Sirius boring in North Yorkshire

1st Aug 2011 15:37

Potash firm Sirius Minerals was boring in North Yorkshire over the week-end, as it started drilling at the first of two sites in the North York Moors National Park.Subject to a number of factors, the first hole is anticipated to take up to 60 days to be completed. Following the completion of each hole it is expected that it will take around three weeks before Sirius receives the assay results. The announcement was greeted with a little impatience by investors, with the shares trading 0.70p lower at 8.80p."The commencement of drilling in North Yorkshire is a major milestone for the York Potash Project," said Chris Fraser, the managing director and chief executive officer of Sirius. "These will be the first new surface boreholes drilled for potash in North Yorkshire for almost 35 years and the first ever surface boreholes focused on the important polyhalite seam. The drilling programme will help us define the parameters of a world-class potash project and to advance the preparation of detailed proposals and designs," Fraser added. --jh