St.George Mining and BHP form agreement

St George Mining Limited has signed an agreement that will give BHP Billiton Limited (BHP)  rights to nickel on a property in Western Australia in exchange for funding exploration work. The deal gives BHP a 2 year option over nickel rights at nine tenements covering approximately 498sq/km at the East Laverton property, 200km northeast of Kalgoorlie, provided it spends AUD 600,000 on exploration during this time. The option gives BHP the right to a 51% interest in nickel rights in the tenements, as well as tenements covering an additional 470sq/km, if it spends AUD 3 million over three years. BHP can also increase its interest to 70% by sole funding a bankable feasibility study.

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