Stonegate Agricom Provides Update on Mantaro Phosphate Project in Peru
TSX: ST and ST.WT
TORONTO, March 5, 2012 /CNW/ - Stonegate Agricom Ltd. ('Company')
, which is developing phosphate deposits in Idaho, USA and Peru, is pleased to provide an update on recent progress made towards obtaining exploration permits at its Mantaro Phosphate Project in Peru.After completing a Category 1 exploration drilling program in the second quarter of 2011, Stonegate applied for a more extensive Category 2 exploration permit in order to obtain a better understanding of the size, grade and positioning of the deposit prior to completing a pre-feasibility study.
The Company was notified on February 10, 2012 of the February 8, 2012 approval by the Peruvian Ministry of Energy and Mines of the semi-detailed Environmental Impact Assessment (EIA) related to the Category 2 exploration program. This was an essential step in completing the requirements to commence the exploration program. The next important step in the process is to obtain community approval. The Company is continuing to work with the local communities and relevant authorities to obtain all necessary permits and approvals.
The Category 2 permit will allow exploration activities within specific non-metallic concessions. The planned program consists of two activities: approximately 18,000 metres of diamond core drilling from 105 drill platforms; and 19 exploration trenches. Each drill platform and trench will subsequently be remediated to its original condition. The exploration program is expected to provide significant data on all phosphate zones on the property. Previous drilling and trenching, on which published mineral resources are based, was focused primarily in one zone.
The contents of this news release have been reviewed and approved by David Brownrigg, P.Eng., General Manager, Mantaro Phosphate Project, who is a qualified person as defined in National Instrument 43-101.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Mantaro Phosphate Project located in Peru and the Paris Hills Phosphate Project located in Idaho. Stonegate is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. The Company intends to continue definition and exploration drilling to confirm and expand estimates of NI 43-101 compliant mineral resources in the deposits and then complete feasibility studies leading to a decision to proceed with extracting and processing the phosphate. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Mantaro and Paris Hills projects are advanced exploration stage projects, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, political and economic risk in Peru, risks relating to the retention of the Mantaro project, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled 'Risk Factors' in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
Stonegate Agricom Ltd
CONTACT: Wayne Cheveldayoff
Vice President, Investor Relations
Stonegate Agricom Ltd.
Tel: 416-864-0303
wcheveldayoff@stonegateagricom.com
Christine Stewart
Renmark Financial Communications Inc.
Tel: 416-644-2020
cstewart@renmarkfinancial.com