28 March 2013
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Atlantis Water Project
Iofina, a specialist in the exploration and production of iodine and specialty chemical iodine derivatives, is pleased to announce that the Company's water application permit has been received by the Montana Department of Natural Resources & Conservation. The Company applied for a maximum flow rate of 1,500.00 Cubic Feet Per Second (cfs) and a maximum water marketing volume of 10,000.00 Acre-Foot (ac-ft) from the Missouri river in Roosevelt County Montana. This equates to c.200,000 barrels per day for the purpose of industrial use.
The Company has secured the sites for the outtake water depot, multiple truck distribution terminals and potential waste water disposal sites in Montana. These terminals will have the ability to fill and receive multiple trucks simultaneously. The Company anticipates filing a similar application in the state of North Dakota in short order.
Commenting on the water project, Lance Baller, CEO and President, stated:
"We are excited to have secured our outtake and water distribution points, letters of intent for water sales and use, and that the Montana Department of Natural Resources & Conservation has confirmed receipt of the water permit application. The Atlantis Water Project represents a significant opportunity for the Company that has required over three years of hard work to get to this point.
This is a milestone for the Company. Iofina remains focused on becoming a world leader in the production of Iodine and Iodine derivatives, however our non-core Atlantis water project has robust upside for the Company to maximise the potential of its assets."
About Iofina
Iofina specialises in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET® IOsorb™ technology. Iofina has iodine production operations in the United States, specifically in Texas, California, Montana, Oklahoma and Wyoming. The Group has complete vertical integration from the production of iodine in the field to the manufacture of the chemical end products derived from iodine to the consumer and the recycling of iodine using iodinated side-streams from waste chemical processes in Europe, North America and Asia. The Group utilises its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
For further information, please contact:
Lance Baller, CEO Iofina plc Tel: +44(0)20 3006 3135 www.iofina.com |
Ben Colegrave/Chris Sim/Neil Elliot Investec Tel: +44(0)20 7597 5970 |
Media Contact: Dominic Barretto/Anna Legge Yellow Jersey PR Limited Tel: +44(0) 7768 537 739 |
|
