Oh look... I can answer all my own questions! I don't need you...

Oh look... I can answer all my own questions!

I don't need you lot ;-)

25 February 2010

Eagle Eye’s Joint Venture partner at Waite Kauri, Poseidon Nickel Limited, has advised that it is withdrawing from the Venture due to current commodity pricing, the project requiring an increased world price for nickel to become commercially viable.
The Waite Kauri Project is located 43km northeast of Leonora, Western Australia. It contains a JORC compliant Inferred Resource of 2.53 million tonnes averaging 0.7% nickel and 0.05% cobalt, which equates to over 17,000 tonnes of contained nickel and 1,520 tonnes of cobalt, calculated using a Surpac block model at a 0.5% Ni cut-off grade (refer to ASX announcement of 14 July 2008 for more detailed information).
The tenements are all registered 100% in Eagle Eye’s name, and are in good standing, paving the way for future works to continue. The Company considers that, given the substantial value of the nickel and cobalt resource defined so far, the Project is worth holding pending an improvement in the nickel price.
Accordingly, Eagle Eye will retain the Project on a care and maintenance basis and compliance with the minimum statutory levels of expenditure. Eagle Eye is actively seeking a nickel industry partner to take up an interest in the Project, preferably on a Joint Venture basis as a medium term prospect that may well prove of considerable value as the nickel price improves.

I wonder if this JV will ever be made between the two again?