American Potash LLC, a Nevada USA incorporated private corporate joint venture owned equally by Confederation Minerals Ltd. (TSX.V:CFM; www.confederationmineralsltd.com) and Magna Resources Ltd. is pleased to announce acquisition of an additional 960 acres of potash and lithium leases as part of the Green River Potash Project in the Paradox Basin, Southeast Utah.
The 960 total acres are comprised of two State sections that were acquired via competitive bid and are north of and contiguous with the north end of American Potashs existing Green River Project area of interest (AOI), which is comprised of 7050 acres of Utah State leases and contiguous with 63, 241 acres of pending BLM potash prospect permits. Utah State leases are surrounded by and/or contiguous with its pending BLM prospect permits.
Potential in-situ solution mineable target salt cycles beneath the Green River Potash Project AOI include potash cycles 5, 9, 13 and 18. Potash cycle 5 is currently being solution mined at the Cane Creek solution potash mine in the central part of the Paradox Basin, southeast of the Green River project AOI. The Green River AOI covers the least structurally deformed part of the Paradox Basin, likely enhancing ease of exploration, resource and mine development, and production operations. Based on historic oil and gas exploration well logs cycle 13 appears to underlie most of the Green River project AOI, and cycles 5, 9, and 18 underlie lesser but still significant portions of the AOI.
The technical information disclosed in this press release has been reviewed, verified and compiled by Dr. Kent Ausburn, P.Geo. Dr. Ausburn is a qualified person (QP) as defined by National Instrument 43-101 (NI 43-101). Dr. Ausburn has over 29 years of mineral exploration, mine development and business experience in the mining industry.
On behalf of MAGNA RESOURCES LTD.
“Rudy de Jonge ”
Rudy de Jonge
This press release contains forward-looking information regarding managements anticipated completion of the proposed private placement financing and its anticipated use of the proceeds. The forward-looking information contained in this press release is made based on expectations of management as of the date of this press release and, except as required by applicable law, Magna does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. By its very nature, such forward-looking information requires Magna to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. There is no assurance that Magna will be able to raise some or all of the proposed private placement financing.
THE CNSX HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.