Anglo Minerals Ltd.
TSX VENTURE : ALM

Anglo Minerals Ltd.

January 10, 2008 11:16 ET

Anglo Minerals Ltd.-2D Seismic Results, Corporate Update

CALGARY, ALBERTA--(Marketwire - Jan. 10, 2008) - Anglo Minerals Ltd. (TSX VENTURE:ALM) ("Anglo" or the "Corporation") is pleased to announce that it has now received and had an opportunity to evaluate the final Seismic Interpretation Report from the 2D seismic survey conducted in the fall of 2007 on behalf of the Saskatchewan Potash Joint Venture (the "JV") formed between Anglo (as to 25%) and BHP Billiton Diamonds Inc. ("BHP Billiton") (as to 75%) to pursue the development of a greenfield potash mine in Saskatchewan. The 2D seismic data was gathered over a distance of approximately 1,425 kilometres, making it one of the largest seismic programs of its kind ever conducted in Western Canada. The goal of the program was to provide subsurface information in an area where there was no prior, reliable seismic information available. The seismic program was overseen by BHP Billiton, and came in on time and on budget, with no material environmental, health or safety issues.

Todd Montgomery, President of Anglo, states "We were very pleased with the quantity and quality of information obtained through the seismic program. The data supports our geological modeling. Basically, after reviewing the seismic interpretation, the JV has increased its area of primary interest as the seismic data indicates that the potash resource may possibly be larger and more contiguous than originally thought. We like what we've seen so far, and feel positive about the prospects for both our project and the potash markets in general. We'll know more once we've completed the 3D program."

On November 1, 2007, the JV initiated a follow up 3D seismic program that is expected to cover approximately 419 square kilometers over the expanded focus area of the JV in central Saskatchewan. The 3D seismic program is to be conducted at an anticipated cost of approximately $16 million (USD). Data gathered from the 3D seismic survey is expected to provide high resolution information to supplement the data from the recently completed 2D seismic program. The detailed 3D seismic information will be used by the JV in an effort to identify a contiguous area of potash resource, generally free from subterranean collapses and aquifers, with a salt cap, carnellite and insolubles content as good as or superior to producing potash mines located in the area. A follow up drilling program to confirm the results of the 3D seismic is expected to commence early in 2008. If appropriate, the 3D seismic and drilling results may be used to update the JV's known resource base as disclosed in two National Instrument 43-101 compliant technical reports dated September 26, 2005 and November 14, 2006, respectively, and located at either www.sedar.com or www.anglominerals.com. The aforementioned technical reports cover approximately 6 to 7% of the JV's lands, with the resource disclosed in the reports being located in the Jansen Lake area of Saskatchewan, in close proximity to a producing potash mine at Lanigan, Saskatchewan.

About Anglo Minerals Ltd. - Anglo Minerals is a mineral exploration and development company focused on developing the first new potash mine in Saskatchewan in almost 40 years. Anglo has entered into a joint venture (the "JV"), with BHP Billiton Diamonds Inc. ("BHP Billiton") pursuant to which Anglo holds a 25% interest and BHP Billiton a 75% interest in the JV, with BHP Billiton being the operator of the JV. The JV, which covers all non-producing lands acquired by either Anglo or BHP Billiton in Saskatchewan, now holds potash permits covering approximately 1.6 million acres of lands located in central Saskatchewan and believed to be prospective for potash. The JV has access to a data base from prior exploration conducted on its lands, including 256 wells drilled, core samples and seismic information. To date, the JV is of the view that portions of its lands are geologically very similar to those from which potash is currently being produced. Anglo is "carried" by BHP Billiton for the first $40 million (USD) spent by the JV on the potash project or until a feasibility study is completed, whichever is first to occur.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Anglo Minerals Ltd.
    Todd Montgomery
    President and CEO
    (403) 228-0607
    or
    Anglo Minerals Ltd.
    Corey Giasson
    Vice President, Business Development and Investor Relations
    (306) 651-4407