18th Sep 2013 08:55
LONDON (Alliance News) - Sirius Minerals PLC, the company trying to dig potash out of the North York Moors national park amid environmental protests, Monday said tests had revealed a maiden reserve of 250 million tonnes of polyhalite with a mean grade of 87.8% polyhalite.
The maiden reserve figure has been derived from, and is a sub set of, the indicated mineral resource reported for the project of 820 million tonnes at an average grade of 87.3%. The indicated resource was derived from just 1% of the project area of interest.
"The scale and quality of the York Potash polyhalite deposit has now been confirmed as truly exceptional," Chief Executive Chris Fraser said in a statement. "Defining such a significant high quality Ore Reserve is a vitally important step in the financing and development of the project."
The company has delayed trying to get mining approval while it addresses all the environmental concerns raised by the North York Moors National Park Authority.
"While the additional time required for the approvals process is frustrating for our many supporters, a potential mine life of over 100 years hopefully puts that into some perspective," Fraser said.
Sirius Minerals shares were up 2.9% at 9.65 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Sirius Minerals