Business
Storuman Fluorspar Project Update
Storuman Fluorspar Project Update.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 7751I Tertiary Minerals PLC 21 June 2011 \n\n \nTertiary Minerals plc \nwww.tertiaryminerals.com\n(\"Tertiary\" or \"the Company\") \n21 June 2011\n \n STORUMAN FLUORSPAR PROJECT UPDATE\n \nTertiary Minerals plc, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, is pleased to provide the following update on its Storuman fluorspar project in Sweden.\n \nHighlights\n \n· Extensive metallurgical testwork programme awarded to SGS Mineral Services UK Limited (\"SGS\") with objectives to better define the mineral processing flow-sheet for pre-feasibility studies and generate fluorspar concentrate samples for initial marketing trials.\n \n· Drilling to take place this summer targeting potential shallow extensions on south-west side of resource.\n \n· Mine & environmental permitting \"roadmap\" defined by SWECO for this \"Mineral Deposit of National Interest\". Environmental baseline studies to commence this summer.\n \n· Near doubling of fluorspar price over past 12 months on structural supply changes in China implies a 7-fold multiplier on project Net Present Value from US$33 million to US$244 million and the Internal Rate of Return increases from 24% to 78%.\n \nCommenting on today's news, Patrick Cheetham, Executive Chairman, said \"We are pleased to be reporting further progress at Storuman against a background of strong fluorspar prices. The recent price rises - and the implications for project value - are based on structural supply changes which, I believe, will have a sustaining influence on fluorspar prices and on the value of the Company's fluorspar projects.\"\n \nFluorspar is an essential raw material in the chemical, steel and aluminium industries and Tertiary controls an estimated four million tonnes of fluorspar across its two Scandinavian projects (Storuman in Sweden and Lassedalen in Norway).\n \nENQUIRIES\n \nTertiary Minerals plc &n...