Document:

Exhibit 10.2

                            EAGLE BAY RESOURCES N.L.

                                       and

                             RMMI AUSTRALIA PTY LTD

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                        JOINT VENTURE HEADS OF AGREEMENT

                             AUSTRALIAN NICKEL J.V.

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RMMI / EAGLE BAY JOINT VENTURE HEADS OF AGREEMENT

THIS AGREEMENT is dated 6th December 2006

BETWEEN:

EAGLE BAY RESOURCES N.L. (ACN 051 212 429) of
Level 1, 14 Outram St, West Perth WA 6005 ("EBR")

AND

RMMI AUSTRALIA PTY LTD (ACN 122 077 105)
Level 25, 500 Collins Street, Melbourne Vic 3000 ("RMMI")

RECITALS:

A.    The parties wish to associate  themselves  for the purpose of  exploration
      for sulphide nickel deposits in Australia.

B.    The parties now agree to form a joint venture on the terms and  conditions
      set out in this Agreement.

AGREED as follows

1.    INTERPRETATION

      1.1   In this Agreement unless the context otherwise requires:

            "ASX" means Australian Stock Exchange Limited;

            "Commencement Date" means 1st November 2006

            "Expert" means an independent  expert  appointed by the Participants
            or, in the absence of agreement, by the President of AusIMM;

            "Joint Venture" means the joint venture constituted under clause 2.1
            of this Agreement;

            "Joint Venture Expenditure" means all Outgoings and the costs of all
            Joint Venture Operations  including (without  limitation) all costs,
            expenses   and   liabilities   incurred  in   connection   with  the
            exploration,  development  and mining of the Tenements for minerals,
            accounted for in accordance with accounting  principles  accepted in
            Australia;

            "Joint Venture Interest" means in relation to a Participant:

            (a)   its  interest  (from  time to time) as tenant in common in the
                  Joint  Venture  Property and in all other rights  conferred by
                  this Agreement; and

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            (b)   its right to take in kind a share of minerals derived from the
                  Tenements subject to the liabilities and obligations attaching
                  to the foregoing and imposed by this Agreement;

            "Joint Venture  Operations" means all activities as are necessary or
            desirable  in  order  to  implement  and  give  full  effect  to the
            provisions and purposes of this Agreement;

            "Joint Venture Property" means all property of whatsoever kind held,
            developed,  acquired or created by or on behalf of the  Participants
            for  the   purpose   of  the  Joint   Venture   including   (without
            limitations):

            (a)   the Tenements;

            (b)   Mining information; and

            (c)   minerals,  concentrate  and ore prior to their  being taken in
                  kind by the Participants;

            "Manager" means the  Participant  appointed to conduct Joint Venture
            Operations  pursuant to clause 3.1 but  reference  to the Manager do
            not include references to that Participant in any other capacity;

            "Mining Act" means the Mining Act 1978 (W.A.) as amended;

            "Mining  Information"  means all  technical  and  other  information
            including   (without   limitation)   geological,   geochemical   and
            geophysical reports, surveys, mosaics, aerial photographs,  samples,
            drill core, drill logs,  drill pulp,  assay results,  maps and plans
            relating to the Tenements or to Joint Venture Operations, whether in
            physical, written or electronic form;

            "Operating  Committee"  means the Operating  Committee  formed under
            clause 4.1 of this Agreement;

            "Outgoings" means all rents,  rates,  survey fees and other fees and
            charges  under the Mining Act or  otherwise in  connection  with the
            Tenements;

            "Participants"  means EBR and RMMI or their permitted successors and
            assigns;

            "Parties" means EBR and RMMI or their successors and assigns holding
            a joint venture interest;

            "Related  Body  Corporate"  means with respect to any  Participant a
            related body corporate of that Participant within the meaning of the
            Corporations Act;

            "Tenement  Area"  means the land over which the  relevant  Tenements
            have been granted.

            "Tenements"  means any  tenements  acquired  by the  Joint  Venture,
            together with any extensions, renewals, consolidations, replacements
            or amendments  to those  tenements  and all rights  associated  with
            those  tenements  including  the  right  to  treat  mineral  bearing
            material located in the tenements.

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      1.2   In this Agreement, unless the context requires otherwise:

            (a)   reference to a recital, clause, schedule,  annexure or exhibit
                  is to a recital, clause,  schedule,  annexure or exhibit of or
                  to this Agreement;

            (b)   a reference to this Agreement or another  instrument  includes
                  any variation or replacement of any of them;

            (c)   a  reference  to any  statute  shall  include  any  amendment,
                  replacement  or  re-enactment  thereof  for the time  being in
                  force  and  any   by-laws,   statutory   instruments,   rules,
                  regulations,   notices,   orders,   directions,   consents  or
                  permissions  made  thereunder  and  any  conditions  attaching
                  thereto;

            (d)   the  singular  includes  the  plural  and  vice  versa;

            (e)   a reference to any gender includes all genders;

            (f)   a reference  to a person  includes a reference to the person's
                  executors,   administrators,   substitutes,   successors   and
                  permitted assigns;

            (g)   a  covenant,  representation  or  warranty in favour of two or
                  more persons is for the benefit of them jointly and severally;

            (h)   a covenant,  representation  or warranty on the part of two or
                  more  persons  binds them  jointly  and  severally;  and

            (i)   a reference to currency is to the currency of Australia.

2.    JOINT VENTURE

      2.1   The Participants hereby associate in an unincorporated joint venture
            for the purpose of  exploring  and,  if  warranted,  developing  and
            mining sulphide hosted nickel in Australia.

      2.2   The Joint Venture  shall  commence on the  Commencement  Date and on
            that date the Joint Venture Interests of the Participants are:

                                  EBR      50%
                                  RMMI     50%

            The Joint  Venture will hire a competent  nickel  geologist who will
            operate  out of EBR's  offices  in West Perth and whose cost will be
            borne 50% by the Carr Boyd  Joint  Venture  and then pro rata to the
            participants  in this  Joint  Venture so long as the Carr Boyd Joint
            Venture remains extant.

