Delta Minerals signs a contract to explore the Buguey Lagoon

Manila, 24 November, 2014 – Delta Minerals has agreed with the Mayor of Buguey Lagoon, to investigate future extraction of minerals and sand & gravel in the Buguey Lagoon. At a positive outcome, this could lead to a production agreement to improve the natural habitat for brackish water spices. The lagoon has amassed minerals such as magnetite for a long time.

The company has signed a first agreement for exploring the Buguey Lagoon to be followed by a final agreement.

The Buguey Lagoon covers approximately 994 hectares and stretches 17 km. It is the water supply for approximately 1500 hectares of brackish water fishponds. This is the fishing ground for the coastal Barangays (villages) and home to a diverse fish and plant population with commercial importance. Because of the inability to transport sediments to the sea, new fresh saltwater cannot enter the lagoon. This severely affects the spices dependent on the brackish water.

The area is home to about 24  species of fish, 3 shrimp species, 1 seaweed specie of commercial importance, 6 species of molluscs, 3 mud crab species and habitat of 8 families of mangrove, all dependent on brackish water.

"The Buguey Lagoon is an excellent example of the company’s strategy to combine ecological and social work with commercial activities, restoring nature and waterways affected by silt and helping the community. We hope that the geological studies will confirm that the economical parameters are favourable for this project so that we can undertake the work.  We plan to commence the initial surveys in Buguey Lagoon shortly, "says Thomas Lundgren, CEO.

For further information, please contact
Hakan Gustafsson, Chairman of the Board, hakan.gustafsson@deltaminerals.se , Mobile + 46 70 00 35 268.
Thomas Lundgren, CEO, thomas.lundgren@deltaminerals.se , mobile + 46 703-97 25 24.

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