Sirius Minerals Regulatory News (SXX)

31 Mar 2006 07:01

Sirius Exploration plc31 March 2006 RELEASED ON BEHALF OF: Sirius Exploration Plc (AIM: SXX) MARCH 31, 2006 SIRIUS APPLIES FOR NEW EXPLORATION LICENCE FOR COPPER IN MACEDIONIA • New Area Is Contiguous With And East Of Osogovo Prospect • Company Acquires Exclusive Access To Rio Tinto Database For Macedonia AIM-quoted Sirius Exploration Plc (SXX) has filed an application for a newexploration licence covering ground which is contiguous with, and immediatelyeast of, its existing joint venture with Phelps Dodge at Osogovo in Macedonia. The new claim called Kalina Kamen covers ground which Sirius believes to beprospective for copper mineralisation as a result of data generated during lastseason's exploration programme on the Osogovo prospect. Osogovo is surrounded by lead-zinc-silver mineralisation which was exploited bythe nearby Sasa mine where operations, and those of two other nearby mines, weresuspended in 2002. Copper values are known to increase in the deeper workings atSasa as they approach Osogovo. The new claim is filed solely by Sirius and does not form part of the existingjoint venture with Phelps Dodge. Meanwhile, Sirius also announces that it has concluded an agreement with RioTinto Exploration covering Rio's exploration database for the whole of Macedonia. Under the terms of the agreement, Sirius has exclusive access to the databasefor a review period of six months. Should it identify projects for furtherevaluation, Sirius will have an additional six months in which to negotiate theterms of any proposed work programmes with Rio Tinto. The Rio database was assembled as a result of that company's explorationprogrammes in Macedonia which were targeting major base metals deposits. WhilstRio concluded that its work failed to identify any such targets, Siriusobviously has less demanding deposit criteria than a major mining group. Thecompany says it believes the potential for smaller targets is good in many ofthe areas covered by the Rio database and looks forward to initiating itsreview. /2 SIRIUS EXPLORATION 2 QUALIFIED PERSON Dr Nicholas Badham, Managing Director, is a fellow of the Geological Society, aChartered European Geologist, a Fellow of the Society of Economic Geologists andwas formerly Chief Geologist of RTZ Mining and Exploration Limited. He has readand approved the technical disclosure in this regulatory announcement. Further Information: Richard Poulden, Chairman, Sirius Exploration Plc. Tel: 01453 511900/07769-721512 richard.poulden@siriusexploration.com Ron Marshman, City of London PR Ltd. Tel: 020-7628-5518 ron@mining-investor.comJohn Greenhalgh, City of London PR Ltd. Tel: 020-7628-5518john@cityoflondongroup.com Website: www.siriusexploration.com Sirius Share Price Roland Cornish, Chairman, Beaumont Cornish Ltd. Tel: 020-7628-3396 This information is provided by RNS The company news service from the London Stock Exchange