NOMI - Nordic Mining acquires titanium deposit
The acquisition is part of Nordic Mining's strategy to establish rights to strategic, high-grade mineral deposits. Nordic Mining shall develop the Engebø deposit with the aim to establish industrial operations for extraction and production of rutile concentrate. Rutile is an important raw material for production of pigments used in e.g. production of paintings, plastics and paper.
The acquired deposit consists of 9 utmåls which were granted in 1997 after completion of a comprehensive program to map the resources. A total of 50 bore holes (core drilling of approximately 15 000 meters) as well as various trial dressing enrichments have been executed. The program was conducted by the DuPont group which at that time was the owner of ConocoPhillips Investments Norge AS. The company is now part of the ConocoPhillips Group. The mineral rights are not part of ConocoPhillips' core activity. The company has kept the utmåls with the purpose to find a buyer with the intention to develop the deposit.
Nordic Mining aims to develop the project in close co-operation with local and national authorities as well as industrial partners.
For questions please contact CEO Ivar S. Fossum, Nordic Mining ASA on telephone +47 - 22 94 77 00.
Oslo, 18 September 2006
Nordic Mining ASA