News

Neptune finds new SMS zone at Kermadec

28 August 2007 08:06:00

Neptune Minerals has completed its Kermadec 07 exploration program offshore New Zealand and discovered a second inactive seafloor massive sulphide (SMS) zone, it said today.

The discovery, on the Rumble II West seamount in the company's prospecting licence PL39-195, will see Neptune lodge its first Mining Licence Application (MLA) to the New Zealand government.

"This is a significant step forward for Neptune to meet its goal of commercial SMS production," said chief executive Simon McDonald.

In addition, the group said operations on its Colville-Monowai New Zealand exploration program are progressing as planned.

It has also entered into negotiations with prominent marine survey contractors who have expressed interest in tendering for Neptune's future exploration program, to be known as 'Project Trident'.

Trident will be focused initially on Neptune's New Zealand tenements

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