Strata Minerals Announces Extension Of Utah Phosphate Land Position
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2014) - Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company") is pleased to announce the extension of the Company's land position at the Diamond Mountain Project located in Utah.
Strata, through joint-venture partner Utah Mineral Resources ("UMR"), has acquired an area of private surface and mineral rights and filed additional Phosphate Prospecting Permit Applications ("PPPAs") that are contiguous with existing Diamond Mountain Project Federal PPPA areas in North Eastern Utah. Under the option agreement with UMR, Strata has earned 51% of the Diamond Mountain Project including the contiguous private surface and mineral rights acquired and PPPAs recently filed.
Private Surface and Mineral Rights Acquisition
Strata, through UMR has entered into an agreement to acquire the privately held surface and mineral rights associated with a 98.7 hectare area contiguous with Federal Phosphate Prospecting Permit Application areas registered to Strata/UMR ("Siddoway Fee Area").
Under the terms of the agreement, Strata/UMR, have the right to conduct exploration work and to develop and operate a phosphate mining operation.
Strata/UMR Files for Additional Prospecting Permit Application Areas
Strata, through UMR has filed for and been granted an additional 1,236.6 hectares of Phosphate Prospecting Permit Application areas to the South East of, and contiguous with, Strata / UMR’s existing PPPA areas.
Together, the Siddoway Fee Area and additional PPPA’s total 1,335.3 hectares (see Figure 1) along the north side of a major fault delineated by an exploration drilling programme completed by Strata in July 2014 ("Diamond Mountain East"). This latest land acquisition brings Strata/UMR’s total Diamond Mountain Project exploration area to approximately 5,444.0 hectares, an increase of 33% over the original 4,108.7 hectares announced at the completion of the option agreement between Strata and UMR in March 2014.
The Diamond Mountain East area is considered to be highly prospective for near surface mineralization and includes areas of phosphate rock outcrop. Strata Minerals has commissioned Norwest Corporation ("Norwest") to complete field reconnaissance work in the Diamond Mountain East area. Strata expects to receive a report on the Diamond Mountain East area during the current quarter.
Debt for Equity Swap
In addition to the acquisition of additional exploration ground highlighted above, Strata announces that it has entered into an agreement with an arm’s length contractor whereby Strata will issue 1,120,000 common shares for the extinguishment of US$100,000 (approximately CDN$112,000) of monies owing for work completed during 2014. This debt for equity swap has been agreed at a price of $0.10 per share and is subject to the approval of the TSX Venture Exchange.
Figure 1 – Diamond Mountain East Exploration Area
To view an enhanced version of the Diamond Mountain East Exploration Area, please visit:
http://orders.newsfilecorp.com/files/2712/12411_strata4.jpg
For further information, please contact:
Jason Bahnsen,
President and CEO
Tel: +1 647 986 7542
Email: j.bahnsen@strataminerals.com
About Strata Minerals Inc. Strata Minerals Inc. is an emerging, phosphate focused, agricultural nutrient company exploring for commercial-scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the US and global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its phosphate exploration projects in Utah, USA and in Western Australia, Australia. All references to the Company in this release include the Company’s wholly owned Australian subsidiary, Strata Minerals Pty Ltd. For further information, please refer to the Company's website at www.strataminerals.com. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained on SEDAR at www.sedar.com.
Forward Looking Statements
This news release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Strata's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.strataminerals.com.
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 news release.