Geopulse Exploration Inc. (OTCQB: GPLS) (OTCBB: GPLS) has secured its potash property objective in Utah. The company was among numerous other mineral exploration groups participating in the competitive tender process. Geopulse was recently informed of its success and now await final state approval of company ownership.
The competition and bidding for valued potash properties in Utah State and Paradox Basin has been aggressive. Geopulse Exploration is pleased to confirm the addition of this significant shareholder-enhancing potash property to our expanding asset portfolio.
The company will continue to focus on potash acquisition and development in the prolific Paradox Basin area. A number of other companies have shown great success in this region. The nearby Cane Creek Potash Mine, with an estimated life of over 124 years, produces over 180,000 tons per/year of potash; a value of nearly $100 million at current prices.
Over the last decade, the potash industry has experienced rapid growth as a result of rising demands for food, feed and fertilizer. Worldwide, the increasing need for potash is expected to exceed the current supply. The United States produces only about 1,200,000 tons of potash a year, but consumes 5,200,000 tons — making it one of the largest net importers of potash in the world.
