Updates

The merger completion was postponed to June 30, 2010.

EN did not extend the exercise of the option by the Chinese group to invest in the Caldag Project. EN subsequently notified shareholders that it has entered into an understanding with a consortium of European banks for the funding of the project. Shareholder are not happy with this development. Share of EN has dropped from a high of 10 pence to about 6+ pence.

Meanwhile its good news for us employees of the local company of Rusina. The share options given to us will be converted to fully paid shares of EN. According to the merger agreement, 5 Rusina shares will be exchanged with 4 EN shares with a premium of a minimum of 20%? Even though the shares given are not much, its will become significant in the near future when the project pushes through.

Recent events

The company i am working with is merging with a European firm. The name of the European firm will be retained, our company' s name will be erased forever but our managing director will be retained as the MD for the merged entity.

For us employees, we really are not sure whether it is a good development or not. What matter it seems is the ability of the new management team to raise funds for our projects here in the Philippines and elsewhere.

The merged company will push for the funding of the mine project in Caldag, Turkey. The project is far advance in its funding stage while the project here in Zambales is about to begin the Bankable Feasibility Study. The Turkey as well as the local project involve the recovery of nickel metal from the ore by way heap leaching, a low capital process of nickel recover from laterites compared to the traditional High Pressure Acid Leach (HPAL) method.