AN agreement that looks likely to net the Ngarluma People at least $220,000 a year should allow the Sherlock Bay Nickel project to proceed.
Sherlock Bay Nickel Corporation and its subsidiary Bushjet has executed an agreement with the Ngarluma People that will now allow it to gain a mining lease and miscellaneous license over part of the Sherlock bay Nickel Project.
The agreement covers the area caught up in a mining lease, miscellaneous license and existing prospecting licenses applications that cover the 17 kilometre strike length of the project.
Under the agreement the Ngarluma People will be entitled to receive:
p 1.5 million shares in Sherlock Bay providing Bushjet can obtain all the necessary finance and approvals to commence mining on the project;
p A cash donation of $5,000 from Bushjet towards the Roebourne sporting complex;
p $70,000 within 14 days of the end of the cooling off period;
p $200,000 a year once commercial production commences and while it is still profitable;
p $20,000 a year towards sporting events.