SOURCE: Universal Potash Corp
March 08, 2011 09:30 ET
Universal Potash Approves Plans to Commence Permit Process to Drill Paradox Basin
FOX ISLAND, WA--(Marketwire - March 8, 2011) - Universal Potash Corporation (the "Company") (PINKSHEETS: UPCO) announced commencement of a dual well, Phase 1 Drill Program, supported by the research completed by the US Geological Service and recommendations by Harrison (mineral acquisition and exploration) Land Services. UPCO included the evaluation of the Gamma/Neutron logs available to UPCO from previous drilling on the Company's interest in three square miles of prospective potash properties in the Paradox Basin of Utah.
Universal Potash Corp's newest joint venture is located less than 1,000 yards west of the BLM's designated KPLA (Known Potash Leasing Area) reserve. The UPCO property encompass' nearly 2,000 acres of the School and Institutional Trust Lands Administration (SITLA) subsurface potassium rights near the Lisbon Valley KPLA and indicates variable potash depths due to their proximity to the flank of the Lisbon anticline. Projected minimum depths to bed #5, located in UPCO's eastern section, is estimated to be 30 feet thick at 5,500 feet. Bed #9 is assumed to be 20 feet thick at 6300' depth. This information comes from a combination of gamma ray logs available throughout the Lisbon valley area and is generalized. The estimated cost to complete Phase 1 and Right of Way (ROW) process is $8,000.00 ($4,000.00 per site). This includes field staking the proposal, exploration map generation, disturbance calculations, and preparation of UPCO's proposed action document and applications, onsite inspections and inclusion of access corridors. Universal Potash estimates the budget for all the above and application preparation, permit fees and required professional survey costs for two exploratory drill locations at $24,000.00.
Universal Potash Corp. has engaged Harrison Land Services, LLC of Moab, Utah to initially prepare and submit to State, County and the Bureau of Land Management, the staking and map preparation with coordinate files, the cultural, paleontological and biological resources inventory, assemble and submit Notice of Intent applications with the state, assemble and submit federal right-of-way (ROW) applications with the BLM, assemble and submit required San Juan County road encroachment applications. Harrison will also represent UPCO at onsite inspections under this phase.
About Universal Potash Corp: Universal Potash Corp. is an acquisition driven exploration company, dedicated to increasing shareholder value. The Management of Universal Potash's principal focus is the acquisition of premium leaseholds and the future development of these properties and business interests on a global basis. Management efforts are channeled into building Universal Potash Corp into an international enterprise and meeting the growing challenge of feeding the world.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in all press releases that relate to the company's expectations, with regard to the future impact on the company's results from new projects in development, are forward-looking statements. A complete disclosure of our "SAFE HARBOR "statement is posted on our website at www.UniversalPotash.com under the heading "NEWS."