Magna Resources Ltd. announces acquisition by American Pot Ash LLC of 160 USA Federal Lithium Claims in the Paradox Basin, Southeast Utah, USA
Magna Resources Ltd. (Magna) (CNSX: MNA) is pleased to announce that American Potash LLC, a Nevada limited liability corporation owned 50% by each of Magna and Confederation Minerals Ltd. (TSXV: CFM), has acquired 100% of 160 Federal lithium placer mining claims totalling 3, 200 acres in northwestern Paradox Basin, southeast Utah, USA. The lithium claims are located on United States Bureau of Land Management (BLM) administered Federal lands and are staked over a portion of existing American Potash BLM pending potash prospecting permit areas. The new American Potash lithium claims occur approximately 30 miles (50 km) northwest of Moab, Utah and 20 miles (38 km) northwest of Intrepid Potashs Cane Creek solution potash mine in the southeastern Paradox Basin of Utah.
The new lithium claims were located according to projected subsurface lithium brine occurrences defined in the Utah Geological and Mineralogical Survey Special Studies No. 13, juxtaposed with American Potashs pending potash prospecting permit areas and Utah State potash leases. The lithium claim block defines an approximately 6?mile (9.6 km) long by 1?mile (1.6 km) wide, northwest?southeast elongate contiguous block of claims connecting the two 1 square?mile State of Utah potash lease sections on which American Potash has proposed to drill two initial exploration wells. American Potash intends to evaluate the presence and composition of subsurface lithium?potash bearing brines during the course of exploration drilling for potash occurrences in the Paradox Basin.
Mr. Kent Ausburn, P.Geo., a qualified person as defined by National Instrument 43?101, has reviewed the technical aspects 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.