Feb 17, 2012
OTC Disclosure News Service
London, United Kingdom –
17 February 2012
Sirius Minerals Plc
(“Sirius” or the “Company”)
The Directors of Sirius Minerals Plc (AIM: SXX, OTCQX: SRUXY), the globally diversified potash development group, are pleased to provide an update on its drilling operations at the York Potash Project.
SM3 Drilling Progress Update
Progress at SM3 the Company’s third hole at the York Potash Project, has been good and the final casing has now been inserted in preparation for coring. Current work to date at SM3 has been free from the fluid loss zones and the resultant delays experienced at SM2. Final casing depth on SM3 was reached in just 10 days compared to 40 days at SM2. The casing has now been run into the hole and cemented into position with full coring of the target horizons expected to commence soon. Once the hole is complete, a deflection from this hole will be undertaken to obtain further information on the consistency of the deposit.
Second Coring Rig
The second coring rig commissioned by the Company’s retained drilling contractor is now complete and undergoing final maintenance and equipment checks. It is envisaged that the rig will move from the suppliers in southern Europe by week commencing 27 February 2012, with a view to being on site around the end of March 2012. The second coring rig will help to speed up the completion of the York Potash Project drilling programme.
SM2 Assay Results
Following the successful completion of coring at SM2 (as announced 23 January 2012), the mineral cores extracted were sent to the British Geological Survey for full chemical analysis. The Company has received confirmation that the full assay results from SM2 will be available around 7 March 2012.
Chris Fraser, Managing Director and CEO of Sirius said:
“We are delighted with the progress on SM3. This has helped us to claw back some of the time and budget we had to put aside after the experience at SM2. Our experienced and professional team is continually adapting its approach to help ensure the drilling work is delivered as quickly and as efficiently as possible.”
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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 innovation 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.
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