      2.3   Nothing in this Agreement  shall make a Participant a partner of any
            other  Participant  nor,  except  as  expressly   provided  in  this
            Agreement, constitute any Participant the agent or representative of
            any  other  Participant  or to  create  any  fiduciary  relationship
            between them.

      2.4   No  Participant  shall  have any  authority  to act on behalf of any
            other  Participant,  except as expressly provided in this Agreement.
            Where a

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            Participant  acts on  behalf  of  another  without  authority,  such
            Participant  shall  indemnify  the other  from any  losses,  claims,
            damages and liabilities arising out of any such act.

      2.5   Each  Participant  has the  right  to take  in kind  and  separately
            dispose  of,  in  proportion  to its  Joint  Venture  Interest,  all
            minerals produced by the Joint Venture.

      2.6   The  liabilities  of the  Participants  to each  other  and to third
            parties  shall be several in proportion  to their  respective  Joint
            Venture Interests from time to time and shall not be either joint or
            joint and several.  Each  Participant  hereby  indemnifies the other
            against  any claim or  liability  incurred by the other in excess of
            the other's Joint Venture Interest.

3.    MANAGER

      3.1   RMMI  shall be the  Manager  and shall be  entitled  to  remain  the
            Manager  (subject  to  clause  3.2)  while it holds a Joint  Venture
            Interest of 50% or greater.

      3.2   The Manager:

            (a)   may resign on 30 days' notice to the Participants; or

            (b)   may be removed by resolution of the Operating  Committee or if
                  it commits gross negligence or wilful default; and

            upon  retirement or removal of the Manager,  the Participants  shall
                  appoint a Manager by agreement between them, or, failing this,
                  by resolution of the Operating Committee.

      3.3   The Manager shall prepare  programmes and budgets for  consideration
            by the Operating Committee. Programmes and budgets shall be prepared
            for periods each of 6 months duration  commencing on 1 September and
            1 March.

      3.4   The Manager:

            (a)   shall carry out the Joint  Venture  activities  in  accordance
                  with   programmes  and  budgets   approved  by  the  Operating
                  Committee;

            (b)   may not exceed an approved budget by more than 15% without the
                  prior consent of the Operating  Committee,  except in relation
                  to emergency expenditure;

            (c)   shall  be  responsible  for all day to day  operations  of the
                  Joint Venture which shall include managing and supervising all
                  approved programmes and budgets;

            (d)   shall carry out Joint Venture  activities  in accordance  with
                  good mining industry practice, with reasonable care, skill and
                  diligence  and in  accordance  with  all  applicable  laws and
                  regulations;

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            (e)   shall  promptly carry out the  instructions  and directions of
                  the Operating Committee; and

            (f)   shall  maintain  complete  and  accurate  books,  records  and
                  accounts of all  transactions  relating  to the Joint  Venture
                  which  shall  be  open  for   inspection   and  audit  by  the
                  Participants.

      3.5   The Manager shall furnish concise reports to the Participants,  on a
            quarterly  basis,  which shall  contain all relevant  technical  and
            financial  information  concerning  the joint  venture.  The cost of
            providing such reports shall be Joint Venture Expenditure.

      3.6   All  statutory  reports  concerning  the  Tenements  released by the
            Manager  shall be  provided  to the  Participants  and the  costs of
            providing such reports shall be Joint Venture Expenditure.

      3.7   The Manager shall,  on receiving  reasonable  notice from any of the
            Participants,  provide that  Participant with copies of any relevant
            project data, provided that any such report or relevant project data
            is provided at the cost of the Participant requesting it.

      3.8   The Manager  shall not be liable to any  Participant  for any losses
            sustained  or  liability  incurred  by the  Joint  Venture  and each
            Participant  shall be liable to indemnify  the Manager in proportion
            to their respective  Joint Venture  Interests in respect of the same
            except where any such loss or liability arises as a direct result of
            the Manager's wilful misconduct or gross negligence.

      3.9   Each Participant appoints the Manager and each of its directors from
            time to time  (severally)  its lawful attorney to sign all forms and
            documents and do  everything  necessary to maintain the Tenements in
            good standing and in full force,  and to comply with the  provisions
            of the Mining Act.

4.    OPERATING COMMITTEE

      4.1   As soon as practicable the Participants shall form and then maintain
            a  committee  which  shall meet not less than once in each  calendar
            quarter unless otherwise agreed.

      4.2   Each  of  the   Participants   shall  be   entitled   to  appoint  a
            representative as a member of the Operating  Committee and to remove
            any  person so  appointed  and to  appoint  another  person in their
            place.  Any  appointment  or removal is to be  effected by notice in
            writing to the other Participants.

      4.3   The  Operating  Committee  may  review  and give  directions  to the
            Manager  as to Joint  Venture  Operations  and  shall  consider  and
            approve  (subject  to  modification  or  otherwise)  the  nature and
            content  of  programmes  and  budgets   relating  to  Joint  Venture
            Operations as proposed by the Manager.

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      4.4   The voting power of each Participant's representative at meetings of
            the Operating  Committee shall be one vote for each percentage point
            of that  Participant's  Joint Venture Interest as at the date of the
            meeting.

      4.5   In the event of a deadlock in voting on matters  requiring  majority
            vote:

            (a)   the Participants  (through their respective senior management)
                  shall meet and in good faith attempt to resolve the deadlock;

            (b)   while the deadlock continues, operations shall continue at the
                  same rate as previously; and

            (c)   after a 3 month period, the decision of whichever  Participant
                  is the Manager shall prevail.

      4.6   All  matters  for  decision  before the  Operating  Committee  shall
            require a majority  vote by one or more of the  Participants  except
            for  passage  of  any  decision  regarding  the  ceasing  of  mining
            operations  that are providing a positive  return on investment  for
            all Participants,  which shall require a 75% majority vote of one or
            more of the Participants.

