Potash Ridge Corporation

Potash Ridge Corporation

November 28, 2011 10:05 ET

Potash Ridge Corporation Announces Update of Confirmation Drilling and Completion of Analyst and Investor Site Visit

TORONTO, ONTARIO--(Marketwire - Nov. 28, 2011) - Potash Ridge Corporation ("Potash Ridge" or "the Company") is pleased to provide an update on its drilling program at its Blawn Mountain alunite property in Beaver County, Utah.

The Company to date has completed approximately 11 drill holes (a mix of core and reverse circulation) or 4,000 feet of drilling in Area 1 of its Blawn Mountain property. The primary objective of this drilling program is to validate previously reported resource estimates in compliance with NI 43-101 standards with a plan to produce a NI 43-101 compliant resource estimate during the first quarter of 2012. The Company expects the drilling program to be completed by mid to late-December 2011. The Company has also extracted 25 tons of ore for possible future testing.

Between 1971 and 1974, a total of 152 holes were drilled on the three main areas (Areas 1, 2 and 3) of the Blawn Mountain property to an average depth of 264 feet. This drilling program resulted in a non-NI 43-101 compliant resource estimate of 213 million tons of ore grading an average of 38.7% alunite, 14.3% alumina and 10.5% sulphate-of-potash ("SOP") and 429 million tons of inferred resource grading an average of 42.8% alunite, 15.8% alumina and 11.7% SOP.

Analyst and Investor Site Visit

On November 21, 2011 the Company's management and board of directors hosted a site visit of the Blawn Mountain property for several analysts, investment bankers and certain of the Company's largest investors. The guests toured the property and viewed the ongoing drilling activities. Officials from the Utah School and Institutional Trust Lands Administration and political representatives from Beaver County and the nearby town of Milford joined the group and expressed their support for the project.

About Potash Ridge Corporation

Potash Ridge owns 100% of the rights to two alunite deposits in Utah named Blawn Mountain and Pine Valley. Alunite is a mineral from which sulphate-of-potash (a high-grade potash), alumina and sulphuric acid can be extracted. A feasibility study, engineering study and mine plan for a large mining and processing operation at Blawn Mountain was prepared in the 1970s following extensive drilling, metallurgical and pilot plant testing.

On behalf of Potash Ridge Corporation

Guy Bentinck, President & Chief Executive Officer

Disclaimer for Forward-Looking Information

Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.

Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Contact Information

  • Potash Ridge Corporation
    Guy Bentinck
    President & Chief Executive Officer
    +1 (647) 931-7114

    Potash Ridge Corporation
    Paolo De Luca
    Chief Financial Officer & Investor Relations
    +1 (647) 933-9032