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Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) received confirmation from the State of Utah School and Institutional Trust Land Administration, and may proceed with exercising its option under the Exploration and Option Agreement, which allows the Company to convert its Exploration Right for the Blawn Mountain Project into a Mineral Lease.
As quoted in the press release:
The Mineral Lease establishes the terms for mining and operating the Blawn Mountain Property for the production of sulphate of potash and other minerals. The Corporation has until March 31, 2014 to exercise its option, at which time it is required to pay SITLA US$1,020,000.
In its letter, SITLA concluded that the Corporation’s NI 43-101 Technical Report dated November 5, 2012 “meets the requirements of a “Positive Prefeasibility Study”” as defined under the terms of the Exploration and Option Agreement (which differs from the definition under NI 43-101).
Potash Ridge Corporation President and Chief Executive Officer, Guy Bentinck, said:
Meeting the criteria that allows us the right to convert our Exploration Lease into a Mineral Lease represents an important milestone for Potash Ridge. We are extremely grateful for the support shown by SITLA and the Utah Government as we continue to develop the Blawn Mountain Project.
Click here to read the Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) press release
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