WESTERN POTASH CORP. Completes First Potash Exploration Well and Confirms Presence of Potash Mineralization
Western Potash Corp. (the "Company") (TSX.v: WPX, FSE: AHE) is pleased to announce that it has completed its first potash exploration well within the Russell-Miniota Exploration Permits in Manitoba. These permits comprise 555 square kilometers, are adjacent to BHP Billiton's Potash Lease and Agrium's Exploration permits along the Manitoba border, and lie within 13km of Saskatchewan Potash Corp.'s Rocanville potash mine.
The first hole, drilled vertically, was completed at a total depth of 935m.Â Coring commenced at a depth of 850m, and intersected the Prairie Evaporite Formation at a depth of 876.5m. The Prairie Evaporite was the target geologic sequence, which, is the host to Potash (KCl) throughout the mines in Saskatchewan and in particular at the adjacent Rocanville mine, in the form of sylvite.
At about 882m to 885.8 m in depth a gradual change to the main potash mineralized zone occurs and is interpreted, based on currently available information, to represent the potash bearing Esterhazy Member.Â The EsterhazyÂ consists primarily of a mixture of halite and sylvite. Only small amounts of insolubles were noted.Â The Esterhazy member is the one being exploited at the nearby Rocanville mine.
Samples from the main potash zone will now be submitted for analysis at the Saskatchewan Research Council laboratory (SRC) in Saskatoon, SK.Â Results from SRC are estimated to be available within 6 to 8 weeks time.
Construction of a new drill site has been completed and mobilization of the drill is underway. The Company plans to complete an initial five potash exploration wells with an option to extend the program by an additional 10 wells, as results warrant.
The Company has now obtained all required permits and licenses to complete a $1.2 Million, 175 line km 2-D seismic survey on the property to assist in its interpretation of the salt and potash sequence in the area.Â Line surveying has commenced, and data acquisition within high priority areas will start later this week.Â Prospective salt beds indicated by these seismic surveys will be further tested with additional drilling as part of the ongoing exploration programs.
The Company also reports that it has co-participated with several institutions in a private placement of a recently incorporated private junior potash exploration company that has acquired several concessions in Australia. The Company has acquired 1,000,000 units at $0.10 per unit, with each unit made up of one share and one full warrant, each warrant exercisable at $0.20 per share for a period of one year expiring July 14, 2009, and also acquired an additional 6,666,667 units at $0.30 per unit, with each unit made up of one share and one half of one ( Â½ ) warrant, each full warrant exercisable at $0.50 per share for a period of one year expiring July 23, 2009.
Western Potash Corp. is a mineral exploration company engaged in the evaluation, exploration and development of potash mineral properties in Western Canada.Â The Company intends to define and develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner.
The in-house qualified persons for the purposes of NI 43-101 guidelines are J. Patricio Varas, P. Geo and Dean Pekeski, P. Geo, both of whom have reviewed and approved the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
J. Patricio Varas
J. Patricio Varas
President and CEO
This news release contains Forward Looking Statements regarding our intentions and plans. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices and success and failure of the exploration and development carried out at various stages of the program.Â Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company. Â
The TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.