      4.7   A decision by the Operating Committee will not be effective to amend
            the terms of this Agreement.

5.    CASH CALLS

      5.1   Subject to clause 3.2 (a):

            (a)   the Manager  shall within 30 days after the end of each month,
                  issue to each  Participant  a cash call for its share of Joint
                  Venture  Expenditure  paid or  incurred  during the  preceding
                  month;

            (b)   the  Manager   may,  not  more  than  30  days  prior  to  the
                  commencement of any month issue cash calls for estimated costs
                  which the Manager  anticipates  will be  incurred  during that
                  month;

            (c)   all cash calls must be paid within 14 days of receipt; and

            (d)   all  Participants  shall  be  liable  to  contribute  to Joint
                  Venture  Expenditure  in  proportion  to their  Joint  Venture
                  Interests from time to time.

      5.2   A  Participant  that does not pay a cash call by the due date  shall
            pay interest thereon at a rate equal to 3% above the Westpac Banking
            Corporation Indicator Lending Rate from time to time.

      5.3   The  Manager  shall  be  entitled  to  recover  moneys  owing  by  a
            defaulting party in any court of competent jurisdiction

      5.4   If a  Participant  defaults in the  payment of a cash call  properly
            issued to it and if  default  continues  for more that 30 days,  the
            other Participants may elect to dilute the Joint Venture Interest of
            the   defaulting   Participant,   in  which   case  the   defaulting
            Participant's Joint Venture

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            Interest shall be diluted at the rate of 150% of the rate prescribed
            in clause 6.2

6.    DILUTION

      6.1   The  following  shall apply in relation to  voluntary  dilution by a
            Participant,  which  dilution  may only occur prior to a Decision to
            Mine:

            (a)   within 21 days after approval by the Operating  Committee of a
                  programme  and  budget,  any  Participant  may  elect  not  to
                  contribute to the programme or budget.  If a Participant makes
                  such an election, the other Participant may amend the approved
                  programmed and budget to take account of the non-contribution;

            (b)   the  Participant  that  elected not to  contribute  ("Diluting
                  Participant") shall have its Joint Venture Interest diluted in
                  accordance with the dilution formula set out in clause 6.2;

            (c)   notwithstanding anything in this clause, voluntary dilution is
                  not  permitted in respect of any programme and budget which is
                  necessary to maintain the Tenements.

      6.2   The  Joint  Venture  Interest  of a  Diluting  Participant  shall be
            diluted and  recalculated  from time to time in accordance  with the
            following formula:

                      New Joint Venture Interest = A x 100
                                                   -------
                                                     B

                  Where:

                  A    =    the  total  amount  of  Joint  Venture   Expenditure
                            contributed by the Diluting  Participant at the date
                            of calculation  plus the deemed  contribution of the
                            Diluting Participant;

                  B    =    the  total  amount  of  Joint  Venture   Expenditure
                            contributed  by  the  Participants  at the  date  of
                            calculation,  plus the deemed  contributions of both
                            Participants.

                  For the purposes of the formula,  the deemed  contribution  of
                  each of EBR and RMMI shall be $300,000

7.    CONFIDENTIALITY

      7.1   Unless  otherwise  agreed by the  Participants or required by law or
            the listing Rules of the ASX, all  information  obtained in relation
            to the Joint  Venture and which is not in the public domain shall be
            kept confidential and shall not be disclosed by the Participants.

      7.2   If  required  by any  Participant,  the  Manager  must  give  to the
            Participants all information the Participant requires to comply with
            the Listing  Rules of the ASX and the  Participants  agree that such
            information  may be given to the ASX for  release  to the  market if
            necessary for the

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            Participants  to comply with the Listing  Rules,  provided  that all
            Participants have been given a reasonable period of time, bearing in
            mind the circumstances, to comment on the draft announcement to ASX.

8.    ASSIGNMENT

      8.1   Subject to clause 8.4, any  Participant may assign all or any of its
            Joint Venture  Interest to any related Body  Corporate  without each
            other  Participant's  consent  but subject to the  assignee  company
            agreeing to assign the Joint  Venture  Interest back to the assignor
            in the event that it ceases to fulfil its obligations.

      8.2   Subject to clause 8.1, no Participant ("Assigning  Participant") may
            assign all or any of its Joint Venture Interest unless the Assigning
            Participant  first  offers  to  assign  such  interest  to the other
            Participants  ("Non-Assigning  Participants") pro rata upon the same
            terms and  conditions  (as determined by clause 8.3) as the proposed
            terms and  conditions of the  assignment to the third party and such
            offer has not been accepted by the Non-Assigning Participants within
            30 days after the making of the offer.

      8.3   For the purposes of clause 8.2,  the identity of the proposed  third
            party  assignee,  the  proposed  purchase  price and other terms and
            conditions upon which the Assigning  Participant is prepared to sell
            or dispose  of all or part of its Joint  Venture  Interest  shall be
            furnished to the Non- Assigning Participants at the time of delivery
            of the offer and the proposed  consideration  must be in cash and or
            joint  venture  expenditure  or if  not in  cash  or  joint  venture
            expenditure, be of a value to be agreed between the Participants. If
            the  Participants  cannot  agree upon such value the matter shall be
            determined by an Expert whose decision shall be final.

      8.4   Where an assignment  is made to a Related Body  Corporate or a third
            party,  such  assignment  shall  have no force or effect  whatsoever
            until such time as the Related Body Corporate or the third party has
            entered into a covenant  with the other  Participants  binding it to
            observe and perform all the terms and conditions of this Agreement.

      8.5   No  Participant  shall assign,  encumber,  part with  possession of,
            grant  any  power  of  attorney  over or in any  other  directly  or
            indirectly deal with its Joint Venture  Interest or any part thereof
            (or any right to earn a Joint  Venture  Interest)  save as expressly
            permitted by the terms of this Agreement.

