Last checked at 22 Apr 2014 07:01
22 April 2014
Iofina plc
("Iofina" or the "Group")
(LSE AIM: IOF)
Non-Core Water Project Update
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, provides the market today with an update on the status of the Group's non-core water rights application.
The Group was notified on 18 April 2014 that the preliminary determination of the Montana Department of Natural Resources and Conservation ("DNRC") is to deny the Group's application for water rights in the State of Montana (the "State").
As highlighted in Iofina's 3 February 2014 RNS, the Group is now entitled to a hearing with the State to register its disagreement with the preliminary decision of the DNRC. In the hearing, the Board will defend the Group's application and further explain the rationale behind the application and why the Group believes it meets regulatory requirements. The Board anticipates the hearing to occur within the next 45 to 60 days.
Commenting on the preliminary determination of the DNRC, Iofina's Chief Executive George Lantz said: "I believe the Group's non-core water application is sound and meets or exceeds all the demands of the DNRC. We will continue to pursue approval of the application and expect the anticipated hearing to be an opportunity for the Group to establish its case for the marketability of water."
For further information, please contact:
George Lantz, CEO
Iofina plc
Tel: +44 (0) 20 3006 3135
www.iofina.com
John Prior/Rupert Krefting/Huw Jeremy
Numis
Tel: +44(0)20 7260 1000
Rob Collins
GMP Securities
Tel: +44(0)20 7647 2800
Dominic Barretto/Anna Legge
Yellow Jersey PR Limited
Tel: +44(0) 7768 537 739
About Iofina
Iofina specializes in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET® IOsorb™ technology. Iofina has iodine production operations in the United States, specifically in Texas, California, Montana, Oklahoma and Wyoming. The Group has complete vertical integration from the production of iodine in the field to the manufacture of the chemical end products derived from iodine to the consumer and the recycling of iodine using iodinated side-streams from waste chemical processes in Europe, North America and Asia. The Group utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.