In March 2007 Jackson Minerals announced that it had entered into a conditional agreement for the Sale of Mining Assets, including the Wallbrook gold resources, with Saracen Gold Mines Pty Ltd (ASX Code - SAR).  As a result of this sale, the Company currently has 2.5 million SAR shares.

The decision to sell the Wallbrook gold resources followed a detailed Scoping Study and assessment of all options to create shareholder value from this asset.  The Company believed that the large low-grade gold resources at Wallbrook could best be developed through the owners of local infrastructure.  Saracen, as owners of the near by 2 Mtpa Carosue Dam Gold Plant and extensive gold resources in the region, can immediately incorporate the Wallbrook resources into their current Definitive Feasibility Study.  The Company has a high level of confidence that Saracen, with the benefit of the Wallbrook resources, will bring the Carosue Dam Operations back into production in the near term.

Total consideration payable to the Company is approximately $7 million, assuming mining of 2 million tonnes from the Project Area and an SAR share price of 35 cents.

Key commercial terms include;

1. Sale of tenements including the Wallbrook prospect, Porphyry North project and Mulgabbie project.
2. A deposit of $250,000 payed on signing of the Agreement.
3. Cash payment of $2,000,000 and issue of 2,500,000 Saracen Mineral Holdings Limited ("SAR") fully paid ordinary shares (with 6 month escrow) on settlement (31 May, 2007).
4. The issue of 5,000,000 SAR fully paid ordinary shares on Commencement of Mining.
5. A Royalty of $1 per tonne on the first 2 million tonnes mined and treated.