      8.6   A  Participant  may create or permit the creation of an  encumbrance
            over the whole or part of its Joint Venture  Interest but only if it
            complies with each of the following requirements:

            (a)   the encumbrance is a mortgage, charge or other recognised form
                  of security;

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            (b)   the  encumbrance is to secure moneys  borrowed for the purpose
                  of meeting its obligations under this Agreement; and

            (c)   the  person  taking  the  encumbrance   executes  a  chargee's
                  priority  deed in a form  reasonably  acceptable  to the other
                  Participant, agreeing that the rights of that person under the
                  encumbrance are subject to the provisions of this Agreement.

9.    WITHDRAWAL

      9.1   Any  Participant  may withdraw  from the Joint  Venture by giving 12
            months' notice in writing to the other Participants.  Where a budget
            has been approved and is relevant to a period remaining of less than
            12 months,  then  notice may be given with such  lesser  time notice
            period.

      9.2   Upon a withdrawal or deemed withdrawal from the Joint Venture, then,
            unless  otherwise  provided  in  this  Agreement,   the  withdrawing
            Participant  shall thereupon  assign to the other  Participants  pro
            rata all its Joint Venture Interest for nil consideration.

      9.3   Any withdrawal  pursuant to this clause 9 shall be without prejudice
            to any rights or  obligations of the  Participants  arising prior to
            the withdrawal.

10.   HOLDING AND TRANSFER OF JOINT VENTURE PROPERTY

      10.1  The  Joint  Venture  Property  shall be held by the  Participant  or
            Participants  for the time being  having  legal title  thereto  upon
            trust for the  Participants as tenants in common in undivided shares
            in accordance with their respective Joint Venture Interests.

      10.2  Any  Participant  having a  beneficial  interest  in  Joint  Venture
            Property may at any time and at its expense  require a transfer from
            the  other  Participants,  of the  legal  title  to that  beneficial
            interest.

      10.3  The  transfer  of any  interest  in the  Tenements  pursuant to this
            Agreement is subject to any necessary  consent or approval under the
            Mining Act or under any other law or regulation and the Participants
            shall use all  reasonable  efforts to promptly  obtain all necessary
            consents and approvals.

11.   CAVEATS

      11.1  Any Participant  shall be entitled to lodge such caveats pursuant to
            the Mining Act as it thinks fit to protect its  beneficial  interest
            in the Tenements from time to time.

12.   FURTHER ASSURANCES

      12.1  The  Participants  shall sign all such documents,  forms and notices
            and do all such things as may be reasonably necessary to give effect
            to the terms of this Agreement.

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13.   NOTICES

      13.1  A notice approval, consent or other communication in connection with
            this Agreement:

            (a)   must be in writing;

            (b)   must be marked for the  attention  of the person  specified in
                  clause 13.2 or, if a Participant notifies another person, then
                  to that person; and

            (c)   must be  left  at the  address  of the  addressee,  or sent by
                  prepaid  ordinary  post  (airmail if posted to or from a place
                  outside  Australia) to the address of the addressee or sent by
                  facsimile to the facsimile  number of the  addressee  which is
                  specified in clause 13.2 or, if the addressee notifies another
                  address or facsimile number, then to that address of facsimile
                  number.

      13.2  The address and facsimile  number of, and specified person for, each
            Participant is:

            (a)   EBR

                  Attention:   Managing Director
                  Address:     1st Floor, 14 Outram St
                               West Perth WA 6872
                  Facsimile:   (08) 9481 3330

            (b)   RMMI

                  Attention:   Managing Director
                  Address:     25th Floor, 500 Collins St
                               Melbourne Vic  3000
                  Facsimile:   (03) 8610 4799

      13.3  A notice, approval, consent or other communication takes effect from
            the time it is received  unless a later time is  specified  in it. A
            posted letter or facsimile is taken to be received:

            (a)   in the case of a posted  letter,  on the  third  (seventh,  if
                  posted  to or from a place  outside  Australia)  Business  Day
                  after posting; and

            (b)   in the case of facsimile,  on production,  by the machine from
                  which the facsimile was sent, of a  transmission  report which
                  indicates  that the  facsimile was sent in its entirety and in
                  an error free form to the  facsimile  number of the  recipient
                  notified for the purpose of this clause.

14.   NO PARTITION

      14.1  Unless otherwise agreed between the Participants, no Participant and
            no person  claiming  through a Participant  shall during the life of
            the Joint

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            Venture seek partition,  whether by any court or otherwise howsoever
            of any Joint Venture Property.

15.   FORCE MAJEURE

      15.1  In this Agreement, Force Majeure means:

            (a)   declared or undeclared war, revolution,  act of public enemies
                  riots or civil commotions;

            (b)   strike,  lockout,  stoppage  or  restraint  of labour or other
                  industrial disputes;

            (c)   fire or explosion,  Act of God, flood,  storm or washaway,  in
                  each case which  could not have been  reasonably  foreseen  or
                  with due diligence avoided;

            (d)   act or restraint  of any  Government,  Governmental  agency or
                  authority, including expropriation, prohibition, intervention,
                  direction,  embargo,  or  regulation  so that the ability of a
                  party to perform its  obligations is  substantially  adversely
                  affected; and

            (e)   any other cause which by the exercise of reasonable  foresight
                  or due diligence the party is unable to prevent or overcome.

      15.2  A party shall be excused from the performance of an obligation under
            this Agreement, other than an obligation to pay money, to the extent
            and for so long as the failure is caused by Force Majeure.

      15.3  A party  claiming to be excused from  performance  of an  obligation
            shall:

            (a)   within 48 hours give notice to the other party of the event of
                  Force Majeure relied on; and

            (b)   use  its  best  endeavours  to  resume   compliance  with  the
                  obligation as soon as  reasonably  possible but no party shall
                  be  obliged  to  settle  an  industrial  dispute  on terms not
                  acceptable to it.

