Sirius Exploration intends to appoint a consultant to carry out a feasibility study on its North Dakota project to use salt caverns for energy storage.
The feasibility study will also estimate potential reserves of potash and salt.
North Dakota has been selected as a key location for wind farms in the US. Capital investment of more than $4bn is planned in the area. Compressed air is one of the few viable methods of storing the energy generated by wind farms.
In January 2009, Sirius acquired 51% of Dakota Salts LLC from Transparent Holdings Ltd. The purchase price was £363,000, which was paid in the form of 24.23m shares at a notional price of 1.5p each. Dakota Salts owns mineral leases over 5,000 acres of North Dakota.
At the end of October 2008, Sirius signed a royalty agreement giving it a 3% net profits interest in the Bobai Bishop Tungsten mine in return for 6m of its shares. Sirius also has exploration activities in Macedonia.
Shares in Sirius fell 0.125p to 1.875p each, which values Sirius at £2.47m. Sirius recently raised £115,000 at 2.25p a share.
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