Verde Potash PLC : Final Exploration Report Approved for Cerrado Verde Mineral Tenements
June 18, 2013 — TORONTO (Source: CNW) — Verde Potash (TSX: “NPK”) (“Verde” or the “Company”) is pleased to announce that Brazil’s National Department of Mineral Production (“DNPM”) has approved the final exploration reports for mineral tenements necessary for the Company’s mine plan.
This approval represents a notable milestone as the project advances through the Brazilian permitting process, as thus summarized. Initially, exploration licenses are granted by the DNPM for a period of one to three years (renewable for up to an additional three years, at the discretion of the DNPM). Prior to the expiry of the exploration license, the holder must prepare and submit a final exploration report to the DNPM. The Company is pleased to report that the DNPM has approved the technical report for mineral tenements which include the entirety of the Cerrado Verde mine pit.
The approval of the exploration report allows the Company to submit an Economic Development Plan (Plano de Aproveitamento Econômico – “PAE”). Verde has filed the PAE application as well as the application to receive its mining concession (Requerimento de Lavra) for its mineral tenements.
Commenting, President and CEO, Cristiano Veloso, said: “We are pleased that the DNPM has approved the final exploration reports for these mineral tenements. This is an important permitting milestone that advances us towards receipt of a mining concession (Portaria de Lavra) and thus further de-risks the mining side of the project.”
About Verde Potash
Verde Potash, a Brazilian fertilizer development company, is focused on advancing the Cerrado Verde project located in the heart of Brazil’s largest agriculture market. Cerrado Verde is the source of a potash-rich deposit from which the Company intends to produce potassium chloride (KCl). In addition, the Company is developing its Calcario limestone project, limestone being a key raw material in the production of KCl.
About the Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock outcrops and is amenable to strip mining, allowing fast construction of a scalable operation; 2) it is located in the midst of the world’s third largest and fastest growing fertilizer market; 3) it connects to Brazil’s largest fertilizer distribution districts via existing and high quality infrastructure; 4) it has the potential to supply KCl to Brazil’s local agriculture market from its large potash-rich deposit.
Cautionary Language and Forward Looking Statements
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Readers are cautioned not to rely solely on the summary of such information contained in this release and are directed to the complete set of drill results posted on verde’s website (www.verdepotash.com) and filed on sedar (www.sedar.com) and any future amendments to such. Readers are also directed to the cautionary notices and disclaimers contained herein.
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Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>