Magna Resources Ltd. is pleased to announce that American Potash LLC, (American Potash) a Nevada incorporated private corporate joint venture owned equally by Confederation Minerals, Ltd. (TSXV: CFM; www.confederationmineralsltd.com) and Magna Resources Ltd., has acquired 28 line-miles (46.7 line-km) of historic 2-D seismic data covering the approximate area of three proposed and three historic exploration well locations at its Green River Potash Project in the Paradox Basin of southeast Utah. The amount of historic 2-D seismic data in the Green River Potash Project area of interest (AOI) is significant and will assist in determining stratigraphic depths to target horizons, interpreting geologic structures, and targeting proposed and future exploration wells. The lines incorporating the seismic data are located in the northwest portion of the Green River Potash Project AOI, pass through and/or are very near to historic and proposed well locations, are oriented NW-SE and NE-SW, and roughly define an approximately 16-square mile (41.4 square km) square area.
The seismic data are related to historic oil and gas exploration in the Paradox Basin by Conoco-Phillips and Shell Oil and were acquired from their archives for American Potash by Seismic Exchange, Inc. The selection of seismic lines was based on project area coverage and data quality. American Potash plans to locate proposed potash exploration wells on Utah State Leases on or near several of these historic seismic lines.
The newly acquired seismic data is being re-processed by Excel Geophysical Services, Denver, Colorado. Data interpretation is being performed by geophysicists at ExporTech of Denver, Colorado, who have performed seismic services for oil and gas companies in salt basin environments as well as recent interpretive work in the Holbrook Basin, Arizona for potash exploration.
Kent Ausburn, P. Geol., is the Qualified Person as defined in National Instrument 43-101, who has reviewed and approved the technical content of this news release.
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.