Sirius Exploration

September 15, 2009 03:15 ET

Update on AusPotash Corporation Option Agreement

For immediate release: 15 September 2009

                                            Sirius Exploration PLC
                                          ("Sirius" or "the Company")
                               Update on AusPotash Corporation Option Agreement

Sirius (AIM: SXX, OTC: SRUXY) notes the recent movement in its share price.

The Company is continuing discussions with AusPotash Corporation ("AusPotash"), following the announcement on 9
July  2009  the  Company  that  it  has  signed an option agreement with certain  shareholders  to  purchase  a
controlling  shareholding in AusPotash. The current discussions concern Sirius acquiring 100% of AusPotash,  as
currently  constituted, by the issue of up to 115,510,012 new Ordinary Shares of 0.25p each  ("Sirius  Ordinary
Shares")  for  AusPotash (including certain shares acquired by the exercise of warrants and options.).  In  the
event that the warrants and options are exercised this will provide Sirius with approximately CAD2million as  a
result  of the acquisition. Two Directors of Sirius (Mr Richard Poulden and Mr Jonathan Harrison) have minority
interests in AusPotash and the acquisition of shares held by these interests will be subject to compliance with
Section  190 of the Companies Act 2006 (requiring shareholder approval) and with AIM Rule 13 concerning related
party transactions.

AusPotash  is  a  private  Canadian company that has acquired an interest in  two  potash  exploration  permits
covering  land  totaling approximately 150 square kilometres overlying the Devonian Boree Salt  Member  of  the
Etonvale Formation. The Boree Salt Member lies within the Adavale Basin located in Queensland, Australia.

For the period ended 31 May 2009, AusPotash reported a loss of CAD870,521 on nil Turnover and had Net Assets of
CAD6,462,005. The total number of new Sirius Ordinary Shares to be issued would equate to approximately 20%  of
the  then  enlarged  issued share capital of Sirius. If all the AusPotash options are exercised  prior  to  the
acquisition by Sirius, AusPotash will add a total of CAD2.9 million to Sirius' cash resources which  can  cover
the current exploration programme of Aus$1.5m over the next two years.

A further announcement will be made when Sirius makes a formal offer to acquire AusPotash.

Note: the Annual General Meeting of Sirius is being held 11.00 AM on the 16th of September 2009 at the offices
of Pinsent Masons LLP at Citypoint, One Ropemaker Street, London, EC2Y 9AH.

- Ends -

Further Information:

Richard Poulden
Chairman, Sirius Exploration Plc.                    Tel: +971 556 232 672

Beaumont Cornish
Roland Cornish                                       Tel:  +44 (0)20 7628 3396

Gth media relations
Toby Hall                                            Tel: +44 (0)20 7153 8039
Christian Pickel                                     Tel: +44 (0)20 7153 8036


Contact Information

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