In May 2007, the Company entered into the Option Agreement with Sheridan Platinum and Fancamp pursuant to which the Company has the right to earn a 100% interest in the Optioned George River Properties by making staged cash payments totaling an aggregate of $2,000,000 (since amended to $1,850,000, see note below). Of that, $725,000 has already been paid) to Sheridan Platinum and Fancamp until April 30, 2009 and the issuance of an aggregate of 350,000 Common Shares (which have been issued) to Sheridan Platinum and Fancamp. The Optioned George River Properties is subject to a 3% NSR for the first two years after commencement of commercial production and thereafter a 5% NSR.
The Company has also acquired the Staked George River Properties, which is comprised of 141 claims totaling 12,534.92 hectares, which are adjacent to the Optioned George River Properties.
The Optioned George River Properties and the Staked George River Properties, now collectively known as the Wedge Hills Property, are located south of Ungava Bay in the Province of Québec.
The Wedge Hill Property originally consisted of 569 mining claims totaling 32,484.11 hectares. Of that, the Optioned Properties consisted of 428 claims and the Staked Properties, 141 claims.
In April 2008, Nebu dropped 124 claims of the Optioned Property, choosing to concentrate resources on the remaining 304 Optioned Property Claims and the 141 Staked Property Claims.
In total, the newly named Wedge Hills property now consists of 445 claims, totaling 26,120.84 hectares.
Quest JV Option – Stewart/Nanuk
In June 2008, the Company signed a joint venture option agreement with Quest Uranium Corporation ("Quest") whereby Nebu can earn a 50% undivided interest in the Stewart Lake and Nanuk properties which comprises 3,923 claims (162,987 hectares) owned by Quest in the George River area of Quebec. In order to earn its interest, Nebu must incur exploration expenses on these claims totalling $3 million by August 31, 2011, of which $1 million must be spent by August 31, 2009 and a total of $2 million by August 31, 2010. In addition Nebu must issue to Quest a total of 600,000 of its common shares with 200,000 due upon signing of the agreement and 200,000 by August 31, 2009 and a further 200,000 by August 31, 2010. The issuance of the shares is subject to regulatory approval.
The properties optioned from Quest are located 60-80 kilometres south and east of the Wedge Hills Property and are approximately 250 kilometres north-east of Schefferville, Quebec.
Quest Lake Property – Princess Lake, Quill Lake and Hilltop Lake
In July 2008, the Company hired Bruce Mackie Consulting Services to stake three non-contiguous claim groups in the Sturgeon area of North-western Ontario, to further explore what is believed to be a prospective gold bearing banded iron formation.
The Princess Lake property consists of 3 claims totalling 544 hectares. Quill Lake consists of 3 claims totalling 496 hectares. Hilltop Lake is 4 claims totalling 752 hectares.
All eight properties are situated on Category III lands within Nunavik, as defined in the James Bay and Northern Québec Agreement. The Mining Act and related regulations govern exploration activities in this area.
All claim groups located in 24H lie within a protected "Caribou Calving Area", which restricts low level aircraft flights and the use of explosives to the period from August 1 to May 15. All other activities can be carried out with no restrictions.
