New Zealand gold joint venture finalised

Global Nickel Investments Ltd announced on Friday that the Farm-In agreement...

  cc alluvial project adjacent to Global Nickel’s Longwood Range PGE project on the South Island of New Zealand.Global Nickel has purchased a 50% interest in the project with the obligation to meet the first year’s expenditure commitment of NZ$40,000 by completing a bulk sampling program, with a view to commencing production in late 2008.The Round Hill Goldfield is conveniently situated on the lower flanks of the southern Longwood Range near the townships of Colac and Riverton, with the major regional centre of Invercargill less than 50 km to the east. Mining Permit 41 653, which forms the Round Hill JV area, adjoins the Company’s other major project in the area,Longwood Range. This project, now 75% owned by Global Nickel, was an area of significant alluvial gold (and by-product platinum) production between the late 1860’s and the 1950’s. Small scale operations have continued up to the present day. Face sampling prior to Global Nickel’s involvement returned grades up to 0.6 grams of gold per cubic metre. These samples were taken from a recently worked pit within the joint venture area. The Company is confident that the Round Hill project, with very low associated costs of digging and processing, represents an excellent opportunity for near-term low-cost cash-flow that will be used to fund exploration over the significantly larger Longwood Range project, targeting the primary platinum (and gold) mineralisation of the area.The cost of the project is NZ$50,000 which covers past tenement rents, and the issue of 1.25 million Global Nickel shares and 1.25 million options.