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Progress Update

14 Feb 2011 07:00

RNS Number : 1416B
Sirius Minerals Plc
14 February 2011
 



 

 

For immediate release: 0700hrs, 14 February 2011

 

Sirius Minerals Plc

("Sirius" or the "Company")

 

Progress Update

 

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, are pleased to provide the following progress update.

York Potash

The integration of the York Potash Project following the acquisition announced on 17 January 2011 is proceeding well. The project is being moved forward on many fronts including:

·; Continued acquisition of mineral rights within the project area;

·; Expansion of the project team;

·; Acquisition and analysis of extensive amounts of historical seismic data for reprocessing and modelling;

·; Selection of locations for the initial drilling campaign;

·; Engagement with the local community and the various local authorities and government agencies;

·; Preliminary analysis of possible operating and capital cost structures; and

·; Analysis of the available process routes and the potential value of associated by-products.

 

North Dakota

Following the receipt of the assay results for Dakota Salts EBY-1 wellbore, released on 24 January 2011, Sirius commenced a comprehensive regional geological review in North Dakota. The positive confirmation of the Prairie Evaporite formation in North Dakota and in Sirius's 100% owned project in Bourke County is now being put into a regional context. The core extracted from EBY-1 gave Sirius valuable information which is now being modelled with the existing seismic data and information from the historical regional oil and gas drill drilling. This process will take a number of months to form conclusions as to what are the most appropriate next steps in the ongoing exploration programme in North Dakota. Sirius will update the market as and when decisions have been made on the next material steps in the exploration programme.

Since 24 December 2010, Sirius's wholly owned subsidiary, Dakota Salts LLC, acquired a further 1,902 net mineral acres of lease areas adjacent to its existing properties in North Dakota. The Company now controls some 11,992 net mineral acres of lease areas overlying the Williston Basin, having an overall land position of approximately 25,680 gross mineral acres within North Dakota.

The new acreage has been acquired from multiple unconnected owners for nominal initial cash payments per mineral acre with royalty payments due on mining production in line with industry norms.

Sino Agri MOU

On 27 August 2010 Sirius announced it had entered into an MOU with Sino-Agri Mining Industry Co. Ltd ("Sino-Agri") to explore ways of working together to exploit Sirius's 100% owned Adavale Project. This MOU included a 180 day initial exclusivity period. Although the formal exclusivity period ends on 15th February, the MOU remains in force and Sirius and Sino Agri are continuing our discussions about potential commercial agreements. The Directors of Sirius remain committed to building a long-term mutually beneficial partnership with Sino-Agri and more broadly with China.

 

Canning Basin

Work on the available seismic and geological information on the Canning Basin project remains ongoing. The studies have progressed well on the Southern tenements but material progress on the Northern tenements has not yet been made. Sirius will update the market when it has sufficient information and recommendations to form conclusions about the future work programmes at this project.

 

 

For further information, please visit the Company's website www.siriusminerals.com or the York Potash Project's website at www.yorkpotash.co.uk. Alternatively please contact:

 

Sirius Minerals Plc

Chris Fraser(MD & CEO)

Tel: +44 7582711382 or

+61 404073288

Richard Poulden(Deputy Chairman)

Tel: +971 504 524 994

NOMAD

Joint Brokers

Media Enquiries

Beaumont Cornish Limited (Nomad)

XCAP Securities Plc

Daniel Stewart & Company Plc

Gth Media Relations

Roland Cornish

John Grant, Karen Kelly, David Newton

Christopher Theis / Emma Earl

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 (Yorkshire), North America (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 North America on the OTCQX through the use of a sponsored ADR facility. Further information on the Company can be found at www.siriusminerals.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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