21/09/2004 - 22:00

Jubilee, Pioneer in new nickel venture

21/09/2004 - 22:00

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Jubilee, Pioneer in new nickel venture

NICKEL miner Jubilee Mines has entered into a major exploration joint venture with junior Nickel explorer Pioneer Nickel, to further explore the Acra Project near Kalgoorlie.

Earlier this week the companies announced they had agreed to the terms of the joint venture, where Jubilee may earn up to a 75 per cent interest in a large portfolio of tenements, including the Acra project.

The Acra project is adjacent to Jubilee’s 60 per cent-owned Emu Lake nickel sulphide project.

Pioneer said that on completion of the deal, which remains subject to a number of hurdles, Jubilee would hold 4.75 million Pioneer shares representing about 10 per cent of Pioneer on an undiluted basis, which will position Jubilee as Pioneer’s second-biggest shareholder.

Pioneer said the deal, from which it would bank about $840,000, recognised the quality of Pioneer’s exploration assets at Acra and the Kurnalpi terrain.

Jubilee said involvement in the Acra project provided Jubilee with a dominant ownership position over a 140km strike length of highly prospective nickel sulphide ground.

Jubilee also said, as part of the agreement, it would soon nominate a director to the board of Pioneer.

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