Quarterly Activities Report - March 2014
Brisbane, April 29, 2014 AEST (ABN Newswire) - Fertoz (
ASX:FTZ) is an explorer and developer of phosphate resources in Canada and the United States of America, which are both net importers of phosphate rock and have two of the largest agricultural economies in the world. The Company aims to supply direct application phosphate rock with minimal processing to the lucrative organic fertiliser market in North America. The USA is the largest organic food market in the world while Canada is the fourth largest.
Fertoz is targeting small, high-grade resources in North America that can be commercialised quickly and inexpensively, with high-grade product sold to organic farmers or third-party fertilizer plants. The Company is planning first sales to customers in 2014 from its flagship Wapiti project.
Wapiti Project
- Obtained approval to extract 7,500 tonne bulk sample of phosphate rock
- Company advancing to first sales of phosphate rock in 2014
- Results confirm Wapiti suitable as a direct application organic fertilizer and place Wapiti material in top tier of agronomic phosphate rock available commercially
- Two certified organic farms agree to broad-acre farm trials
- Secured additional tenements at Wapiti East
Fernie Project
- Marten tenement added to Fernie Project portfolio
- Advanced stage exploration ground with previous underground exploration work completed and outcropping phosphate on the surface
- Small drill programme and bulk sample planned for second half of CY2014
Dry Ridge Project
- U.S. Bureau of Land Management ("BLM") approves transfer of operating rights to Fertoz
- Cascade Earth Sciences and World Industrial Minerals engaged and three year exploration program submitted to BLM
CORPORATE
Safety
There were no lost time injuries or environmental incidents recorded during the March quarter.
Director Buying
Managing Director Dr Leslie Szonyi purchased an additional 11,759 Fertoz shares via on-market trades during the March 2014 quarter. The shares were valued at $0.4344 per share with total consideration paid for the shares being $5,108.
Regional Project Consolidation
Fertoz has focused its efforts by combining its five projects in British Columbia into two regional projects - the Wapiti Project near Tumbler Ridge (which includes Wapiti East and Wapiti West tenements) and the Fernie Project near Sparwood (which includes Marten, Barnes Lake and Crows Nest tenements) both of which are proximate to infrastructure. It also has an option on one project in Idaho, U.S.A., in an established phosphate mining area, again proximate to infrastructure.
Cash
The Company has cash at bank of $2.65 million as at 31 March 2014.
Release of Shares From Escrow
The Company had a total of 2,489,045 shares released from escrow during the quarter. The Company now has a total of 13,177,422 shares on voluntary and compulsory escrow.
Australian Projects
The Company currently has two Australian projects. It has a joint venture in place at the Barrow Creek Project, NT with Central Australian Phosphate Ltd. The Company also holds a tenement in Queensland called the Sherrin North Project, close to other phosphate projects and phosphate bearing rocks. However, with the focus on the Americas, the Company is searching for a suitable company to either joint venture the tenement or achieve an outright sale.
To view complete quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-FTZ-794485.pdf
About Fertoz Ltd
Fertoz (ASX:FTZ) is an Australian-based phosphate exploration and development company with a range of projects in British Columbia, Canada as well as Queensland and the Northern Territory. The Company is focused on becoming a fertiliser producer as quickly as possible, initially focusing on the Canadian/USA markets.
Fertoz plans to develop its exploration assets in Canada in order to identify any potential Direct Shipping Ore (DSO) projects. It intends to seek joint venture partners to assist in funding the exploration projects in Australia.
Phosphate is a commodity necessary for feeding the world, and Fertoz is ready to capitalise on this growing demand.
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