Agreement for the acquisition of four mining licences for exploration and exploitation of bentonite deposits in Morocco.
More specifically, S&B via NAIMEX (North African Industrial Minerals Exploration), its subsidiary company of geological exploration in northern Africa based in Morocco, signed an agreement with the Moroccan Bureau de Recherches et de Participations Minieres (BRPM) for the acquisition of four mining licences in the northeastern region of the country, an area where potential bentonite reserves are located.
S&B's interest in obtaining these licences falls within the context of its strategic plan for the enhancement and enlargement of bentonite reserves of different qualities, beyond those that the Group already possesses in Greece, Germany, Bulgaria, Hungary and Georgia. The company's immediate objective is to conduct a geophysics investigation and a drilling program in order to confirm and verify the quantity and quality of the potential reserves.
Mr. Yannis Simos, an experienced and specialised geologist o f the Group, is in charge of the local subsidiary company (NAIMEX).
Mr Kriton Anavlavis, General Manager of S&B's Bentonite Division, stated that: 'Within the context of our 'Market to Mine' strategy and aiming at satisfying the dynamic and long-term needs of our customers, we focus our efforts on expanding our reserves on a global basis. This particular business initiative constitutes the first step for the expansion of bentonite reserves in a region with logistics and climate advantages. We hope that the findings of our geological program in the region will enable us to develop in the long-term one more productive activity '.
It should be reminded that as of September of 2003 'S&B Industrial Minerals S.A.' is the new distinctive title of the former Silver & Baryte Ores Mining Co. S.A.