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Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) exercised its option to convert its existing exploration agreement into a long-term mining lease with the Utah State School and Institutional Land Trust Administration, which serves as its landlord, for the Blawn Mountain Project.
As quoted in the press release:
The Corporation, through its wholly owned subsidiary, Utah Alunite Corporation, entered into the 3-year Exploration Agreement with SITLA in April 2011. The Exploration Agreement provided the Corporation with the right to convert into the Mining Lease upon meeting certain conditions, with an upfront payment to SITLA of US$1,020,000 (the “Option Payment”) required upon exercise of the Option. In May 2013, confirmation was received from SITLA that the Corporation had satisfied development conditions to allow for exercise of the Option on or before March 31, 2014.
Potash Ridge President & CEO, Guy Bentinck, said:
By entering into the Mining Lease we have secured the long-term rights to develop and operate the Blawn Mountain Project. The agreement reached with SITLA demonstrates the strong relationship and support the Corporation has developed with SITLA and the State of Utah.
Click here to read the Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) press release
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