Atlantis Water Project Update

RNS Number : 4262D

Iofina PLC

29 April 2013

 



 

29 April 2013

Iofina plc

("Iofina" or the "Company")

(LSE AIM: IOF)

Atlantis Water Project Update

Iofina, a specialist in the exploration and production of iodine and specialty chemical iodine derivatives,

is pleased to provide the following update in respect of its Atlantis Water Project.

Based on initial responses from and discussions with the Montana Department of Natural Resource Conservation ("DNRC") Water Resources Office following their receipt of the Company's water right permit application, the Company has elected to amend its water permit application in an effort to expedite its plan to market 10,000 acre-feet per year (c.200,000 barrels per day) of freshwater in eastern Montana.

The possibility of needing to amend the original application was anticipated and envisioned as part of this process and the Company has decided to amend its application to expedite the application process. The Company's revised application is to develop a water depot for 3,800 acre-feet per year based on customers' needs at the current planned location. The Company has secured strategic locations for the first water pumping station and place of sale for its initial terminal and recently submitted an amended application to reflect this. The Company is actively acquiring additional strategically placed sites, based on demand and ease of transportation, for two additional depots that, together with the initial depot, will total over 10,000 acre-feet per year as planned.

After discussing the status of the application with the central Water Resources Office, the Company was informed that the department removed the original application from its website, but has not terminated the original application. The original application remains valid pending receipt of the amended application.

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:

Stuart Eaton, Executive Operations Officer Iofina plc Tel: [phone]    www.iofina.com	Dr Chris Fay, Executive Chairman Iofina plc Tel: [phone]
Ben Colegrave/Chris Sim/Neil Elliot    Investec    Tel: [phone]	Media Contact:    Dominic Barretto/Anna Legge    Yellow Jersey PR Limited    Tel: [phone]

 

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