Mesa Exploration Acquires Potash Lease in Utah
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/02/11 -- Mesa Exploration Corp. (TSX VENTURE: MSA)(PINK SHEETS: MSAJF) ('Mesa') is pleased to announce that the company has acquired a 640 acre Potash Lease from the State of Utah through a competitive lease offering. The lease will be incorporated with Mesa's Whipsaw potash project, now totaling 18,608 acres (29 square miles). The project lies within the Paradox Basin, a large sedimentary basin containing 29 separate cycles of salt, potash and sediments in the Paradox formation. Intrepid's Cane Creek potash mine, located 18 miles south of the project, extracts potash from the Paradox formation using solution mining techniques.
A preliminary review of oil and gas well data in the Whipsaw area shows that thick potash horizons are present. Near the faulted axis of the Salt Valley anticline four miles west of Whipsaw, thick potash beds were intersected in gas wells at depths between 3,300 and 4,200 feet. These appear to be the Cycle 5 and Cycle 13 Paradox formation potash horizons. It is anticipated that both Cycle 5 and 13 persist below the Whipsaw area, and are gently dipping tabular deposits. A qualified person as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Mesa is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101; a 43-101 report describing Whipsaw can be found at this link:
http://www.mesaexploration.com/i/pdf/Mesa-Potash_43_101.pdf
The Whipsaw project is 2 miles south of the Union Pacific railroad and Interstate I-70 and 3 miles east of State Highway 191 and is accessible by a series of oilfield service roads. The area receives approximately 300 days of sunshine annually and is suitable for solar evaporation.
About Mesa Exploration
Mesa is developing and exploring a portfolio of mineral properties in the United States where it controls significant land holdings. All projects are within proven mining districts with excellent access and infrastructure. Mesa currently has 14 million shares issued and outstanding, and no debt. For further information please visit our website at www.MesaExploration.com.
ON BEHALF OF THE BOARD
MESA EXPLORATION CORP.
Foster Wilson, President and CEO
This news release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contacts:
Mesa Exploration Corp.
Corporate Communications
775-824-4533
www.MesaExploration.com