Straits has agreed to enter a short term, exclusive arrangement with Bracken Resources Pty Ltd.  Under this arrangement, Bracken will have the right to complete its due diligence with a view to acquiring the Mine within 90 days.  Bracken will pay non-refundable option fees of $1 million immediately, another $1 million after 45 days and $1 million on exercise, to continue this review.  The arrangement will provide Bracken the option to purchase the mine for $27 million cash plus replacement of $4m in bonds, in addition to its option fee payments.