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Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) released financial results for the second quarter of 2013 and also provided an update on its Blawn Mountain in Utah. The Company closed the second quarter of 2013 with cash and short-term investments of $14.0 million. Key milestones during the second quarter include a significant amount of metallurgical test work completed in support of the Prefeasibility Study and producing sulphate of potash (SOP) from alunite, using the proposed flowsheet. Potash Ridge was also granted a federal application by Beaver County to improve an existing road, which is a major milestone for the Blawn Mountain project.
As quoted in the press release:
Q2-2013 Financial Results
- The Corporation reported a net loss for the second quarter of 2013 of $0.8 million ($0.01 per share) compared with a net loss of $0.5 million ($0.01 per share) for the second quarter of 2012.
- A total of $3.4 million was incurred on project activities during the second quarter compared with $0.7 million on project activities for the second quarter of 2012. Most of the spending during the second quarter related to the Prefeasibility Study, permitting activities and metallurgical test work.
- The Corporation closed the second quarter of 2013 with cash and short-term investments of $14.0 million.
- Second quarter unaudited Financial Statements and Management’s Discussion & Analysis are available at www.sedar.com
Key Milestones During the Second Quarter
- A significant amount of metallurgical test work was completed during the quarter in support of the Prefeasibility Study. In May, pilot scale testing commenced and is focused on confirming historic test work and process optimization to maximize SOP recoveries.
- The Corporation announced in June that it had produced sulphate of potash (“SOP”) from alunite using the proposed flowsheet.
- Permitting work continues on track, with several advances during the quarter, including completion of a significant number of field surveys.
- Subsequent to quarter end, the Corporation was informed that a federal application by Beaver County to improve an existing road was granted. This marks a major milestone for the Project, as the road provides the Corporation with the access required for development and operation of the Project.
Click here to read the Potash Ridge Corporation (TSX:PRK,OTCQX:POTRF) press release
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