Nebu Announces Mallard Property Amendment Agreementadmin
Nebu Resources Inc. announced that it has entered into an amendment agreement to vary the agreement, pursuant to which the Company has an option to acquire a 100% interest in an extensive, highly prospective land position (the “Mallard Property”) adjacent to the north of the Augen Gold Corp.’s Jerome Property, and northwest of Trelawney Mining and Exploration Inc.’s Cote Lake Property (the “Acquisition”) (see press release dated February 22, 2011 available on SEDAR at www.sedar.com for further details of the Mallard Property). Pursuant to the Amended Agreement the parties have agreed to vary the Option Agreement so that Bruce Durham (“Durham”), one of the five vendors under the Option Agreement and a Non Arm’s Length Party to the Company by virtue of being a director of Nebu, is no longer a party to the Option Agreement. Any obligation owed to or by, and any requirement for any consent or permission to be given to or by, Durham under the Option Agreement shall be of no further effect.
Pursuant to the terms of the Option Agreement as amended by the Amended Agreement, Nebu has the option to earn 100% interest in the Mallard Property by making a series of payments totaling $352,000 and issuing a total of 1,100,000 common shares of the Company to the group of original four vendors. In addition, $200,000 of exploration expenditures must be completed by the second anniversary of the Option Agreement.
The Acquisition remains subject to the approval of the TSX Venture Exchange.