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03
APR
2012

American Potash Receives Final Payment for Arizona Leases

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. Magna Resources Ltd. (“Magna”) is pleased to announce that American Potash LLC (“American Potash”), a wholly-owned subsidiary of Magna, and Sweetwater River Resources LLC (“Sweetwater”) have received full and final payment from Passport Potash Inc. (“Passport”) in respect of option payments and NSR royalty interests, pursuant to an option agreement between American Potash, Sweetwater and Passport dated November 12, 2010. Under the terms of the agreement, Passport paid the remaining US$60, 000 due for option payments to acquire a 100% interest in five Arizona State Land Department exploration permits and US$300, 000 to obtain 100% of the 2% NSR royalties.

American Potash’s share of the received payment is US$254, 484.

Magna is a company dedicated to the acquisition and development of potash mineral deposits in the United States and elsewhere. American Potash LLC owns and operates the Green River Potash Project in Utah. American Potash’s area of interest covers key land positions in known potash-bearing sedimentary cycles in Utah.

On behalf of MAGNA RESOURCES LTD.

Rudy de Jonge

Rudy de Jonge
Chief Executive Officer

CORPORATE INQUIRIES
Magna Resources Ltd.
Mike Sieb
President
(604) 805-­?6345

This press release contains forward-looking information regarding management’s 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.

 

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