Sirius Minerals Plc (SRUXY: OTC Link) | Drilling and Planning Approvals Update

Drilling and Planning Approvals Update

Sep 13, 2011

OTC Disclosure News Service

London, United Kingdom –

For immediate release: 13 September 2011

 

Sirius Minerals Plc

(“Sirius” or the “Company”)

 

Drilling and Planning Approvals Update

 

The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, are pleased to provide an update on drilling and planning application approvals for its York Potash Project.  

 

Drilling Update

Following the completion of the top-hole rig activity on Hole 1 (Pasture Beck), the larger coring rig arrived at Pasture Beck on 5 September and, having been successfully installed, drilling has now begun.  It is expected to reach the evaporite minerals and commence coring in approximately ten days.  Separately, top-hole drilling at Hole 2 (Howlett Hall) commenced on 2 September and drilling depths now exceed 100 meters.

 

Planning Approvals Update

Further to the announcement of approvals on 18 August, Sirius last week received written confirmation of the approval on the remaining application.  The Company has now secured six planning application approvals to drill exploratory holes within the National Park.  Additional applications are expected to be submitted to the National Park within the next month.

 

To achieve both cost and efficiency benefits, Sirius has additionally implemented a pre-purchase programme for certain critical components such as casings.  These pre-purchases have resulted in some significant savings over the original budgets set for these items.  Further, the Directors believe that by having these items stored near to the drilling sites supply delays should be minimised.

 

Chris Fraser, Managing Director and CEO of Sirius, said:

 

“We are now on target for having the full assay results for the first hole during the second half of October.”

 

“We are pleased with the progress on this important drilling programme and continue to work as quickly as possible to complete this phase of the project.  We have already established good working relationships with our key contractors and will continue to keep the local community updated.”

 

 

For further information, please contact:

 

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.

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SRUXY/news?id=35582

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