Completion of Construction of IO#1 IOsorb Plant

RNS Number : 8564I

Iofina PLC

31 July 2012

 

 

31 July 2012

Iofina plc

("Iofina" or the "Group")

(LSE AIM: IOF)

Completion of Construction of IO#1 IOsorb™ Plant

The Board of Iofina,specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is pleased to announce the completion of construction of the IO#1 iodine extraction plant based on the groups WET® IOsorb™ technology.

The Group has successfully completed pouring the concrete pads, installing the pumps, tanks, motors, brine lines, steel bases, IOsorb™ equipment, structural support steel, crystallization equipment, crystallization building and the motor control centre (MCC) building.  The IO#1 plant is located in the Southwest Operations Group of Iofina.

Iofina is awaiting connection to the electrical grid by the local electricity company, which is anticipated to be completed by the end of the week.  Iofina is currently completing the final alignment of pumps, motors and IOsorb™ packing of the top portion of the IOsorb™ units prior to start-up.  Iofina will begin hydro-testing using fresh water through all tanks, pumps, plumbing and IOsorb™ equipment once connection to the electricity grid has been completed.  It is anticipated that the hydro-testing will take one to five days. Upon successful hydro-testing, the plant will begin running the iodine rich brine through the IOsorb™ plant.  Iofina will release further information on the progress of the IO#1 plant as appropriate.

Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on the groups WET® and IOsorb™ technology. Iofina's WET® IOsorb™ plants are built to ensure full redundancy, meaning production can be switched across to backup twin components to maintain 24/7 operation for lower down times and high iodine yield efficiency.

Iofina has a strong pipeline of additional plants at varying stages of development, including a site in Oklahoma called the IO#2.  The IO#2 IOsorb™ unit has currently been fully built and being shipped to the location for final plant construction.  Once the unit is on site Iofina will give more precise timing of expected completion.

Commenting on today's news, Lance Baller, CEO and President stated:

"This marks a significant milestone in the development of Iofina.  We are looking forward to commissioning the IO#1 plant and, upon success, this will be the catalyst for constructing many more successful plants throughout our targeted regions over the coming twelve months."

For further information, please contact:

Lance Baller, CEO Iofina plc Tel: [phone] www.iofina.com	Ben Colegrave/Chris Sim/ Neil Elliot Investec Tel: [phone]
Media Contact: Dominic Barretto/Harry Fielder Yellow Jersey PR Limited Tel: [phone]

 

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