Ringbolt Hires Project Manager for Potash Drilling
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/31/11 -- Ringbolt Ventures Ltd. (the 'Company' or 'Ringbolt') (TSX VENTURE: RBV)(FRANKFURT: 3OZ) is pleased to announce it has engaged the services of Daub & Associates, Inc. of Grand Junction, Colorado to manage and support the potash drilling program on its Lisbon Valley Project in Utah.
Daub & Associates, Inc. is a full service contractual geological, hydrological, environmental, geotechnical and permitting company located in Grand Junction, Colorado. Established in 1982, Daub & Associates, Inc. has an extensive client list and a proven reputation for offering safe, reliable and cost-effective professional consulting services. Daub & Associates, Inc. specializes in the following areas: oil shale, gas, oil, coal-bed methane, coal and sodium mineral exploration and development, solution mining, surface and groundwater hydrologic investigations, expert witness testimony, permitting services, geologic hazards and mineral assessment reports, environmental assessments, and environmental impact studies.
Daub & Associates, Inc. draws from a pool of highly experienced and technical professionals. Office management skills and field expertise are integrated to provide rigorous and cost-effective implementation of a wide range of geoscience applications. They have developed an excellent working relationship with local, county, state and federal regulatory agencies. There client list is extensive, and offer many geological, geophysical, hydrological, geotechnical, environmental and permitting services to accommodate a wide range of Client needs. Their combination of experience and expertise has proven to be effective for perpetual company expansion.
Ringbolt Ventures President and CEO, Simon Tam, stated; 'Ringbolt is pleased to have engaged the services of Daub & Associates to design and manage our drilling on the Lisbon Valley Potash Project. Their experience and knowledge will aid greatly in a successful drilling program.'
Potash was first discovered in the 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.
Technical information in this news release has been reviewed by Derrick Strickland, P. Geo., a qualified person as defined in NI 43-101.
About Ringbolt Ventures Ltd.
Ringbolt ventures 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.
On behalf of the Board of Directors
Simon Tam, President & Director
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'expect' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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