ARGENT MINERALS LIMITED — M&A Activity 2010

Dec 8, 2010

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9 December 2010

The Company Announcements Platform ASX Limited

By E‐lodgment

ARGENT TO SELL BULLANT GOLD PROJECT TO US NICKEL LIMITED

The board of directors of both Argent Minerals Limited ( Argent ) and US Nickel Limited ( US Nickel ) are pleased to announce the execution of an agreement whereby:

• (a) Argent agrees to sell the Bullant Gold Project to US Nickel in return for US Nickel issuing 44,000,000 fully paid ordinary shares and consenting to the cancellation of 19,500,000 Argent shares held by US Nickel. The US Nickel Shares will be distributed to Argent’s shareholders , and

• (b) US Nickel agrees to withdraw and not proceed with its proposed takeover offer for Argent.

The Agreement, which is unanimously supported by both the Argent and US Nickel boards, is subject to the receipt of all necessary regulatory and shareholder approvals (from both Argent and US Nickel shareholders). The shareholder meetings seeking the necessary Argent and USN shareholder approvals are expected to be held in February 2011 and the relevant Notices of Meeting, together with supporting documentation will be sent to the respective shareholders in January 2011.

Subject to successful completion of the transaction, US Nickel proposes to continue with the current development of the Bullant Gold Project in conjunction with the Kalgoorlie based management and operational team. For US Nickel, this proposal represents a potentially cleaner acquisition and provides its shareholders with direct exposure to any early development success at Bullant. US Nickel will also continue with its previously stated objectives and ongoing exploration programs on its North American projects.

For more information: Mr Alex Hewlett Managing Director US Nickel Limited (+61) 8 6382 7200

US NICKEL LIMITED

Suite 1, 346 Barker Road, Subiaco WA 6008 | PO Box 846, Subiaco WA 6904 Telephone: (618) 6382 7200 | Fax: (618) 6382 3777

ACN: 091 009 559 | ABN: 44 091 009 559 | Email: admin@usnickel.com.au | Website: www.usnickel.com.au