3 May 2011 07:00
For immediate release: 0700hrs, Tuesday, 3 MAY 2011
Sirius Minerals Plc
("Sirius" or the "Company")
Positive Seismic Confirmation and Grant of Licences for Canning Basin Project
Further to the Company's announcement of 1 October 2010, the Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, are pleased to announce that the Company has received the results of seismic interpretation work conducted by RPS Boyd PetroSearch ("Boyd") in relation to its Canning Basin Project in Western Australia.
Boyd was commissioned to undertake a review of seismic data for the tenements comprising the southern portion of the Canning Basin Project. Data reviewed include existing and newly acquired 2D seismic data as well as original exploration data gathered by Rio Tinto Exploration during 2008 and 2009. Boyd completed a review of seismic data in the Canning Basin for Rio Tinto in 2008.
Summary findings include:
·; Overall Mallowa Salts are continuous with minimal disturbance
·; Salt mineralisation ranging from approximately 179 to 630 metres in thickness over a number of representative lines
·; Salt mineralisation ranging from approximately 500 to 1,300 metres in depth
·; No evidence of major faulting within the tenements
·; 5 potential drill targets identified overlying an estimated 379 to 610 metres of mineralised thickness
In addition, the Company has recently been notified that five exploration licenses covering 1,236km2 of its current project area have been officially granted.
Chris Fraser, Managing Director and CEO of Sirius said: "This preliminary review has confirmed the presence of a significant body of salt within our Canning Basin tenements. We believe these results warrant additional future study to investigate the potential for economic potash mineralisation and we are working with our consultants to identify and plan our next phase of exploration."
For further information, please contact:
Sirius Minerals Plc | |||
Chris Fraser(MD & CEO) | Tel: +44 7582711382 or +61 404 073 288 | Andrew Lindsay(FD & CFO) | Tel: +44 20 7917 2800 |
NOMAD | Joint Brokers | Media Enquiries | |
Beaumont Cornish Limited | XCAP Securities Plc | Daniel Stewart & Company Plc | Gth Media Relations |
Roland Cornish/ James Biddle | John Grant, Karen Kelly, David Newton | Christopher Theis / Noelle Greenaway | Toby Hall/Christian Pickel |
Tel: +44 207 628 3396 | Tel: +44 20 7101 7070 | Tel: + 44 20 7776 6550 | Tel: + 44 20 3103 3903 |
About Sirius Minerals Plc
Sirius Minerals is a globally diversified potash development company. Its primary focus is to bring on stream major potash mining facilities through the acquisition and development of projects overlying recognised potash deposits. Today it holds properties in the United Kingdom (North Yorkshire), the United States (North Dakota), and Australia (Queensland and Western Australia).
The Company is additionally progressing ongoing Research and Development initiatives into the secondary uses of salt and potash beds for energy storage and carbon dioxide sequestration.
Incorporated in 2003, Sirius Minerals' shares are traded on the London Stock Exchange's AIM market. Its shares are also traded in the United States on the OTCQX through the use of a sponsored ADR facility. Further information on the Company can be found at www.siriusminerals.com.