Scorpion Minerals Limited advised that it has entered into a binding Heads of Agreement with eMetals Limited to acquire a 100% interest in tenements E 20/896, E 20/963, E 20/964 and a 90% interest in E 20/885 (collectively the "tenements") which cover a combined 904km² in the Murchison Goldfield of Western Australia. Under the agreement, SCN will acquire its interest in the tenements for a cash consideration of $12,500 and 4,000,000 fully paid ordinary shares in SCN. EMT will also receive a 0.5% net smelter return (NSR) royalty in respect of minerals mined from the Tenements should commercial mining be undertaken. Settlement is to be completed within 60 days of executing this agreement subject to successful completion of due diligence and other conditions precedent. The four tenements (Poona Project) are contiguous and south of SCN's Pharos tenements. The Poona Project contains the Mughal Ni-Cu target plus the Poona and Jackson's Reward Rare Metal Pegmatite occurrences, all of which are located immediately south of SCN's high priority PGE-Ni-Cu targets at Pallas. The Company intends to make a further announcement about the mineral prospectivity of the Poona Project after receipt and review of data from eMetals.