Sumitomo Corp, Sumitomo Australia Pty Ltd, Cominex Pty Ltd, KCM Corporation Establish Company to Produce High Purity Silica for LCD Screen Glass

JCN Newswires, August 28, 2007

Tokyo, Japan, Aug 28, 2007 - (JCN Newswire) - Sumitomo Corporation based in Tokyo, Japan, Sumitomo Australia Ltd based in Sydney, Cominex Pty Ltd based in Hobart, and KCM Corporation based in Nagoya Japan have jointly established Tasmanian Advanced Minerals Pty Ltd (TAM), which will mine silica on the west coast of Tasmania and process it at a new factory which is under construction at Wynyard, Tasmania.

Silica found in some limited locations on the west coast of Tasmania is recognised as being unique in geological formation and as being of extremely high purity. It is used overseas as raw material for high technology glass applications such as LCD glass substrate, computer hard-disc substrates and other advanced uses in the IT field.

All four joint venture parties have been involved in Tasmanian silica business development since the mid 1980's. In recent years demand for LCD glass has been strong as a result of the popularity of LCD televisions, computers, mobile phones and a range of other portable display devices.

The factory construction proposal was initiated by Sumitomo Australia Ltd in 2004. In 2005 they applied for a planning permit which was granted in the first half of 2006. Ownership of the project is currently in the process of being transferred from Sumitomo Australia and Cominex, the current mine operator, to TAM.

Factory construction began in December and is currently running to schedule. Depending on the progress over the winter months it is hoped that completion in August will be achieved.

Although the silica in its natural state is already very pure, because of the nature of the end use applications, processing will involve highly accurate classification and impurity removal.

Over the course of the coming 12 months it is expected that the number of direct employees will increase to approximately 20, plus approximately 17 fully employed contractors.

About Tasmanian Advance Minerals Pty Ltd.

Registered Office:        Level 6, 44 Martin Place Sydney
Shareholding:             Sumitomo Corporation, Japan 41%
                          Sumitomo Australia Ltd  39%
                          Cominex Pty Ltd 10%
                          KCM Corporation, Japan 10%
Managing Director:        Chris Stuart
Factory:                  Wynyard, Tasmania
Mine:                     Corinna, Tasmania
Activities:               Mining and sales of unprocessed silica,
                          Processing, marketing and sales of high
                           purity silica flour.

About Sumitomo Corporation

Founded in 1919, Sumitomo Corporation (TSE: 8053; US: SSUMY) is one of the largest, major general trading companies in Japan. Sumitomo Corporation runs 26 offices in Japan and 124 overseas branches in 69 countries. Sumitomo Corporation not only conducts commodity transactions in all industries utilizing worldwide networks, but also provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry. Sumitomo Corporation thus shows great diversification as an Integrated Business Enterprise. Trading industries are Metal, Transportation & Construction Systems, Machinery & Electric, Media, Electronics, & Network, Chemical, Mineral Resources & Energy, Consumer Goods & Service, Material & Real Estate, and Financial & Logistics. Total sales in FY2005 exceeded JPY 9898.6 Bn.

Source: Sumitomo Corporation

Contact:

Tasmanian Advance Minerals Pty Ltd.
Chris Stuart
Tel:  81-2-9335-3746
Mob.  811-419-282-272
Email: chris.stuart@sumitomocorp.co.jp

Japan Corporate News Network. All rights reserved.