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UPDATE - Tertiary Minerals well placed for rest of year says chairman

Published: 21:41 19 May 2014 AEST

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Tertiary Minerals' (LON:TYM) chairman has again expressed dismay that the recent resource increase at its MB Fluorspar project in Nevada had not led to a better share price performance.

Patrick Cheetham, executive chairman, said  it was ”highly disappointing” Tertiary shares had fallen recently and trade at only a fraction of the higher revised broker price targets that followed the updated estimate.

MB now has an estimated 38.4 mln tonnes grading 10.4% CaF2 (fluorspar) and its  upgrade has doubled the amount of fluorspar contained in the company’s three fluorspar projects in Sweden, Norway and Nevada.  

Fluorspar is a strategic mineral where supply continues to be dominated by China and Tertiary Minerals will soon be one of just two publicly traded companies offering investors exposure to this important strategic mineral, said Cheetham. 

In the six months to March, Tertiary posted a loss of £84,000 compared to a loss of £254,000 in the same period a year ago.

"We believe the company is well placed to make further progress during the second half of the financial year," Cheetham added.

Tertiary shares have dropped to around 6.8p from 10.5p since the maiden JORC resource for MB was published in April.

Cantor Fitzgerald rates the shares as a ‘buy’ after the recent weakness and newsflow to come shortly, such as the application for a mining concession at the Storuman project in Sweden.

The broker has a target price of 18p.

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