Business
AGM Statement
AGM Statement.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n Tertiary Minerals PLC\n21 February 2008\n\n\n\n Tertiary Minerals plc\n\n\n TERTIARY TO FAST-TRACK EVALUATION & DEVELOPMENT OF ITS MAJOR FLUORSPAR DEPOSIT\n IN NORTHERN SWEDEN\n\n •Spring Start Scheduled For Start Of Drill Definition Programmes\n\n\n •Strong Industry Interest In Off-Take Agreements And Project Participation\n\n\n •Work At Kolari Validates Potential For Near Surface Bulk-Mineable Iron\n Ore\n\n\n •Exploration Licence Awaited At Ghurayyah, Saudi Arabia\n__________________________________________________________________\n\nTertiary Minerals plc ('Tertiary' or 'the Company') will be providing the\nfollowing update on its exploration activities at its AGM later today.\n\nIn late January the Company announced the acquisition of the Storuman project in\nSweden where drilling in the 1970's indicated the potential for a world class\ndeposit of the industrial mineral fluorspar which is mainly used as feedstock\nfor the production of hydrofluoric acid and value added derivative fluorine\nchemicals.\n\nThe Company plans to fast track the evaluation and development of the Storuman\ndeposit having already received a number of approaches from industry\nparticipants interested in fluorspar off-take and project participation. The\nCompany has applied for the necessary permits to allow a March/April start to\nresource definition drilling where the first programme will comprise 10-12 drill\nholes to a maximum depth of 60m each spread evenly over the full 2km by 1.2km\nextent of the deposit. Most holes will be sited to twin drill holes reported\nfrom the 1970's discovery drilling programme to confirm the grade and\ndistribution of fluorspar mineralisation and also to collect a representative\nset of samples for metallurgical characterisation and testwork. A few strategic\ndrill holes will test for extensions to the known mineralisation.\n\nThe Company is targeting a combined open-pit and underground mine at Storuman\nproducing at least 100,000 tonnes per annum of acid grade fluorspar which\ncurrently sells in Europe for over US$300 per tonne, more than double the price\na few years ago. The world market for fluorspar is just over 5 million tonnes\nper annum. At present, China accounts for over half of world fluorspar\nproduction but exports only 25% of its output and supplies to Europe are very\ntight.\n\nFurther dri...