      15.4  If a party is excused from performance of an obligation by reason of
            Force  Majeure,  then the time for  performance by each party of its
            obligations  under this Agreement  shall be extended by such time as
            is reasonable in the circumstances.

16.   FORMAL JOINT VENTURE AGREEMENT

      16.1  If requested by any Participant,  the Manager shall prepare a formal
            joint venture agreement setting out the arrangements and commitments
            herein contained together with such provisions as are normally found
            in joint  venture  agreements  and are not  inconsistent  with  this
            Agreement will be negotiated in good faith between the  Participants
            but until such a formal agreement is executed the Participants shall
            be bound by the provisions of this  Agreement.  If the  Participants
            fail to reach agreement

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            on any  matter,  either  Participant  may  require  the matter to be
            referred to an Expert whose decision shall be final and binding.

17.   COSTS

      24.1  Each  Participant  shall be  responsible  for its own legal costs in
            connection with the preparation of this Agreement.

18.   GST

      18.1  Definitions

            For the purposes of this clause 18:

            "Consideration"  has the same meaning as in the GST Act but does not
            include the GST amount payable;

            "GST"  means a tax,  import  or duty on goods or  services  or other
            things  introduced by the  Commonwealth of Australia or any State of
            Australia or any similar tax;

            "GST Act" means a New Tax System  (Goods and Services Tax) Act 1999;
            and

            "Supply" has the same meaning as in section 9.10 of the GST Act.

      18.2  GST Component

            Any Supply  pursuant  to or arising  out of this  Agreement  and the
            Joint  Venture  shall be upon the basis that the  Consideration  for
            that Supply is increased by the amount of GST payable.

      18.3  GST Obligation

            The  Participants  and the  Manager  shall duly  comply with all GST
            obligations.

      18.4  GST Joint Venture

            The  Participants  will in good  faith  consider  taking  action  to
            register the Joint Venture as a "GST Joint Venture".

19.   GOVERNING LAW

      19.1  This Agreement shall be governed by and construed in accordance with
            the laws of the  State of  Western  Australia  and the  Participants
            agree to submit to the jurisdiction of the courts of that State.

20.   APPLICATION FOR TENEMENT - AREA OF INTEREST

      20.1  The Participants  acknowledge  that any mineral  tenement  targeting
            nickel  sulphide  acquired  by any  party to this  agreement  within
            Western Australia,  other than the Carr Boyd Joint Venture tenements
            and

                                                                              13
<PAGE>

            related area of interest, shall firstly be offered at no cost to the
            Joint Venture  partners pro rata and if not  accepted,  shall remain
            with the acquirer.

Executed by the Participants as an Agreement.

EXECUTED for and on behalf of            )
EAGLE BAY RESOURCES N.L.                 )

/s/ A. Rechner
----------------------
Director

A. RECHNER
______________________
Print name

EXECUTED for and on behalf of            )
RMMI AUSTRALIA PTY LTD                   )

/s/ M.A. Muzzin
----------------------
Director

M.A. MUZZIN
______________________
Print name

                                                                              14Exhibit 10.3

                    NON-NEGOTIABLE CONVERTIBLE PROMISSORY NOT

NEITHER  THIS  PROMISSORY  NOTE NOR ANY  SHARES OF COMMON  STOCK  ISSUABLE  UPON
CONVERSION OF THIS PROMISSORY NOTE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933,  AS  AMENDED  (THE  "ACT") OR UNDER THE  SECURITIES  LAWS OF ANY STATE.
NEITHER  THIS  PROMISSORY  NOTE NOR ANY  SHARES OF COMMON  STOCK  ISSUABLE  UPON
CONVERSION OF THIS  PROMISSORY  NOTE MAY BE SOLD,  OFFERED FOR SALE,  PLEDGED OR
HYPOTHECATED  IN THE ABSENCE OF A REGISTRATION  STATEMENT IN EFFECT WITH RESPECT
TO THE  PROMISSORY  NOTE OR SUCH  COMMON  STOCK  UNDER SUCH ACT OR AN OPINION OF
COUNSEL  REASONABLY  SATISFACTORY  TO THE COMPANY THAT SUCH  REGISTRATION IS NOT
REQUIRED PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE ACT.

                          ROCKY MOUNTAIN MINERALS, INC.

                   NON-NEGOTIABLE CONVERTIBLE PROMISSORY NOTE

                                                         April 30, 2007

      1.    Loan. FOR  VALUE RECEIVED, the undersigned, Rocky Mountain Minerals,
Inc.,  a Wyoming  corporation,  with its  address  at 2480  North  Tolemac  Way,
Prescott,  Arizona  86305  (referred to herein as  "Borrower"),  promises to pay
Great  Missenden  Holdings  Pty Ltd,  with an address  at Level 25, 500  Collins
Street, Melbourne,  Victoria,  Australia, 3000 ("Lender"),  the aggregate unpaid
principal of all Loans (as hereinafter  defined) made from Lender to Borrower on
June 30,2008 (the "Maturity Date"),  subject to Borrower's  prepayment rights as
set forth below, and interest on the unpaid principal balance of this promissory
note  ("Note")  at a rate equal to nine (9%)  percent per annum.  The  principal
balance then outstanding  under this Note plus accrued but unpaid interest shall
be paid in full on the Maturity Date.

      Lender  shall  advance to  Borrower  the  principal  sum of Three  Hundred
Thousand  ($300,000) US Dollars as follows:  $75,000 on April 30, and $75,000 on
each of May 31,2007,  June 30,2007, and August 31,2007 (the "Loans");  provided,
however, that the Borrower may, in its sole discretion, waive the advancement of
any or all of the  aforementioned  installments  upon  written  notice  given to
Lender 2 days prior to the applicable advance, in which case Lender shall not be
entitled to make such advance.  The Borrower shall record the date and amount of
all such advances and send a written confirmation thereof to Lender.

