Pacific Potash Provides Drilling Update and Announces New Director
December 10, 2013 (Source: Accesswire) — Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, “Pacific Potash”, “the Company”) is pleased to provide an update with regard to its current drilling program. The current depth of Pacific Potash’s maiden well is 1,004m and is currently in the Nova Olinda formation, which is the target horizon for potash mineralization in the basin. This represents the final phase of drilling (phase 3) cutting the evaporitic portion. All significant potash intercepts have been located within Cycle VII of the Nova Olinda Formation. The Cycle VII potash mineralization occurs in numerous drill holes in the Lower and Middle Amazon basin, including those that define the Fazendinha and Arari potash occurrences. The lithology’s that have been intercepted up until this point have been in line with lithology’s in other potash bearing wells in the surrounding area. Upon further successful drilling the well should be completed within a few weeks.
The Company is also pleased to announce the appointment of Mr. Min Zhai to the Board of Directors. Mr. Zhai currently serves as the Managing Director for CapitalAsia Investment Holdings Group, which is the cornerstone investor in Pacific Potash. The Company welcomes Mr. Zhai to the Board as Pacific Potash looks forward to further strengthening the relationship with its cornerstone investment group. His appointment to the Board follows the stepping down of Mr. Robert Coltura as a director of the Company. The Board would like to thank Mr. Coltura for his contributions and wishes him well in his future endeavors.
Pacific Potash Corp. has granted 1.1 million incentive stock options to officers, directors and consultants, in accordance with the policies of the TSX Venture Exchange. The incentive stock options are exercisable at a price of 7.5 cents per share and expire 10 years from the date of grant. This grant of options is subject to regulatory approval.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Amazonas Potash Project and the surrounding potash claims targeting the Middle Amazonas Potash Basin, currently the host to multiple new exploration campaigns for potash. The Middle Amazonas Basin is one of the largest evaporate basins in the world (10,000km2).
We seek safe harbour.
On behalf of the Board,
Pacific Potash Corporation
Executive Co-Chairman & Director
Andre Costa, P.Geo, CEO & President of Pacific Potash Corp and qualified person for the purposes of NI 43-101, has reviewed and approved the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
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