December 03, 2008

Tertiary Minerals evaluating Storuman fluorspar deposits

Thomson Financial reported that AIM listed Tertiary Minerals Plc plans to drill an initial 12 holes to evaluate the Storuman fluorspar deposit in Northern Sweden. Prices for fluorspar, which is also used in steel production, the ceramics industry and in the production of nuclear fuel, have risen in tight market conditions caused by Chinese export restrictions.

Eight of the drill holes will test the fluorspar zone along the axis of its 2 kilometer known extent and the other four will probe for extensions to the North West where some of the highest grades were returned from drilling by the previous operator.

Tertiary Minerals said it believes that past drilling at Storuman indicates the potential for a world class deposit of fluorspar used in the production of hydrofluoric acid found in refrigerants, non stick coatings and anesthetics. It said that “With the global market for fluorspar stretched by declining Chinese exports, Storuman has the potential to become a significant asset for the company.”