. Magna Resources Ltd. (Magna) is pleased to announce that American Potash LLC (American Potash) has received final approval from the State of Utah to commence drilling on one of its State leases which is part of the Green River Potash Project in Utahs Paradox Basin. The first hole, Duma Point is to be drilled targeting the Cycle 5 potash zone in Section 2, Township 24 South and Range 17 East, Grand County, Utah. Two additional drilling permits on State leases are pending and expected shortly.
American Potash is a wholly-owned subsidiary of Magna.
On behalf of MAGNA RESOURCES LTD.
“Rudy de Jonge ”
Rudy de Jonge
Chief Executive Officer
Magna Resources Ltd.
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.
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