Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Potash Ridge Corporation (“Potash Ridge” or the “Corporation”) (PRK.TO)(POTRF) has announced that the Utah Division of Oil, Gas and Mining (“DOGM”) has approved the Corporation’s Notice of Intention to Commence Large Mining Operations (“NOI”) at its Blawn Mountain Project.
The Corporation filed the NOI with DOGM in December 2013. The approval initiates a public comment period that will end on August 8, 2014. The application has met all the regulatory requirements set out by DOGM for new mining projects in the state.
“The NOI approval is a major regulatory accomplishment for the Blawn Mountain Project and is the culmination of tremendous work effort by our team,” said Guy Bentinck, President and Chief Executive Officer. “We are now very advanced on our permitting program for the Project, with only one more major permit remaining to be addressed as part of the upcoming feasibility study. The receipt of the NOI further evidences the continued efficiency of the permitting process in Utah. We would like to thank DOGM for processing our application in such a timely manner.”
About Potash Ridge
Potash Ridge is a Canadian based exploration and development company focused on developing a surface alunite deposit in southern Utah called the Blawn Mountain Project. It is expected to produce a premium fertilizer called sulphate of potash and a possible alumina rich by-product.
Located in Utah, a mining friendly jurisdiction with established infrastructure nearby, the Project is expected to produce an average of 645,000 tons of SOP per annum over a 40 year mine life. A NI 43-101 compliant Prefeasibility Study completed in November 2013 by Norwest Corporation demonstrated that the Project is both technically and economically viable. The Prefeasibility Study, entitled “NI 43-101 Technical Report Resources and Reserves of the Blawn Mountain Project, Beaver County, Utah” dated effective November 6, 2013 is available on SEDAR.
Potash Ridge has a highly qualified and proven management team with significant financial, project management and operational experience and the proven ability to take projects into production.