            Notwithstanding  any  other  provision  hereof,   interest  paid  or
becoming due  hereunder  shall in no event exceed the maximum rate  permitted by
applicable  law.  All amounts due  hereunder  are payable in lawful money of the
United States of America to the Lender at the address above indicated.

<PAGE>

      2.    Conversion. (a)  Subject  to  subparagraph  (h)  below,  at any time
before  the  Maturity  Date,  the  Lender  shall  have  the  right,  in its sole
discretion,  to convert the entire then  outstanding  principal  balance of this
Note (if such balance is outstanding at the time of such conversion) into shares
of the Borrower's  common stock,  $.001 par value per share ("Common  Stock") of
the Borrower,  at a conversion price equal to US $0.025 (the "Conversion Price")
per share, subject to adjustment as described below. It is understood and agreed
that such Conversion shall not avoid the obligation of the Lender to advance the
full amount of the Loans.

            (b)   Lender may convert the above specified  amount of this Note at
the then  applicable  Conversion  Price by the surrender of this Note  (properly
endorsed) at the principal  office of the  Borrower,  or at such other agency or
office of the  Borrower  in the United  States of America  as the  Borrower  may
designate by notice in writing to the Lender at the address of Lender  appearing
herein.  In the  event  of  the  conversion  of  this  Note,  a  certificate  or
certificates  for the  securities  into  which  this  Note is so  converted,  as
applicable,  registered  in the name of the Lender,  shall be  delivered  to the
Lender as soon as  practicable  after the  receipt by  Borrower of this Note and
Lender's written request for conversion.

            (c)   If  the  Borrower, at any time while this Note is outstanding,
(A) shall pay a stock dividend or otherwise make a distribution on shares of its
Common Stock,  which  dividend or  distributions  is payable in shares of Common
Stock, (B) subdivide  outstanding shares of Common Stock into a larger number of
shares or (C) combine  (including  by way of reverse  stock  split)  outstanding
shares of Common  Stock  into a smaller  number of shares,  then the  Conversion
Price as then in effect shall be adjusted by  multiplying  it by a fraction,  of
which the  numerator  shall be the number of shares of Common  Stock  (excluding
treasury  shares,  if any)  outstanding  before  such  event  and of  which  the
denominator  shall be the number of shares of Common Stock  (excluding  treasury
shares, if any) outstanding after such event.

            (d)   Except for the merger described in subparagraph  (h) below, in
case of any  consolidation  or  merger  of the  Borrower  with  or into  another
corporation  or entity,  or the  conveyance of all or  substantially  all of the
assets of the  Borrower  to  another  corporation  or  entity,  in  either  case
resulting in a conversion,  extinguishment or exchange of the outstanding shares
of  Common  Stock,  or any  other  re-classification  of the  Common  Stock  not
described  above,  this Note shall  thereafter be convertible into the number of
shares of stock or other  securities or property to which a holder of the number
of shares of Common Stock of the Borrower  deliverable  upon  conversion of this
Note   immediately   prior  to  such   consolidation,   merger,   conveyance  or
reclassification  would  have been  entitled  upon such  consolidation,  merger,
conveyance or reclassification;  and, in any such case,  appropriate  adjustment
shall be made in the application of the provisions herein set forth with respect
to the rights and interest  thereafter  of the holders of this Note,  to the end
that the provisions set forth herein shall be thereafter  applicable,  as nearly
as  reasonably  may be, in  relation  to any  shares of stock or other  property
thereafter deliverable upon the conversion of this Note.

            (e)   Any  adjustment  to  the Conversion Price made pursuant to the
adjustment provisions of this Section 2 shall become effective immediately after
the record date for the

                                        2
<PAGE>

determination of stockholders  entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a
subdivision, combination or re-classification.

            (f)   The  Borrower  covenants that it will at all times reserve and
keep available out of its authorized and unissued  shares of Common Stock solely
for the  purpose  of  issuance  upon  conversion  of this  Note,  each as herein
provided,  free from preemptive rights or any other actual  contingent  purchase
rights of persons other than the Lender,  not less than such number of shares of
the Common Stock as shall be issuable  upon the  conversion  of the  outstanding
principal  amount of this  Note,  to the extent  such  conversion  is  permitted
hereunder.  The Borrower covenants that all shares of Common Stock that shall be
so issuable shall, upon issue, be duly and validly authorized,  issued and fully
paid, nonassessable.

            (g)   Except  with  respect  to the merger described in subparagraph
(h)  below,  if (i)  the  Borrower  shall  declare  a  dividend  (or  any  other
distribution)  on the Common  Stock;  (ii) the Borrower  shall declare a special
nonrecurring  cash dividend on or a redemption  of the Common  Stock;  (iii) the
Borrower shall  authorize the granting to all holders of the Common Stock rights
or warrants to  subscribe  for or  purchase  any shares of capital  stock of any
class or of any  rights;  (iv) there shall be a  reclassification  of the Common
Stock, any consolidation or merger to which the Borrower is a party, any sale or
transfer  of all or  substantially  all of the  assets of the  Borrower,  or any
compulsory  share  exchange,  in each  such case  whereby  the  Common  Stock is
converted  into other  securities,  cash or property;  or (v) the Borrower shall
authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Borrower;  then, in each case, the Borrower shall cause to be
filed at each office or agency  maintained for the purpose of conversion of this
Note,  and shall  cause to be mailed to the Lender at its last  address as shall
appear upon this Note records of the  Borrower,  at least 10 calendar days prior
to the  applicable  record or effective  date  hereinafter  specified,  a notice
stating  (i) the date on  which a  record  is to be  taken  for the  purpose  of
receiving such dividend,  distribution,  redemption, rights or warrants, or if a
record is not to be taken,  the date as of which the holders of the Common Stock
of record to be entitled to such dividend,  distribution,  redemption, rights or
warrants are to be determined,  or (ii) the date on which such reclassification,
consolidation,  merger, sale, transfer, share exchange, dissolution, liquidation
or winding up is expected to become effective or close, and the date as of which
it is expected  that  holders of the Common Stock of record shall be entitled to
exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification,  consolidation,  merger, sale, transfer,
share  exchange,  dissolution,  liquidation  or winding up,  provided,  that the
failure to mail such  notice or any defect  therein  or in the  mailing  thereof
shall not affect the validity of the corporate  action  required to be specified
in such notice.

