BHR.L Regulatory News (BHR)

11 Mar 2008 07:29

Carnegie Minerals plc11 March 2008 11 March 2008 Carnegie Minerals Plc ("Carnegie" or the "Company") Announces research and development agreement with USGS Carnegie Minerals Plc (AIM - CME), the international mineral resource companywith interests and advanced exploration in Senegal, has announced that it hasentered into a Cooperative Research and Development Agreement (CRADA) with theU. S. Geological Survey (USGS), an agency of the United States Government. The objectives of the collaboration are to: • define areas with potential for mineral deposits containing metals such as titanium, iron, zirconium and rare-earth elements; • enable researchers from both parties to interpret geologic terranes favourable for staged field geological investigations; • further test modelling methods developed by the USGS that integrate geologic, geochemical, and geophysical indicators; and • assess mineral resource potential using synthesis and analysis of USGS geosciences databases. The domestic and international locations jointly selected for study support bothUSGS's mission to assess the mineral resources of the US and the world andCarnegie's exploration strategy. The benefits of this exchange include sharingof data, the refinement of mineralogic methods, and an expanded suite ofmineralogic and chemical data for the US national-scale assessments. Under the terms of this 3-year joint project, slated to begin in March of 2008,Carnegie is providing approximately USD1million in cash and in-kind services inthe form of labour, external consulting and contractual costs to the project.The USGS is providing in-kind resources in the form of labour, equipment,facilities, information, and computer software estimated at USD225,000. Alan Hopkins, Managing Director of Carnegie Minerals plc, said: "We are very pleased to be able to announce this project with the USGS; theyhave been at the forefront of mineral deposit research for over 125 years andthe opportunity to work in the USA is an extremely attractive one for us." "This move is in line with the Company's strategy to use the state-of -the-arttechniques to investigate and develop new projects in highly prospectivegeographical regions with low sovereign risk; in addition to continuing ourexploration efforts in Senegal and fast tracking the conversion of the Niafarangdeposit area into a mining title." "Carnegie is now moving to the next stage of its development as an internationalplayer in the production of minerals and we look forward to updating the marketas to our progress in the months to come." - Ends - For further information, call: Alan Hopkins, Managing Director, Carnegie Minerals Plc 020 7831 3113Romil Patel / Olly Cairns, Blue Oar Securities Plc 020 7448 4400 / + 61 8 6430 1631Billy Clegg /Edward Westropp, Financial Dynamics 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange