I think I read some where NOT had a chance at some Nickel lol

drill it and they will come

griz

Melbourne (Platts)--16Dec2007

Australian base metals major Zinifex has unveiled a A$697 million ($601 million) takeover offer for Allegiance Mining, which it will improve on under certain conditions, as it seeks to gain access to the company's Avebury nickel project on the west coast of Tasmania.      In a statement filed Monday with the Australian stock exchange, Zinifex said it would offer A$0.90/share in cash, representing a 26% premium to Allegiance's closing share price of A$0.71 on Friday.       The world's third-biggest zinc producer also said it would increase the bid to A$1/share, if it acquired more than 30% of Allegiance or if the board recommended the offer. The conditional improved offer values Allegiance at A$744 million.      Zinifex wants control of Allegiance's 8,500 mt/year Avebury project which is due to start production in the first quarter of 2008.      "For Zinifex shareholders, we like nickel as an attractive long term growth business and Allegiance's Avebury project is an excellent entry point for Zinifex," said the company's CEO-elect Andew Michelmore. "Avebury is just the start of our strategy to vigorously grow in Zinifex's chosen base metals of copper, nickel and zinc," he added.      Earlier this month, Zinifex said it had more than A$2.2 billion available to make acquisitions after the initial public offering of its smelter business Nyrstar