entered into a joint venture with Image Resources NL on
a prospective tenement package including 24 granted
exploration licences and four exploration licence
applications covering 2,500sq km situated in the Yilgarn
Craton, one of the world's most fertile nickel sulphide
provinces. The terms of the joint venture are:
expenditure of $1 million in the first year from
listing on ASX.
expenditure of $2 million within two years of
listing, on any or all of the projects, to earn an
the right to
increase Emu's interest to 100% by spending an
aggregate $3 million within 3 years of listing and
converting Image's interest to a 1% gross royalty
interest which Emu may buy out at any time on
payment of $200,000.