Business
Statement re Suspension
Statement re Suspension.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n Tertiary Minerals PLC\n09 July 2007\n\n\n\n www.tertiaryminerals.com\n\n 9 July 2007\n\n TERTIARY LIFTS SHARE SUSPENSION AND PROVIDES\n\n UPDATE ON GHURAYYAH LICENCE PROGRESS\n\n\n • New Exploration Licence Application Being Processed in Saudi Arabia\n\n • JV Agreement Amended To Accelerate Saudi Partners' Financial\n Contributions\n\n • Niobium Now Major Metal Of Value After Threefold Price Rise Since\n Suspension\n\n • New Local Joint Venture Operating Vehicle To Be Set Up\n\nTertiary Minerals plc ('Tertiary' or 'the Company') is pleased to announce the\nimmediate lifting of the voluntary suspension of its shares from trading on AIM\nand provide an update on its Ghurayyah tantalum-niobium project in Saudi Arabia\nin respect of issues relating to the renewal of its exploration licence.\n\nThe Company has agreed a course of action with its Saudi joint venture partners\nand with the Deputy Ministry for Mineral Resources in Saudi Arabia ('DMMR', the\nadministrative authority overseeing mineral licences in Saudi Arabia) which the\nCompany now expects will result in the issue of a new exploration licence over\nthe Ghurayyah tantalum and niobium deposit in NW Saudi Arabia and ultimately in\nthe issue of a mining licence.\n\nTertiary has applied, together with its two Saudi joint venture partners, and on\nthe recommendation of the DMMR, for a new 5-year renewable exploration licence\nfor a 47 km2 area covering the Ghurayyah deposit and the surrounding area. This\nlicence application is in the joint names of: Tertiary (Middle East) Ltd - a\nwholly-owned subsidiary of the Company (50%); AH Algosaibi Bros Co (25%); Al\nNahla Trading & Contracting Co (25%). The Mining Code provides that the holder\nof an exploration licence is entitled to apply for a mining licence over any\ncommercially exploitable deposit.\n\nThe application is being processed by the DMMR, but the licence has not yet been\nissued. The licence application covers tantalum and niobium, the main metals of\neconomic interest at Ghurayyah, and associated non-radioactive minerals. It does\nnot include uranium as the Saudi Government does not wish to license that\nmaterial for production at the present time. The Company's previous economic\nevaluations of the deposit have considered revenue from tantalum, niobium and\nzircon only.\n\nThe Company believes that the...