"June 18, 2004: JV Lanfranchi Acquisition. The Lanfranchi Joint Venture (expected to be Sally Malay 75% and Donegal 25%). Exploration upside:
�� Sally Malay and Donegal Resources acquire the Lanfranchi Mine and associated Tramways Tenements

�� Due diligence identified an inferred resource of 1.16m tonnes at a grade of 2.61% Nickel for 30,346 tonnes Ni

�� Considerable exploration upside over approximately 50 km2 of highly prospective ground on 37 mineral leases

�� Established mining infrastructure will allow production to commence in the near term (January 2005)

�� Ore to be purchased by WMC Resources under a long term agreement on attractive terms

�� Key Joint Venture partner Donegal Resources, with Kambalda operating experience, to be project manager

�� Total consideration of $26 million will be funded from existing cash reserves, debt and project cashflows.

�� Sally Malay on track to become the third largest sulphide nickel producer in Australia by 2006".

Combined contained nickel metal production from Sally Malay and Tramways is forecast to exceed 15,600 tonnes (on an equity basis) in 2006, potentially making Sally Malay the 3rd largest Australian Nickel sulphide producer behind WMR and Lion Ore.
http://stocknessmonster.com/news-item?S=SMY&E=ASX&N=263472


Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell