Investment Highlights
- An updated resource has been completed for the Milestone project near Regina, Saskatchewan. Measured and indicated resources are now 174 million tonnes and inferred are 560 million tonnes, up from the previous estimate of 32 million tonnes indicated and 230 million tonnes for inferred.
- A scoping study is currently underway and is to be completed by the end of July of this year.
- Exploration for hydrocarbons has been discontinued due to low porosity in the potential host rock.
- At the end of March 2010, the company had $11.4 million in cash and cash equivalents. However, based on management’s exploration budget of $14 million for this year, the company will have to raise additional funds in the next few months.
- The recent acquisition of Athabasca Potash Inc. and an increasing focus on potash projects by the majors and Chinese state-run mining companies, we believe, have significantly increased the likelihood of WPX getting acquired.
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