            (h)   In the  event  that the  shareholders  of  Borrower  adopt and
approve a plan of merger  pursuant to which the Borrower  merges with and into a
wholly owned Delaware subsidiary ("Newco"), and pursuant to such plan of merger,
the holders of the common stock of the Borrower are to receive  shares of common
stock  of  Newco,  then  effective   immediately  prior,  and  subject  to,  the
consummation  of such  merger,  this Note  shall  automatically  convert in full
(including all

                                        3
<PAGE>

outstanding   principal  and  interest  thereon)  into  such  number  shares  of
Borrower's common stock which would entitle the Lender to receive in such merger
such number of shares of Newco's  common stock equal to one percent of the total
outstanding shares of Newco's common stock immediately  following the merger for
each  $30,000  of  outstanding  principal  under  this  Note at the time of such
merger, up to a total often percent. Upon such automatic  conversion,  this Note
shall  terminate and be cancelled in full,  without any further action by Lender
or Borrower,  and all of Borrower's  obligations and liabilities hereunder shall
terminate in full upon such automatic conversion.

            (i)   The issuance of certificates for shares of the Common Stock or
other  securities on conversion of this Note shall be made without charge to the
Lender for any documentary stamp or similar taxes that may be payable in respect
of the issue or delivery of such  certificate,  provided that the Borrower shall
not be  required  to pay any tax that may be payable in respect of any  transfer
involved in the issuance and delivery of any such certificate upon conversion in
a name other than that of the Lender and the  Borrower  shall not be required to
issue or  deliver  such  certificates  unless  or until the  person  or  persons
requesting the issuance  thereof shall have paid to the Borrower or its designee
the  amount of such tax or shall have  established  to the  satisfaction  of the
Borrower that such tax has been paid.

            (j)   Upon  conversion  hereunder,  the  Borrower  may  issue  stock
certificates representing fractions of shares of the Common Stock.

            (k)   Nothing  herein shall limit any right granted to Lender by any
other instrument or document or by law or equity.

      3.    Prepayment.  Borrower  may, at any time prior to the Maturity  Date,
prepay  the  principal  balance  of this  Note,  in whole  or in part.  Any such
prepayment  shall be  accompanied  by  accrued  interest  on any  portion of the
principal  of this Note being  prepaid.  Borrower  shall  exercise  its right of
prepayment  by  mailing  a notice to  Lender  of the  amount of this Note  being
prepaid,  30 days in advance of the  intended  prepayment,  and by  delivering a
check  representing the appropriate  consideration  for the prepayment within 45
days after such notice.  No  prepayment  shall be permitted as to any  principal
amount for which Lender has requested  conversion under Section 2 above prior to
the end of the 30-day period following the giving of the notice of prepayment by
Borrower.

      4.    Events of Default.  Each of the following events, if occurring while
any of the principal or interest of this Note remains unpaid,  shall  constitute
an "Event of Default" hereunder:  the Borrower or any of its active subsidiaries
shall  commence,  or there shall be  commenced  against the Borrower or any such
active  subsidiary a case under any applicable  bankruptcy or insolvency laws as
now or hereafter in effect or any successor  thereto,  or the Borrower commences
any other proceeding under any reorganization,  arrangement, adjustment of debt,
relief of debtors, dissolution,  insolvency or liquidation or similar law of any
jurisdiction  whether now or hereafter in effect relating to the Borrower or any
active  subsidiary  thereof or there is  commenced  against the  Borrower or any
active  subsidiary  thereof any such bankruptcy,  insolvency or other proceeding
which remains undismissed for a period of 60 days; or the Borrower or any active
subsidiary thereof is adjudicated  insolvent or bankrupt; or any order of relief
or other order approving any such case or proceeding is

                                        4
<PAGE>

entered;   or  the  Borrower  or  any  active  subsidiary  thereof  suffers  any
appointment of any custodian or the like for it or any  substantial  part of its
property which  continues  undischarged  or unstayed for a period of 60 days; or
the Borrower or any active subsidiary thereof makes a general assignment for the
benefit of creditors;  or the Borrower or any active subsidiary thereof shall by
any act or failure to act  expressly  indicate  its consent  to,  approval of or
acquiescence in any of the foregoing;  or any corporate or other action is taken
by the  Borrower or any active  subsidiary  thereof for the purpose of effecting
any of the foregoing.

            Immediately upon the occurrence of an Event of Default,  at Lender's
option, (i) the Maturity Date shall be deemed to have occurred automatically and
(ii) the  entire  principal  amount  of this Note  then  outstanding,  all other
amounts payable by the Borrower hereunder shall automatically  become and be due
and payable, without presentment, demand, protest or any notice of any kind, all
of which are hereby  expressly  waived by the Borrower,  anything  herein to the
contrary notwithstanding.  Upon the occurrence and during the continuation of an
Event of Default,  the Lender  shall have,  in addition to all other  rights and
remedies  under this Note and related  documents,  all other rights and remedies
provided under each applicable  jurisdiction  and other  applicable  laws, which
rights shall be cumulative.

      5.    Representations  of  Borrower.  The  Borrower  hereby represents and
warrants to the Lender as follows:

            (a)   as of the date  hereof  (i)  there are  100,712,038  shares of
Common Stock and 44,000,000  shares of Preferred  Stock issued and  outstanding,
and (ii) the Lender's total aggregate current  liabilities are approximately US$
46,000.00 (the "Liabilities").

