Potash America, Inc. Announces Corporate Update
RENO, Nev., May 2, 2012 /PRNewswire/ — Potash America, Inc. (OTCBB: PTAM), (the “Company”) — The Company is announcing that drilling at its Sodaville, Nevada quarry is now scheduled to commence this week. The beginning of the project to 3-D map the calcium-montmorillonite deposit had been delayed due to intermittent poor weather conditions and several minor drilling equipment issues. Barry Wattenberg, President and CEO said, “Drilling through clay is significantly different than drilling for precious metals. When the clay gets moisture it swells and retains the moisture. This acts to ‘gum up the works’ of the drilling process.
We chose Bruce Miller Drilling LLC because of their experience in drilling clay. Additionally nobody can predict the forces of nature and the timing issues involved.”
Once the drilling is completed the core samples will be sent to several certified laboratories for assay and evaluation. This includes testing for levels of trace elements, various helpful bacteria residing in the clay and the bioavailability of these resources.
This process will take several weeks to complete and the Company will provide another update when results are reported.
The Company also wishes to clarify the announcement of April 16, 2012 regarding the funding of the Company through a letter of credit. When the transaction is complete the effect will be a $1,000,000 equity placement available to the Company. This will provide working capital for the development of the montmorillonite quarry and future products. The placement will permit the Company to progress from an exploration/acquisition phase through the permitting and development stages of the project.
“Forward-looking statements”, as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future including, but not limited to, additional acquisitions, any draw downs on the line of credit or the Company’s ability to repay amounts advanced. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. Potash America, Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
For Additional Information, Contact:
Teresa Schaffer, shareholder/public relations
SOURCE Potash America, Inc.