Nickel plays continue

LOCAL nickel miner Jubilee Mines has reached an agreement with Breakaway Resources Limited to restructure the Bannockburn Nickel and Base Metal Joint Venture. As a result, the current joint venture will be dissolved and Jubilee will acquire a 100 per cent interest in the nickel and base metal exploration areas at Bannockburn, about 50 kilometres south of Leinster, and 90km south of Jubilee’s Cosmos nickel operation. Jubilee entered into the joint venture with Breakaway in January, 2002 as part of its regional exploration program, and has since earned a 70 per cent interest in the nickel and base metal rights and a 30 per cent interest in the gold and precious metal rights. The transaction is conditional on various consents and approvals being obtained. Jubilee said it intends to undertake exploration and drilling programs in the area in the second half of this year. The transaction follows a recent announcement this month by Jubilee of its intention to develop its Prospero project, 4.5km south of Cosmos. Meanwhile, Barra Resources, another local nickel explorer, has announced to the market its intention to raise $1.26 million in a placement of 12.6 million fully paid shares at 10 cents each. According to Barra, the funds raised will be used for drilling programs at its Burbanks gold project, Riverina gold and nickel projects and for working capital purposes. Last month, Barra revealed drilling results containing a four metre intersection at 1.84 per cent nickel from the Riverina project, which is a joint venture with Riverina Resources, located approximately 130km north of Coolgardie.