Annual Report to Shareholders 2014
Perth, Oct 27, 2014 AEST (ABN Newswire) - After establishing a world class resource of phosphate at Ammaroo in the Northern Territory Rum Jungle Resources Limited (
ASX:RUM) then completed a successful takeover of Central Australian Phosphate more than doubling the resource into excess of one billion tonnes of phosphate rock. This was the trigger to engage WorleyParsons to undertake a Prefeasibility study which at time of writing has now been completed with a positive outcome.
The Company also successfully established potash resources at its Karinga Lakes project in the Northern Territory within the potassium rich brines feeding the lake system. Little experience in evaluating such resources existed in Australia which led to the consummation of an arrangement with technical input from Chinese State Owned Enterprises (C.I.C.C.C) where world class technology and knowhow is available. Consequently it was agreed with C.I.C.C.C that they would undertake a scoping study to map out the conceptual path to commercialising the project. This study is being finalised at time of writing.
Secondly, the shift in activities from pure exploration to corporate development, engineering and now marketing, has required some personnel changes, not least of which is David Muller resigning as Managing Director to become non executive Chairman on 30th June last. After 18 months in the role of Director of Development Chris Tziolis was well qualified to take over my role. Chris is very motivated and standing up to the challenges which now face the company, in its path towards development. He is also well supported by our new CFO, Bruce Arnold.
Nigel Doyle, Exploration Manager, has continued to extend our resources often under very difficult and demanding conditions and remains a motivator for our loyal exploration staff for whom I have total gratitude.
John Dunster, Chief Geologist, keeps finding reasons why we should have more ground to explore and hence we have added several new targets such as Lake Frome, Lake Torrens and Lake Amadeus to our Potash portfolio.
(excerpt from Chairman's Letter)
David Muller
To view the annual report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-413870.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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