Pacific Potash Corp Provides Corporate Update
2014年3月28日 - 10:14PM
Access Wire
VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / March 28, 2014 /
Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P,
"Pacific Potash", "the Company") is pleased to provide a corporate
update regarding its Amazonas Potash Project in Brazil.
As released prior, in the Company's January 21st news release,
Pacific Potash has completed drilling its first well on its 100%
owned Amazonas Potash Project. The well was drilled to a total
depth of 1421m, and in total 960m of core has been obtained from
the well. The core has been cut, logged and prepared for
assaying.
Core Samples and Assays
Pacific Potash reviewed Brazil for an assay lab to complete the
analysis of the core samples, however it found that there are no
existing Brazilian labs equipped to assay for evaporites.
As a result of these findings, Management has decided to ship
the core samples out of Brazil for analysis, and the Company's
Brazilian subsidiary is in the last phase of receiving the required
export permit from the Brazilian Government to ship the core
samples to Canada. The process of obtaining the export permit has
been complicated by the DNPM's delay in transfer title for the
potash claims from a 3rd party to the Company. The transfer request
has been over two years in processing and during this time the
Brazilian Government had a moratorium on claim transfers while
awaiting the unveiling of the country's new mining laws. The 3rd
party company's consent was required for the government to process
Pacific Potash's export permit. The Company now has that consent in
hand and expects the export permit to be issued shortly.
Pacific Potash has selected Acme Analytical Laboratories Ltd in
Vancouver to complete the assays. Assay results will be released
when received.
Memorandum of Understanding
The Company's cornerstone investor and strategic advisor,
Capital Asia continues to assist Pacific Potash in discussions with
China's state owned enterprise ("S.O.E"), as the S.O.E. advances
toward a final decision with respect to providing the Company with
$10 million in the form of an unsecured convertible debenture. Both
parties are working diligently to complete their obligations and
continue to work in good faith to complete due diligence. As
previously disclosed, the parties intend that the $10,000,000
convertible debenture would convert into shares of Pacific Potash
at a conversion price of $0.37 per common share. The S.O.E.'s
aggregate beneficial ownership in the Company will not exceed 19.9%
of the common shares of Pacific Potash at the time of exercise of
these conversion rights. The Convertible Debenture shall bear
interest at the rate of 5% per annum, payable semi-annually and
share mature on the date which is two (2) years from the date of
issuance.
We Seek Safe Harbor.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal
Executive Co-Chairman, Director & CEO
For further information, please visit our website at
www.pacificpotash.com or +1 604.895.7446.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution concerning forward-looking
information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Pacific Potash in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Pacific Potash's
actual results, performance and achievements to differ materially
from those expressed or implied by the forward-looking information
and statements and accordingly, undue reliance should not be placed
thereon. Risks and uncertainties that may cause actual results to
vary include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. Pacific
Potash disclaims any obligation to update or revise any
forward-looking information or statements except as may be
required.
SOURCE: Pacific Potash Corporation
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