TORONTO, ONTARIO--(Marketwired - Dec. 24, 2013) - Potash Ridge Corporation ("Potash Ridge" or the "Corporation") (TSX:PRK)(OTCQX:POTRF) today announced it has filed its "Notice of Intention to Commence Large Mining Operations" with the Utah Division of Oil, Gas and Mining for the Blawn Mountain Sulphate of Potash Project. This major permit application has been filed in compliance with Utah minerals mining rules for permitting large mining operations in the state.
"Our filing of this Notice is another significant milestone culminating from considerable effort over the last 12 months," said Guy Bentinck, President and Chief Executive Officer. "The Corporation has made major advances on the Project since we started development just over two years ago. A strong economic case, based on 40 years of mineable reserves at Blawn Mountain was reported in the positive Prefeasibility Study completed last month. The Blawn Mountain Project will create important jobs in Beaver County and surrounding areas, and the Corporation will be working closely with Utah State and County officials to continue to advance the Project."
The Large Mining Permit required major environmental and baseline assessments, which were completed over the last year. No issues that would impede project development were identified, and assessments have been utilized to develop best practices for mining and reclamation for the site.
Potash Ridge anticipates that the efficient review process in place in Utah will result in a timely approval of its application.
The Prefeasibility Study entitled "NI 43-101 Technical Report Resources and Reserves of The Blawn Mountain Project, Beaver County, Utah" by Norwest Corporation (the "Technical Report") is available on SEDAR at www.sedar.com.
About Potash Ridge
Potash Ridge is a Canadian based development company with a unique opportunity to develop a sulphate of potash and alumina project into long-term mining production.
The Company's Blawn Mountain Project consists of four areas of surface mineable alunite mineralization in the State of Utah. Alunite is a sulfate mineral ore rich in both sulphate of potash and alumina.
Located in a mining friendly jurisdiction with established infrastructure nearby, the project covers approximately 15,404 acres of state-owned land and has a known permitting process. Extensive development was completed in the 1970s including a mine plan, feasibility study and 3-year pilot plant operation.
Potash Ridge has a highly qualified and proven management team in place with significant financial, project management and operational experience and the ability to take projects into production.
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Corporation's expectations regarding future growth, results of operations, performance and business prospects. These forward-looking statements may include statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements are not historical facts but instead represent the Corporation's expectations, estimates and projections regarding future events. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the future financial or operating performance of the Corporation and its subsidiaries and its mineral projects; the anticipated results of exploration activities; the estimation of mineral resources; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Corporation's mineral projects; timing of future exploration; requirements for additional capital; climate conditions; government regulation of mining operations; anticipated results of economic and technical studies; environmental matters; receipt of the necessary permits, approvals and licenses in connection with exploration and development activities; appropriation of the necessary water rights and water sources; changes in commodity prices; recruiting and retaining key employees; construction delays; litigation; competition in the mining industry; reclamation expenses; reliability of historical exploration work; reliance on historical information acquired by the Corporation; optimization of technology to be employed by the Corporation; title disputes or claims and other similar matters.
If any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such assumptions include, but are not limited to, the following: that general business, economic, competitive, political and social uncertainties remain favorable; that agriculture fertilizers are expected to be a major driver in increasing yields to address demand for premium produce, such as fruits and vegetables, as well as diversified protein rich diets necessitating grains and other animal feed; that actual results of exploration activities justify further studies and development of the Corporation's mineral projects; that the future prices of minerals remain at levels that justify the exploration and future development and operation of the Corporation's mineral projects; that there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies, development or construction activities; that the actual costs of exploration and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or development activities do not change in any adverse manner; that input cost assumptions do not change in any adverse manner, as well as those factors discussed in the section entitled "Risk Factors" in the Corporation's Annual Information Form (AIF) for the year-ended December 2012 found on sedar.com. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.