Pacific Potash Corporation (TSX-V:PP) Summarizes 2011 Activities and Operations
(firmenpresse) - Pacific Potash Corporation (TSX-V:PP) Summarizes 2011 Activities and Operations
December 20, 2011TSXV SYMBOL: PP
Pacific Potash Corporation (TSX-V: PP, FSE: P9P, OTCQX: PPOTF) “the Company” is pleased to provide a summary of 2011 activities and operations.
Steven Khan, CEO of Pacific Potash, comments that “despite the worldwide financial turmoil and a challenging year for investors, the past year has been very productive for the Company in its goal to develop one of the first projects in Alberta”.
In March 2011, The Company formerly Silver Lake Resources Inc. completed a private placement of 12,500,000 units at a price of $0.21 per unit raising gross proceeds of $2,625,000. Each unit comprised one share and one share purchase warrant. The warrants are exercisable at a price of $0.28 for 5 years.
On May 26, 2011 Silver Lake Resources Inc. entered into a Share Purchase Agreement (the “Agreement”) whereby the Company acquired 100-per-cent of the outstanding shares of Pacific Canada Potash Ltd. (“PCPL”) in exchange for two cash payments of $225,000 and the issuance of 4,000,000 common shares of the Company.
The 100-per-cent-owned Provost Property consists of two permits encompassing 43,938 acres and was acquired with the acquisition of PCPL. Also, as part of PCLP the Company acquired a 50-per-cent-interest in 24 metallic and industrial mineral (MAIM) permit application to the Alberta government totalling land holdings of 527,000 acres. These permits were granted between April and August 2011, generally surrounding the 100% owned Provost Property, and is subject to a 50/50 Joint Ownership between the Company and Grizzly Discoveries Inc. (“Grizzly”).
In June 2011, The Company completed a private placement of 3,645,333 flow through units priced at $0.75 per unit and 1,468,500 non flow through units priced at $0.65 per unit, raising gross proceeds of $3,688,525. Each unit comprised one share and one half share purchase warrant. Each full warrant entitles the holder to purchase a further common share of the Company at a price of $0.80 for 5 years. On June 27, 2011 The Company changed its name from Silver Lake Resources Inc. to Pacific Potash Corporation.
In July 2011, Pacific Potash Corporation appointed Don Larmour as the first member of its advisory board. Mr. Larmour brings 28 years of experience working at Potash Corporation of Saskatchewan where he has worked on a wide scope of potash projects from exploration to production phases.
In August 2011, Pacific Potash acquired a 50-per-cent-interest in the Roam silver project located on the Yukon/British Columbia border. The acquisition was conducted through Pacific Potash's wholly owned subsidiary, Longbow Ventures Ltd., which Pacific Potash has incorporated as its vehicle for acquiring quality gold and silver projects or opportunities, including the Roam project. The acquisition consisted of a $75,000 cash payment and the issuance of 200,000 shares of Pacific Potash.
In September 2011, The Company signed a letter of intent (LOI) with Grizzly Discoveries to commence a drill hole exploration program on the Pacific Potash-Grizzly 50:50-owned property surrounding the Company’s 100-per-cent-owned Provost Property. The Company also retained Deutsche Investor-Relations GmbH (DIRG) to provide the company with investor relations services in Europe.
In October 2011, Pacific Potash received permits for 2 potash drill holes on its 100-per-cent-owned Provost Potash property. It successfully completed the first hole to a depth of 1,460m on November 2. This well represents one of the first wells ever completed in the province of Alberta to specifically target potash mineralization. The company also obtained a listing on the Frankfurt Stock Exchange (FSE) under the trading symbol P9P.
In the final two months of 2011 Pacific Potash completed its second well on its 100-per-cent-owned Provost potash property and another well on the 50:50 property in conjunction with Grizzly Discoveries. Pacific Potash has also been working diligently to prepare the cores for chemical assays. All cores are currently being logged, split and sampled by Norwest Corporation in Calgary, Alta. Samples will be forwarded to the Saskatchewan Research Council for analysis. Geochemical results will be released once the company is in receipt of them. During the logging process some sample photos of the cores will be posted on pacificpotash.com under the galleries section of the website. These photos are not intended to represent a depiction of grade, quality or potential mineralization but are intended to provide the public with a visual update of the current progress of operations presently being conducted.
The Company looks forward to another successful upcoming year and the entire Pacific Potash organization would like to wish its investors, shareholders, business associates and contractors a happy and healthy holiday season and all the best for 2012.
2012 OUTLOOK FOR PACIFIC POTASH CORPORATION (TSX-V: PP)
After a busy 2011, Pacific Potash Corporation (TSX-V: PP, FSE: P9P) plans to have an equally busy 2012. The Company expects to have assay results from its first 3 completed potash wells in early January. Depending on the outcome of results The Company will move ahead with a NI 43-101 compliant reserve report. This report will be prepared in an effort to start to delineate an inferred resource calculation on the property.
Pacific Potash management will be out on the road after our assay results in the first quarter of 2012. The company will be fully listed on the OTCQX exchange in early January. This will be a good opportunity for Pacific Potash to introduce the story to the US retail and institutional market. Management will be actively promoting the company and its intrinsic value. The company currently has a strong cash position (approximately 3M at the end of November); however, off good results The Company will be actively looking to raise money in the first half of 2012. This raise will be for the 2012 drill program and general operating expenses.
The Company will begin putting together its 2012 drill program once the final results are obtained from the first 3 potash wells. The drill program is expected to start sometime in Q2 2012 barring any unforeseen delays. The Provost property is able to be worked on year round. This drill program will most likely be focused on the 100% owned Provost Potash Property and will focus on continued exploration, development and resource delineation of the property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
On behalf of the Board,
Pacific Potash Corporation
Steven Khan, MBA, CFA
Director & CEO
For further information, please visit our website at www.pacificpotash.com or contact investor relations:
Richard Tremblay
Pacific Potash Corporation
Tel: 604-629-7095
Toll free: 1-855-629-7095
Email: rtremblay(at)pacificpotash.com
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