(the Company or American Potash) announces that the petition for reinstatement to the federal Bureau of Land Management (BLM) for reinstatement of 12 potash prospecting permits (Petition) by Sweetwater River Resources, LLC (Sweetwater) (refer to Company press release dated August 12, 2015) has been denied.
Consequently, Sweetwater has applied to the BLM for 12 new potash prospecting permits analogous to and encompassing the same area as the original 12 prospecting permits. The Company will maintain its right to acquire a 100% interest in the 12 new potash prospecting permits through continuance of the option agreement with Sweetwater (refer to Company press release dated June 3, 2009).
Separate to the above, the Company is in the process of reviewing the BLMs decision on its petition for reinstatement to determine the strength of an appeal of the decision. If this course of action is pursued by the Company it should not interfere or impact the Company and Sweetwaters timing on the application of the 12 new prospecting permits.
The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, continues to hold 11 State potash leases totalling 2, 850 hectares (7, 050 acres) in addition to the 12 federal potash Prospecting Permits currently under application. In addition, the Company maintains 11 federal Potash Prospecting Permit applications, all of which constitute the Green River Potash Project.
For additional details regarding the Company and the Green River Potash Project please visit the Companys website at www.americanpotashcorp.com.
On behalf of the Board of Directors
“Mike Sieb” Rudy De Jonge
Mike Sieb, President Rudy De Jonge, CEO
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Companys future plans and objectives or expected results, are “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Companys business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Companys forward-looking statements and information are based include, but not limited to: the price of potash will rise and not fall significantly; the Companys ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Companys ability to obtain regulatory approvals in a timely manner; and the Companys ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foreg
oing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.