Sirius Exploration PlcSXX

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Description:

Sirius Exploration engages in the acquisition and exploration of mineral properties and owns interests in the Kdiica and Osogovo properties in Macedonia. Recently signed an agreement with CIC Mining Resources, giving Sirius a 3% royalty interest for the Bobai Bishop Tungsten Mine in China.

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Comment:

Sirius acquires and explores mineral properties and is currently exploring for copper and gold on its porphyry copper mineral properties located in Macedonia.

The Company has an agreement with Phelps Dodge (now a subsidiary of Freeport McMoRan Copper & Gold Inc) and has completed a drilling program at their exploration sites in Macedonia. It also has an agreement with Rio Tinto to utilise their Macedonian database to identify further exploration opportunities.
CIC deal also provides an ongoing path to utilise the resources of the Chinese mine owners in the development of Sirius Exploration's future projects.
Thus the deal provides a potential revenue stream and a source of new funding into new territories.

In January 2009 Sirius announced that it had acquired 51% of Dakota Salts from Transparent Holdings Ltd for £363,375 in shares. Transparent Holdings has an interest of 19.2% in Sirius. Dakota Salts LLC, a privately held Company incorporated in Colorado and based in Denver, USA, holds mineral leases in excess of 5,000 acres in North Dakota, USA, allowing for the exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas and other hydrocarbons or the storage of compressed air for electricity generation. Sirius is to commission a report on the storage cavern and mineral potential.

North Dakota is the base of one of the largest wind farm, electricity generation projects in North America with capital investment expected to exceed $4 billion, President Obama has stated his commitment not only to renewable energy but also to connecting these wind farms into the grid to supply Chicago with power. Wind power does not provide a consistent output since power is only generated when wind is blowing. This can lead to complex power management issues which can be resolved by compressed air storage and subsequent release, powering turbines thereby allowing electricity to be available to meet demand when required.

Sirius believes that there is considerable potential in using the Dakota Salts acreage to create salt caverns to store electricity by means of compressed air. This is established technology and, in addition to electricity revenues, industry experts have advised the project would also generate substantial carbon credits.