Ringbolt Expands Drill Permitting on Utah Potash Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/31/11 -- Ringbolt Ventures Ltd. (TSX VENTURE: RBV)(FRANKFURT: 3OZ) (the 'Company') will apply for permits to drill six more holes on the Lisbon Valley potash project in Utah, through its 70-per-cent holding in Potash Green Utah LLC.
Ringbolt has identified six more drill locations on the Lisbon Valley potash project on Utah state leases and is in the process of permitting these locations. The recent farm-out of the Company's Arizona potash project in the Holbrook Basin is enabling Ringbolt to expand its' activities in Utah.
The Lisbon Valley project consists of nine state mineral leases totalling 6,421 acres and applications for potash prospecting permits, totalling 24,640 acres. The project is located in San Juan County, Utah, within the Paradox Basin, a large sedimentary basin containing rocks of Pennsylvanian to Cretaceous age. The salt and potash beds are in the Pennsylvanian Paradox formation that is over 4,000 feet thick, with 29 separate cycles of salt, potash and clastic sediments. The salt beds are located near the top of the evaporate sequence and occur at depths of 3,000 to 4,800 feet in the project area.
Potash was first discovered Paradox basin in an oil and gas well in 1924. In 1962, Superior Oil Company drilled the first potash at the crest of the Lisbon Valley anticline. Since 1964, potash and by product salt have been produced from the Cane Creek mine. The Cane Creek mine was first owned and operated by Texas Gulf Sulphur, and is now owned and operated by Intrepid Potash Company. Potash was originally produced by underground mining and, in 1970, the mine was converted to solution mining. Solution mining has proven to be the ideal process in the project area because of the hot summers and low humidity. The mine has produced nearly continuously since 1964, and reportedly has a future mine life of 30 years.
Ringbolt Ventures Ltd. also announces the granting of 200,000 incentive stock options to certain consultant. These options are exercisable for up to two years at a price of $0.45 cents per share.
Technical information in this news release has been reviewed by Derrick Strickland, PGeo, a qualified person as defined in NI 43-101.
On behalf of the Board of Directors
Ringbolt Ventures Ltd.
Simon Tam, Director
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
Neither 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 press release.
Contacts:
Ringbolt Ventures Ltd.
Simon Tam
Director
(604) 638-7382
(604) 871-9926 (FAX)