3 February 2014
Iofina plc.
("Iofina" or the "Group")
(LSE AIM: IOF)
Non-Core Water Project Update
Pursuant to the Group's statements issued on 13th and 23rd December 2013, Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, provides the market today with an update following its 30th January 2014 meeting with the Montana Department of Natural Resources and Conservation ("DNRC") regarding its review of the Group's non-core water rights application.
The Board is pleased to announce that the DNRC has determined that the requested amount of water is both physically and legally available and that there would be no adverse effect at the point of diversion due to the engineering and design consideration outlined in the engineering study.
The Board reports that Iofina has been granted up to 60 days from the meeting date to provide clarity to its addendum, presented at the meeting alongside revised letters of intent, and address any further questions from the DNRC accordingly. Once the final addendum and revised letters of intent have been completed and submitted to the DNRC, the State of Montana will either approve or deny the application. In the event of approval there is a 30 day notice period for a public hearing. In the event the application is denied the Group would request an immediate administrative hearing. The Board will update the market in due course.
Commenting on today's news, Iofina's Chief Executive George Lantz commented:
"The ongoing dialogue with the DNRC is encouraging and Iofina will continue to collaborate with the DNRC with the aim of achieving a successful outcome. The Board is confident in its ability to meet requests brought forth in its 30th January meeting as well as any further requests that may arise in the interim."
For further information, please contact:
George Lantz, CEO
Iofina plc
Tel: +44 (0) 20 3006 3135
www.iofina.com
John Prior/Rupert Krefting/Huw Jeremy
Numis
Tel: +44(0)20 7260 1000
Rob Collins
GMP Securities
Tel: +44(0)20 7647 2800
Media Contact:
Dominic Barretto/Anna Legge
Yellow Jersey PR Limited
Tel: +44(0) 7768 537 739
About Iofina
Iofina specializes in the exploration and production of iodine, iodine specialty chemical derivatives, and produced water. 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, Montana, and Oklahoma. 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 utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
