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INTERIM RESULTS
For the six months ended 31 December 2007
Neptune Minerals Plc (AIM: NPM), the AIM listed explorer and developer of Seafloor Massive Sulphide (“SMS”) deposits is pleased to announce its interim results for the six months ended 31 December 2007.
Highlights:
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Two new hydrothermally inactive SMS zones were discovered on the Rumble II West seamount in the Company’s New Zealand prospecting licence PL39-195 (Kermadec), over which Neptune is preparing to make its first mining licence application.
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A conceptual engineering scoping study was commissioned in October 2007 to review existing and potential technologies that may be used for the commercial development of SMS deposits.
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Project Trident was announced – Trident is a program of continuous SMS exploration planned to commence in 2008 and using dedicated survey and sampling vessels, offshore New Zealand. Funding discussions with potential joint venture partners and contract negotiations for Trident operations are ongoing.
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Exploration licences were granted in Papua New Guinea and Vanuatu waters – granted exploration tenements now total 278,000 km2 within the Exclusive Economic Zone (“EEZ”) of New Zealand, Papua New Guinea, the Federated States of Micronesia and Vanuatu.
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Further applications for exploration licences were lodged in New Zealand, bringing the total area under application to 434,000 km2 within the waters of New Zealand, Japan, Commonwealth of Northern Mariana Islands, Palau and Italy.
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The Company’s second and third New Zealand exploration programs; Kermadec 07 and Colville-Monowai 2007, were completed in August 2007. In July and August 2007, Neptune also participated in a joint Canadian-German research program over the Company’s Italian application areas.
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Neptune’s management team was strengthened with the appointment of a Corporate Development Manager and an Environment Manager in late 2007.
Post-reporting period events:
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Neptune’s management team was further strengthened with the addition of a Contracts & Procurement Manager and a New Zealand Country Manager.
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Neptune signed a Letter of Intent in March 2008 with C&C Technologies, one of the world’s leading marine survey companies, for the provision of autonomous underwater vehicle survey, sampling and vessel charter services. The L.O.I. commits both parties to contract negotiations and project preparations towards Project Trident.
Dr Simon McDonald, CEO of Neptune, said:
“Following the location of inactive SMS zones within Neptune’s New Zealand tenements, the Company is focussed on lodging its first mining licence application. The Company still aims to conduct trial mining by 2010. Neptune is building up its management capabilities to support the Company’s growth and transition from SMS explorer to SMS developer.
“At the same time, Neptune is planning to step up its exploration activities to pursue the Company’s vast opportunities. In the past 12 months, Neptune’s tenement acreage has increased by 650%. We are progressing discussions with potential joint venture partners to farm into Neptune’s New Zealand licences and participate in Project Trident.”
The interim results for the six months ended 31 December 2007 will be posted to shareholders and are available on the Company’s website. Extracts from these financial statements are set out below.
For further information please contact:
Simon McDonald (Neptune MD and CEO) T: +61 (0)2 9957 5244
By email to the Company
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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
M: +44 (0)7941 340 436
 Download PDF file for full copy of release
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