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European Nickel and Rusina Mining NL announced that they have satisfied the due diligence conditions of their proposed merger. The transaction is now expected to complete in May 2010. In February European Nickel signed an agreement to acquire Rusina in an equity based deal, with a capped value of up to 27.1 million.

Mr Robert Gregory MD of Rusina said that "We are pleased to report passing the first milestone for this transaction. The scheme booklet is now being prepared and is due to be mailed to Rusina shareholders in early April 2010, allowing shareholders to vote on the transaction in early May 2010."

The Rusina directors have unanimously recommended that Rusina shareholders vote in favor of the proposed scheme, and in the absence of a superior proposal, each director intends to vote in favor of the transaction in respect of the Rusina shares they own or control at the date of the scheme meeting.

The two companies have been developing the joint venture Acoje nickel project in the Philippines. Under the current agreement, European Nickel is providing its heap leach technology and contributing USD 10 million towards a definitive feasibility study, to earn a 40% interest in the Acoje project.

Mr Simon Purkiss MD of European Nickel said that "The merger with Rusina is a logical transaction which will secure Acoje's future, consolidates our asset base in the Philippines and strengthens the management team. The heap leach trial site has finished construction and a 3,000 tonne ore sample will be processed."

In a previous joint statement the companies said the combined company would benefit from synergies such as the improved access to development capital through an enlarged balance sheet, a strengthened management team and geographical and project diversification across Turkey, the Philippines and Albania.