Erin Ventures Inc. has received Serbian government approval to opt out of its agreement with JP Peu Resavica-U Restrukturiranju for the future joint-development of the Piskanja boron deposit. As a result, Erin will continue to retain an undivided 100% interest in the Piskanja project. As reported on May 11, 2010, Erin and JPPEU entered into an agreement for the future joint-development of the Piskanja boron property, subject to certain conditions.
JPPEU could have potentially earned an interest in the Piskanja project based upon the contribution of certain of its assets to a joint venture with Erin. The determination of which assets could be contributed to the joint venture by JPPEU was at the sole discretion of Erin. Erin has determined that it is in its best interest, given the potential value of Piskanja, to opt out of this agreement with JPPEU in favor of pursuing strategic alliances with other potential partners who meet Erin's criteria of being well established international leaders in various facets of the tightly controlled boron industry.