Sirius buys more land in North Dakota

24th Dec 2010 08:00

Potash mining group Sirius Minerals has acquired a further 1445 net mineral acres of lease areas adjacent to its existing properties in North Dakota. The acquisition brings the company's holdings up to some 10,090 net mineral acres of lease areas overlying the Williston Basin, within North Dakota.The new acreage has been acquired from multiple unconnected owners for nominal initial cash payments per mineral acre with royalty payments due on mining production in line with industry norms.The company added that the coring phase at its first drill location in Burke County has now completed. The samples are currently being prepared by Sirius's drilling partner, Schlumberger, in-situ for transportation to the North Rim core facility in Saskatoon where they will be logged in detail, photographed and selectively prepared for geochemical analysis. Final analysis will then be completed by the Saskatchewan Research Council. "We anticipate this being completed by mid February at which point we will determine the next drilling location," said chairman Chris Catlow.