Iofina shares surge on Atlantic Water project update

published 28 March 2013

Iofina shares advanced Thursday as the iodine producer edged ahead on its Atlantis water project after submitting permit applications and securing depot and trucking facilities in Montana.

The company said the Montana Department of Natural Resources & Conservation has received its application for 200,000 barrels per day of water from the Missouri river in Roosevelt County Montana.

Iofina has secured the sites for the outtake water depot, multiple truck distribution terminals and potential waste water disposal sites in Montana.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The terminals will have the ability to fill and receive multiple trucks simultaneously.

The firm expects to file a similar application in North Dakota shortly.

"We are excited to have secured our outtake and water distribution points, letters of intent for water sales and use, and that the Montana Department of Natural Resources & Conservation has confirmed receipt of the water permit application," said Chief Executive Officer Lance Baller.

"The Atlantis Water project represents a significant opportunity for the company that has required over three years of hard work to get to this point."

The group has acquired lease rights to produce both iodine, co-produced water and natural gas at the Atlantis field, which is located between two of the most significant biogenic gas fields in North America.