Potash Ridge Corporation (formerly "New Earth Potash Corp.") Announces Commencement of Confirmation Drilling
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/25/11 -- Potash Ridge Corporation ("Potash Ridge" or "the Company") is pleased to announce the commencement of drilling at its Blawn Mountain alunite property in Beaver County, Utah.
The Company plans to drill 32 core and reverse circulation holes ranging in depth from 150 feet to 900 feet. The primary objective of this drilling program is to validate previously reported resources in compliance with NI 43-101 standards, although some exploration holes will also be drilled.
Between 1971 and 1974 a total of 152 holes were drilled on the three main areas of the Blawn Mountain property to an average depth of 264 feet. This drilling program resulted in a non-NI 43-101 compliant resource estimate of 213 million tons of ore grading an average of 38.7% alunite, 14.3% alumina and 10.5% sulphate-of-potash ("SOP") and 429 million tons of inferred resource grading an average of 42.8% alunite, 15.8% alumina and 11.7% SOP.
The current drilling program is part of a plan to produce a NI 43-101 compliant resource estimate by the first quarter of 2012. The Company expects the drilling program to be completed by mid-December 2011. The bulk of the drilling will take place in Area 1, which will be the first deposit to be developed.
Other Updates
The Company is also pleased to announce the appointment of Paolo De Luca as Chief Financial Officer of the Company, effective September 12, 2011. Mr. De Luca is a Chartered Financial Analyst and Chartered Accountant with over 15 years of financial experience in corporate and capital market environments in Canada and overseas. His wide ranging corporate experience includes the provision of corporate financial services at an executive officer level, senior audit and risk assessment roles, investor relations and capital raisings. Up to 2010, he held the position of Chief Financial Officer at C.A. Bancorp, a merchant bank and alternative asset manager with $500 million in capital invested and under management. More recently he held the position of Investor Relations at a Toronto based hedge fund with over $2 billion in assets under management.
As previously communicated via press release, the Company held a special meeting of shareholders on September 22, 2011 where:
The Company has filed its Articles of Continuance in Ontario and is now operating under the name Potash Ridge Corporation in the Province of Ontario.
About Potash Ridge Corporation
Potash Ridge owns 100% of the rights to two alunite deposits in Utah named Blawn Mountain and Pine Valley. Alunite is a mineral from which sulphate-of-potash (a high-grade potash), alumina and sulphuric acid can be extracted. A feasibility study, engineering study and mine plan for a large mining and processing operation at Blawn Mountain was prepared in the 1970s following extensive drilling, metallurgical and pilot plant testing.
On behalf of Potash Ridge Corporation
Guy Bentinck, President & Chief Executive Officer
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Contacts:
Potash Ridge Corporation
Guy Bentinck
President & Chief Executive Officer
+1 (647) 931-7114
Potash Ridge Corporation
Paolo De Luca
Chief Financial Officer & Investor Relations
+1 (647) 933-9032
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Datum: 25.10.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 79796
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contact information:
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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