            (b)   The proceeds received by the Borrower from this Note shall not
be used to pay any of the Liabilities.

      6.    Representations of Lender. The Lender acknowledges that the Borrower
will  rely  on  the information and on the representations set forth herein, and
hereby represents, warrants and agrees that:

                  (a)   The Lender is an "Accredited Investor",  as that term is
defined under Section 501 (a) of Regulation D under the Act. Lender  understands
and agrees that it is a  condition  to the  conversion  of this Note that Lender
must be an  accredited  investor at the time of the  conversion of this Note, or
that such conversion shall be pursuant to another available exemption.

                  (b)   The Lender has not received any general  solicitation or
general advertising regarding the issuance of this Note.

                  (c)   The Lender has  sufficient  knowledge and  experience in
financial  and business  matters so that he or it is able to evaluate the merits
and risks of this Note as well as substantial experience in previous private and
public   purchases   of   securities.   The  Lender  is  not  relying  upon  any
recommendations or advice in connection with the investment contemplated

                                        5
<PAGE>

hereby,  other  than  those  made by  Lender's  own  financial  advisors  and/or
attorneys,  whom Lender has consulted or had the  opportunity to consult with in
connection with the investment contemplated by this Note.

                  (d)   The   Lender  understands  that  an  investment  in  the
Borrower  involves  significant  risk.  The Lender  does not  require  the funds
evidenced by this Note for his  liquidity or other needs,  possesses the ability
to bear the economic risk of holding this Note or the Common Stock issuable upon
conversion thereof indefinitely and can afford a complete loss of its investment
in this Note or such Common Stock.

                  (e)   Prior  to  the  issuance  of  this  Note  and  prior  to
conversion, the Lender has or will have had full opportunity to ask questions of
and  receive   answers  from  the  Borrower  and  its  officers  and  authorized
representatives  regarding  the  terms  and  conditions  of  this  Note  and the
transactions  contemplated  hereby,  as well as the affairs of the  Borrower and
related  matters.  The Lender  confirms  that he does not desire to receive  any
further information.

                  (f)   The  Lender  understands  that  the Conversion Price has
been  arbitrarily  determined and does not necessarily  bear any relationship to
investment criteria such as projected earnings, discounted cash flow, book value
or other measures of value.

                  (g)   The Lender understands that this Note has not been filed
with  or  reviewed  by  the  U.S.   Securities  and  Exchange   Commission  (the
"Commission") nor the securities  department of any state because of the private
or limited nature of this offering as defined by applicable  laws, and that this
Note  and the  Common  Stock  issuable  upon  conversion  thereof  have not been
registered with the Commission under the Act nor with the securities  department
of any state in reliance upon an exemption therefrom for non-public offerings.

                  (h)   The  Lender  represents  and warrants that this Note and
the Common Stock  issuable upon  conversion  thereof are or will be acquired for
investment  purposes  and not  with a view to or for sale or  distribution.  The
Lender  represents  that  there  is  no  contract,  undertaking,   agreement  or
arrangement with any person to sell, transfer or pledge to such person or anyone
else this Note or the Common Stock issuable upon conversion  thereof or any part
thereof,  and the  Lender  has no  present  plans to enter  into such  contract,
undertaking,  agreement or arrangement  and will neither  directly or indirectly
seek to  assign,  transfer  or sell  the same in any way  inconsistent  with the
legend which is being placed on this Note.

      7.    Notices.  Any  and all notices or other communications or deliveries
to be  provided  by the  Lender  hereunder  shall be in  writing  and  delivered
personally,  by facsimile,  sent by a nationally  recognized  overnight  courier
service or sent by certified or registered mail,  postage prepaid,  addressed to
the Borrower, at the address set forth above,  facsimile number  61-3-8610-4799,
Attn:  President,  or such other address or facsimile number as the Borrower may
specify for such purposes by notice to the Lender  delivered in accordance  with
this paragraph.  Any and all notices or other communications or deliveries to be
provided by the Borrower hereunder shall be in writing and delivered personally,
by facsimile, sent by a nationally recognized overnight courier service or sent

                                        6
<PAGE>

by certified or registered mail,  postage prepaid,  addressed to the Lender,  at
the address set forth above,  facsimile  number:  61-3-9629-6278.  Any notice or
other communication or deliveries  hereunder shall be deemed given and effective
on the  earliest  of (i) the date of  transmission  if  delivered  by hand or by
facsimile  that has been  confirmed as received by 5:00 P.M. on a business  day,
(ii) one  business  day after  being  sent by  nationally  recognized  overnight
courier  or  received  by  telecopy  after 5:00 P.M.  on any day,  or (iii) five
business  days after being sent by certified  or  registered  mail,  postage and
charges prepaid, return receipt requested.

      8.    Amendments  and  Waivers. Any provision of this Note may be modified
and  compliance  with any provision may be waived by the written  consent of the
Borrower and the Lender.

      9.    Governing  Law.  This  Note  and  the  provisions  hereof  are to be
construed  according  to and are  governed by the laws of the State of New York,
other  than  those  which  would  defer  to  the  substantive  laws  of  another
jurisdiction.  Any dispute  arising  hereunder  shall be subject to adjudication
solely in the  federal  and state  courts  of the State of  Wyoming  in New York
County. The Borrower and Lender hereby consent to the exclusive  jurisdiction of
such courts, waiving any claim of inconvenient forum.

            IN WITNESS WHEREOF, the Borrower and Lender have caused this Note to
be duly executed as of the date first above indicated.

                              BORROWER:

                              ROCKY MOUNTAIN MINERALS, INC.

                              By: /s/ Mark Muzzin
                                 ---------------------------
                              Name:  Mark Muzzin
                              Title: President

                              LENDER:

                              GREAT MISSENDEN HOLDINGS PTY LTD.

                              By: /s/ Ernest Geoffrey Albers
                                 ---------------------------
                              Name:  Ernest Geoffrey Albers
                              Title: Chairman

                                        7

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