Odyssey Receives Updated Assessment of Oceanica Resources Deposit
July 07 2014 - 8:30AM
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the
field of deep-ocean exploration, has received an NI 43-101
compliant "Technical Report: Revised Assessment" that concludes the
measured and indicated phosphorite resources at the Oceanica
deposit now total 327.2 million ore tonnes at 18.5% P2O5, an
increase of 20% over the last preliminary assessment total of 273.5
million ore tonnes.
An independent Qualified Person (QP) produced the updated
report, which provides an extensive preliminary evaluation of a
portion of the mineral deposit controlled by Odyssey's subsidiary,
Oceanica Resources, S. de. R.L. However, the report does not yet
include an evaluation of the entire deposit, rather only data
derived from 199 drill holes, which have been tested and analyzed
to date. This compares to 161 drill holes previously analyzed. The
samples do not include concession areas where testing has not yet
been conducted nor areas below the core sample depth where the core
ended with full mineralization. Thus, additional testing is
expected to increase the measured and indicated phosphorite
resources in the deposit, and updates will be provided when
completed.
Over 760 total core samples have been tested by the Florida
Industrial and Phosphate Research Institute, a highly respected,
independent, not-for-profit phosphate and fertilizer research
center based in the U.S.
Updated Preliminary Report Highlights
- Measured and indicated phosphorite resources increased 20% over
the prior estimate to 327.2 million ore tones.
- Measured and indicated phosphorite resources average P2O5
estimate again inline at more than 18%.
- Assessed amount and quality of the ore places it in the
top-tier of new world phosphate rock deposits.
Summary of Data
|
Ore
Tonnes (in millions) |
Estimate |
New |
Prior |
Measured |
106.9 |
92.4 |
Indicated |
220.3 |
181.1 |
Total Measured and
Indicated |
327.2 |
273.5 |
Inferred |
166.4 |
231.9 |
Total Deposit |
493.6 |
505.4 |
Assaying and metallurgical testing of the core samples at
approximately one meter intervals indicates the potential to
produce a phosphate rock concentrate at 28% to 30% P2O5 with a
favorable CaO/P2O5 ratio of 1.5 to 1.55 and a Minor Element Ratio
(MER) of 0.07 to 0.08. The chemical analysis suggests that the
concentrate would be suitable for the production of phosphoric acid
using the wet process methods.
An extensive environmental impact report has been completed and
is in the final stages of review before submission. The report
includes extensive analysis, tests, reports and models from outside
experts and environmental scientists on the mineral deposit, which
is located in waters 70-90 meters deep and centered approximately
40 km offshore.
Phosphate is a key and irreplaceable component of fertilizers,
and the location of this deposit makes it an attractive potential
sourcing site for fertilizer companies in the Americas, Pacific Rim
and Asia. The relatively shallow depth of the deposit and minimal
to no overburden will allow the use of existing standard dredging
ships and equipment.
In 2013, Odyssey received $27.5 million in cash from the sale of
a minority stake in the Oceanica subsidiary, a project that was
initially reported in March 2013. As previously announced, the
company has engaged J.P. Morgan as its financial advisor to help it
evaluate options to best maximize the value of the project
including alternatives for financing, potential partnerships or
other strategic options.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in
deep-ocean exploration using innovative methods and state
of-the-art technology for shipwreck projects and mineral
exploration. For additional details, please visit
www.odysseymarine.com. The company also maintains a Facebook page
at www.facebook.com/OdysseyMarine and a Twitter feed
@OdysseyMarine. For additional details on Odyssey, please visit
www.odysseymarine.com.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC)
permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can
economically and legally extract or produce. We use certain terms
in this press release, such as "ore" "measured" "indicated," and
"inferred" "resources," which the SEC guidelines strictly prohibit
us from including in our filings with the SEC. "Inferred mineral
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. U.S. investors are cautioned not to assume that part or
all of the inferred mineral resource exists, or is economically or
legally mineable, and urged to consider closely the disclosures in
the our Form 10-K which may be secured from us or from the SEC's
website at http://www.sec.gov/edgar.shtml.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in
this Press Release may include "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. Certain factors that could cause
results to differ materially from those projected in the
forward-looking statements are set forth in "Risk Factors" in Part
I, Item 1A of the Company's Annual Report on Form 10-K for the year
ended December 31, 2013, which was filed with the Securities and
Exchange Commission on March 17, 2014. The financial and operating
projections as well as estimates of mining assets are based solely
on the assumptions developed by Odyssey that it believes are
reasonable based upon information available to Odyssey as of the
date of this release. All projections and estimates are subject to
material uncertainties, and should not be viewed as a prediction or
an assurance of actual future performance. The validity and
accuracy of Odyssey's projections will depend upon unpredictable
future events, many of which are beyond Odyssey's control and,
accordingly, no assurance can be given that Odyssey's assumptions
will prove true or that its projected results will be achieved.
CONTACT: Media Contact:
Liz Shows
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2335
lshows@odysseymarine.com
Investor Relations Contact:
Ron Both
Liolios Group, Inc.
(949) 574-3860
OMEX@liolios.com
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