Feb 8 (Reuters) - New Energy Minerals Ltd NXE.AX :
* AGREEMENT TO SELL REMAINING 50% OF BALAMA RESOURCES PTY LTD
* DEAL FOR AUS$7 MILLION
* ON COMPLETION, AUSPICIOUS VIRTUE INVESTMENT WILL BE SOLE SHAREHOLDER OF BALAMA
* SIGNS DEAL TO SELL REMAINING 50% OF BALAMA RESOURCES TO AUSPICIOUS VIRTUE INVESTMENT HOLDING
* AS PART OF DEAL CO TO CONDUCT CAPITAL REDUCTION FOR SHAREHOLDERS, OF NOT LESS THAN 60% OF PURCHASE PRICE LESS COSTS INCURRED