Potash Ridge Provides Project Update
TORONTO, ONTARIO -- (Marketwired) -- 07/03/13 -- Potash Ridge Corporation ("Potash Ridge" or the "Corporation") (TSX: PRK)(OTCQX: POTRF) announced an update on its Blawn Mountain Sulphate of Potash ("SOP") Project (the "Project") in southwestern Utah, including the status of its ongoing Prefeasibility Study by Norwest Corporation ("Norwest").
In support of the Prefeasibility Study, the Corporation has completed a significant amount of metallurgical test work on all aspects of the flow sheet. The bulk of this testing has focused on confirming historical test work from the 1970s on the same deposit and evaluating potential improvements in processing technology. Testing performed during the 1970s primarily focused on a test pit located in Area 1, whereas the current test program covers both Area 1 and Area 2 where it is expected that the life of the anticipated mining operations will occur.
As announced on June 3, 2013, SOP has been successfully produced from the Blawn Mountain deposit as part of its ongoing metallurgical testing program. The assessment of alternative processing options is now complete. The assessment of alternative processing options to produce SOP has been the key focus of the Prefeasibility Study and completion of this work represents a major milestone in the development of the Project. The Corporation is continuing with pilot scale testing at Hazen Research's facilities in Golden Colorado, with the overall test program scheduled for completion by the end of 2013.
The Corporation and Norwest are now focused on initiatives to optimize the preferred processing options and evaluate other improvements to the Project. This includes working with major equipment vendors on finalizing key operating parameters and capital and operating cost estimates for the Prefeasibility Study, expected to be completed by the end of the summer. All other engineering and geotechnical work being performed for the Prefeasibility Study is complete.
Work on the permitting front continues on schedule. Numerous environmental surveys have been advanced over the last several months to provide the baseline assessments required to submit permit applications later this year. Surveys include assessment of wildlife, soil, vegetation, air, water and cultural resources. The full slate of field programs is targeted to deliver a comprehensive analysis of the local environment and is anticipated to meet all regulatory rules and requirements. Many of the surveys are complete, with a few scheduled to conclude mid-to-late fall 2013. The Corporation anticipates filing its Large Mining Permit Application by the end of 2013.
The Corporation has engaged Serecon to conduct a comprehensive analysis of SOP markets. An extensive analysis of market opportunities in North America, Asia and South America is well underway, with a detailed report anticipated later in July.
Discussions continue with various interested parties with respect to offtake and strategic arrangements for both SOP and sulphuric acid. Completion of the Prefeasibility Study will provide the basis for the Corporation to advance discussions with these interested parties.
All scientific and technical disclosure in this press release have been prepared under the supervision of Ravi Nath, a consultant to Potash Ridge who is a Qualified Person within the meaning of National Instrument 43-101.
About Potash Ridge
Potash Ridge is a Canadian based exploration and development company with a unique opportunity to develop a SOP and bauxite-type material project into long-term mining production.
The Company's Blawn Mountain Project consists of four areas of surface mineable alunite mineralization in the State of Utah. Alunite is a sulfate mineral rich in both SOP and alumina.
Located in a mining friendly jurisdiction with established infrastructure nearby, the project covers approximately 11,550 acres of state-owned land and has a known permitting process. Extensive development was completed in the 1970s including a mine plan, feasibility study and 3-year pilot plant operation.
Potash Ridge has a highly qualified and proven management team in place with significant financial, project management and operational experience and the ability to take projects into production.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Corporation's expectations regarding future growth, results of operations, performance and business prospects. These forward-looking statements may include statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements are not historical facts but instead represent the Corporation's expectations, estimates and projections regarding future events. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the future financial or operating performance of the Corporation and its subsidiaries and its mineral projects; the anticipated results of exploration activities; the estimation of mineral resources; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Corporation's mineral projects; timing of future exploration; requirements for additional capital; climate conditions; government regulation of mining operations; anticipated results of economic and technical studies; environmental matters; receipt of the necessary permits, approvals and licenses in connection with exploration and development activities; appropriation of the necessary water rights and water sources; changes in commodity prices; recruiting and retaining key employees; construction delays; litigation; competition in the mining industry; reclamation expenses; reliability of historical exploration work; reliance on historical information acquired by the Corporation; optimization of technology to be employed by the Corporation; title disputes or claims and other similar matters.
If any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such assumptions include, but are not limited to, the following: that general business, economic, competitive, political and social uncertainties remain favorable; that agriculture fertilizers are expected to be a major driver in increasing yields to address demand for premium produce, such as fruits and vegetables, as well as diversified protein rich diets necessitating grains and other animal feed; that actual results of exploration activities justify further studies and development of the Corporation's mineral projects; that the future prices of minerals remain at levels that justify the exploration and future development and operation of the Corporation's mineral projects; that there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies, development or construction activities; that the actual costs of exploration and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or development activities do not change in any adverse manner; that input cost assumptions do not change in any adverse manner, as well as those factors discussed in the section entitled "Risk Factors" in the Corporation's Annual Information Form (AIF) for the year-ended December 2012 found on sedar.com. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Contacts:
Potash Ridge Corporation
Sasha Radenovic
Manager of Investor Relations
416.362.8640 ext. 101
info@potashridge.com