CI Resources Limited : Phosphate Resources Ltd Disclosure Notice - Wreck of MV Tycoon (181.10 Kb)

18  January  2012  

Company  Announcements  Platform  Australian  Securities  Exchange  

Level  8,  Exchange  Plaza  

2  The  Esplanade  PERTH  WA  6000  

PHOSPHATE RESOURCES ANNOUNCEMENT

CI   Resources   Limited   (ASX   code:   CII)   advises   that   the   Board   of   Phosphate   Resources  Limited   (PRL),   in   which   CI   Resources   Limited   holds   a   50.49%   stake,   has   issued   a  Disclosure   Notice   in   respect   to   resumption   of   normal   shipping   of   bulk   phosphate   rock  from   Christmas   Island,   after   a   short   interruption   caused   by   the   unfortunate   foundering  of  MV  Tycoon,  which  will  not  any  material  impact  on  profitability.  

Please  see  the  attached  disclosure  notice  by  PRL.  

Yours  faithfully,  

David  Somerville  Chairman  

CI  Resources  Limited  

CI Resources Limited ABN 70 006 788 754

Postal address: PO Box 1346, Canning Bridge WA 6153

Telephone: [phone]

Form 1003
Disclosure notice for unlisted disclosing entity

Phosphate Resources Ltd Wreck of MV Tycoon ANNEXURE " A"

The Board advises that normal shipping of bulk phosphate rock from the Christmas Island operations will resume, weather permitting, on the 18th January 2012. Further shipments of bagged phosphate dust are likely to be delayed until March.
The Board anticipates that the short interruption to production and minor shipping delays, brought about by the unfortunate foundering of the MV Tycoon, will not have any material impact on budgeted annual production and returns.
The unfortunate minor aesthetic pollution in the northern rocky corner of Flying Fish cove caused by the shredding of 5,200 fifty kilo laminated woven poly propolene phosphate dust bags has now been cleaned up by Company employees assisted by local community volunteers.
The 100 tonnes of light fuel oil and 260 tonnes of phosphate dust lost has totally dissipated and appears not to have caused any environmental damage. The enormous ocean depth in Flying Fish Cove means these quantities are so minuscule that they are immeasurable. There has been no visual impact on the pristine beaches at Flying Fish Cove and the return of red crab spawn in that sector of the Island appears to have been unaffected.
The Board regrets the misinformation that has been carried in some of the mainstream media. Unfortunately there have been a number of instances of self - appointed environmental experts and others being quoted who have little direct knowledge of the situation and a predisposition against mining.
Kevin Edwards
Company Secretary
17 January 2012