Successful Desktop Study

Key points:

• Successful scoping study completed by Coffey, SolTech and North Rim
• Study confirms significant potential of salt caverns for energy and waste storage
• Study confirms significant potential of salt for potash mining
• Recommendation to move to prefeasibility study

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Corporate Restructure and Name Change

Key points:

• Following a corporate restructure to accommodate new business units, Underground Storage Solutions has changed its name to Tellus Holdings.
• Three wholly owned subsidiaries have been incorporated;
  • Boree Potash P/L, which will develop the mining potential of the Boree North Salt project and will also look at other prospective salt mine opportunities.
  • GR Rockvault P/L, which will develop storage solutions in the voids left from mining; and
  • Subterra Energy Storage P/L, which will develop large scale underground energy storage;

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Investor Update

Key points:

Following on from the shareholder and board approval for the rebranding and corporate restructure and the completion of the desktop studies the Board sent an e-mail update to all investors. If you are a shareholder and have not received this e-mail update please contact the company directly and we will confirm your contact details. The Company will be sending out regular shareholder updates in this format and would like to include all shareholders in this correspondence.
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Appointment of Chairman

Key points:

The Board of GR Rockvault is pleased to advise of the appointment of John Cook as Non Executive Director and Chairman.

Mr Cook was Managing Director of the Waste Management Authority of NSW in 1989, and then Waste Service NSW until 1999. He has served on a number of boards in the mining and waste industries, and was a Director of the CRC for Waste Management and Pollution Control and founding member of the Waste Management Association of Australia. At Waste Service NSW, major achievements included the establishment of major new materials recovery and composting businesses, going beyond consultation to participation with host communities in the area of siting waste management infrastructure, the development of integrated Quality, Environmental and Safety systems certified to international standards. John is a Fellow of AusIMM, IEAust, AICD.
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Key points:

• USS opens new NSW office at the MLC Centre, Martin Place
• This will allow the company to continue to build on its pipeline of development opportunities
• This will strengthen USS’s ability to provide enhanced services to its project pipeline, not just in QLD but in NSW, VIC and SA
• USS will expand its expert team in both its Brisbane and Sydney office

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