Vatic Ventures Corp. (TSXV:VCV) (the “Company” or “Vatic”) is pleased to announce that it will carry out an independent Potash Market Study (the “Market Study”) for its Saksrithai Potash Project (the “Project”).
Vatic Ventures Corp. (TSXV:VCV) (the “Company” or “Vatic”) is pleased to announce that it will carry out an independent Potash Market Study (the “Market Study”) for its Saksrithai Potash Project (the “Project”). Mobilization is currently underway for the initial drilling program for the project and the Study will provide a basis for planning a marketing strategy for the Company.
The drilling program comprises up to 10 holes and the locations for the first three holes have been confirmed. Based on information from the adjacent Dan Khun Thot project, it is anticipated that the potash zone will be encountered at depths up to 300 meters and the initial holes will be drilled to a planned depth of 350 meters. Depending upon drill penetration rates and weather conditions, it is anticipated that it will take approximately one month to complete the first three holes.
The Market Study will include analyses of economic, political, and environmental factors affecting the global potash industry, with a focus on Southeast Asia (SEA) regional potash usage, particularly in those countries which will be considered as targeted markets for any production from the Project. A review of the current world potash production, proposed new projects and projected global supply and demand for the next decade with an emphasis on the supply and demand balance in Thailand, China, India, and SEA, will be included.
Also included will be a study of the Project’s potential target markets, to assess potash market entry risks. Current potash usage for the major crop types grown in the region and increasing demand upon optimization of potash content in blended chemical fertilizers will be considered. Potash production costs and bulk transportation costs to the target markets for traditional suppliers to the region will be assessed.
As each of the countries comprising the target markets will likely all be members of the Association of South East Asian Nations (ASEAN) as is Thailand, regional import regulations, duties or other trade barriers will be examined to consider any advantages a Thai project may enjoy as a result. The Project’s competitive factors will be assessed and an initial marketing plan developed.
The development of Thailand’s potash industry has been slower than originally anticipated but the government is now actively encouraging potash production in the country. In 2017 the Mining Industry Council of Thailand together with the Thai Department of Primary Industries and Mines (DPIM) set up a Potash Working Group to promote the development of the country’s potash resources. The Group includes representatives from the eight potash license holders in the country, including Vatic’s subsidiary, Saksrithai Development Co. Ltd. and is currently developing presentation materials, including videos, as part of an ongoing government public relations campaign promoting potash development in the country.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Pieter J. Bakker, FAusIMM, a Qualified Person.
About Saksrithai Development Co. Ltd.
Saksrithai Development Co. Ltd. (Saksrithai) is a private Thai company which is the holder of two contiguous Special Prospecting Licenses (SPLs) for potash exploration, issued in 2015.
The licenses encompass an area of 32 km2 in Nakhon Ratchasima province, northeast Thailand and are adjacent to the Thai Kali Co. Ltd.’s Dan Khun Thot potash mine which is currently under construction. ASEAN Potash Chaiyaphum Plc’s Bamnet Narong mine, also under construction, is located some 40 km from the Saksrithai project.
The Company holds an 80% shareholding in Saksrithai and Vatic’s CEO, Dr. Gerry Wright, acts as Saksrithai’s Managing Director.
ON BEHALF OF THE BOARD OF DIRECTORS.
Nasim Tyab, Director
FOR FURTHER INFORMATION PLEASE CONTACT:
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp (www.vaticventures.com) is a junior exploration company exploring and developing potash licenses in Thailand.
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company’s expectations or projections.