Letter of Intent
March 17 2008 - 3:01AM
UK Regulatory
Letter of Intent
FOR IMMEDIATE RELEASE
17
March 2008
NEPTUNE MINERALS PLC
("Neptune" or the "Company")
NEPTUNE SIGNS L.O.I. WITH C&C TECHNOLOGIES
Neptune Minerals Plc (NPM.L), the AIM listed explorer and developer
of Seafloor Massive Sulphide ("SMS") deposits, has signed a letter of
Intent (L.O.I.) with C&C Technologies, through its Asia-Pacific
operation based in Singapore. C&C Technologies is one of the world's
leading marine survey companies, for the provision of autonomous
underwater vehicle (AUV) survey, sampling and vessel charter
services.
The L.O.I. commits both parties to contract negotiations and project
preparations towards Project Trident - a long-term exploration
program focused on Neptune's exploration tenements in New Zealand's
Exclusive Economic Zone (EEZ). Subject to vessel and equipment
availabilities, AUV survey and sampling operations are planned to
commence in mid-2008 with continuous operations for a minimum
12-month period, with options to extend to 24 months and beyond.
Neptune's Chief Executive Officer Dr Simon McDonald said:
"We are very pleased to sign this L.O.I. and progress Project
Trident, the undertaking of which will allow the Company to
significantly ramp up its exploration activities in New Zealand. A
dedicated survey vessel will allow Neptune to define the SMS zones
identified during Kermadec 07 and systematically locate and define
SMS deposits which will then have Mining Licence Applications placed
over them."
C&C Technologies Asia-Pacific Survey Division Manager, Mr Gad Habiby,
expressed C&C's pleasure at being selected for the program. He said
"C&C looks forward to working closely with Neptune on the Trident
exploration project and, while carrying out the AUV survey and
sampling program, to introducing appropriate new technology to
maximise the value of the data set gathered."
In support of Project Trident and to create a strong foundation for
future operations in New Zealand, Neptune has added to its management
team with the employment of two senior staff, Mr Peter Wong
(Contracts & Procurement Manager) and Mr Campbell McKenzie (New
Zealand Country Manager).
Mr Wong has 20 years' experience in the fields of supply and contract
management, procurement, outsourcing and engineering construction
cost management. In the last 15 years, he has worked in the oil and
gas industry in the United Arab Emirates, Yemen, Egypt, Brunei, PNG
and Russia. He has successfully executed and managed the contracting,
procurement and supply chain management for both onshore and offshore
drilling and construction projects for Oil and Gas companies.
Mr McKenzie has 12 years' experience in the minerals industry in the
private and public sectors. He was most recently at the Crown
Minerals Group of the Ministry of Economic Development of New
Zealand. In this role he assessed technically and made
recommendations to the Minister of Energy on all applications for
prospecting and mining licences. Campbell previously worked as an
exploration geologist with several Australian-based companies.
END
For further information please contact:
Simon McDonald (Neptune MD and CEO):
T: +61 (0) 2 9957 5244
By email to the
Company
info@nepmins.com
Richard Hail (Fox Davies Capital Limited, Broker): T: +44
(0) 20 7936 5200
Fiona Owen (Grant Thornton Corporate Finance, Nomad): T: +44 (0) 20
7383 5100
Rozanne Ichikowitz (Grant Thornton
Sydney): T: +61 (0) 2 8297 2522
Nadja Vetter / Matthew Law (Cardew Group,
PR): T: +44 (0) 20 7930 0777
T: +44 (0) 7941 340 436
Gad Habiby (C&C Technologies Asia-Pacific):
T: +65 6295 9738
By email to C&C Technologies
Asia-Pacific
gad.habiby@cctechnol.com.sg
The Neptune Minerals Website is www.neptuneminerals.com
About C&C Technologies
C&C Technologies is the commercial leader in the use of AUVs for
marine survey operations. Last year, the company documented its
100,000th km surveyed by AUVs, a milestone crossed while the
C-Surveyor III was working for Shell in the Gulf of Mexico.
C & C Technologies' AUV services division began operations in January
2001. To date, its AUVs have serviced 56 clients, on 207 projects,
in the offshore waters of 12 different countries. C&C is committed
to the highest standards of safety and quality, while continuously
adding value for its clients, through the integration and development
of new technology in the fields of Global GPS Positioning, AUV
Services, Geophysical Surveys and Marine Construction Survey Support.
Further information and regional contact details can be found at:
www.cctechnol.com
About Neptune Minerals Limited
Neptune has granted exploration licences totalling more than 278,000
km2 in the territorial waters of New Zealand, Papua New Guinea,
the Federated States of Micronesia and Vanuatu, and a further 434,000
km2 of exploration applications pending in the territorial waters of
New Zealand, Japan, Commonwealth of Northern Mariana Islands, Palau
and Italy. In the past 12 months, the Company's tenement acreage has
increased by 650%.
The Company recently completed its second and third exploration
programs, Kermadec 07 and Colville-Monowai 07, offshore New Zealand.
During Kermadec 07, Neptune discovered two new hydrothermally
inactive SMS zones over which the Company plans to lodge a mining
licence application.
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