TORONTO, Sept. 26, 2011 /CNW/ - Verde Potash (TSX-V : "NPK") ("Verde" or the "Company") is pleased to announce that
the Company has received an independent resource estimate for its 100%
owned Calcario Limestone Project located in Minas Gerais State, Brazil
("Calcario Limestone"). The resource includes 89 million tonnes in the
indicated category at an average grade of 54.71% CaO and 180 million
tonnes in the inferred category at an average grade of 54.7% CaO (no
cut-off applied).
The maiden resource comprises the Calcario targets with a total of 15
vertical holes drilled with drill hole spacing ranging from 200m to
400m, totaling 1,395m of drilling. The drilling was completed following
a grid pattern over an area of 275 hectares.
Commenting, President and CEO, Cristiano Veloso, said: "We are excited
by the evident potential of the Calcario Limestone. As a possible
source of limestone for use in the production of ThermoPotash, it will
give the company security of supply and price control over a major
input cost. This resource could open up new opportunities to realize
value for shareholders, and the company is assessing opportunities to
realize additional value from the limestone in the agricultural market
as a soil conditioner and as feedstock in the cement industry."
The resource estimate is reported below in Table 1 using no cut-off
grade:
Table 1 - Grade Tonnage Report Calcario Project
Inverse distance Weighted to Power two (IDW2) estimate (Block Model - 50mE X 50mN X 10mRL)
(no cut off utilised)
|
|
Category
|
Tonnage
(Mt)
|
SiO2
%
|
CaO
%
|
K2O
%
|
P2O5
%
|
Al2O3
%
|
Fe2O3
%
|
MgO
%
|
TiO2
%
|
MnO
%
|
|
Indicated
|
89
|
1.08
|
54.71
|
0.06
|
0.06
|
0.28
|
0.11
|
0.56
|
0.03
|
0.02
|
|
inferred
|
180
|
0.98
|
54.65
|
0.05
|
0.06
|
0.25
|
0.11
|
0.54
|
0.03
|
0.02
|
Note:
-
Appropriate rounding has been applied
The Calcario Limestone project is located within the Bambuí
meta-sedimentary group of rocks which host the company's Cerrado Verde
Potash Project located approximately 100 km away by road. The limestone
is characterized by a dolomitic limestone overlaying a darker calcitic
limestone unit; it is over 50m thick and has been defined by drilling
over a 4km strike. The fine-grained limestone is characterized by a low
silica content. Field and development work has been initiated by Verde
to support a definitive Feasibility Study for ThermoPotash to be
completed first half of 2012.
Qualified Person
Mr. Beau Nicholls, MAIG consulting geologist to Verde is the Qualified
Person with respect to NI 43-101 at the Calcario Limestone Project.
Reverse Circulation (RC) and Diamond Core (DC) drilling yielded samples
which were collected by Verde's technical staff at intervals of between
one and two meters, utilizing internationally accepted drilling and
sampling techniques. All reverse circulation drill samples were weighed
on site to ensure adequate recovery. DC drill holes consist
predominantly of HQ core. DC is logged and sawn at the Matutina base
camp, with half core samples sent to the laboratory. All samples are
analyzed for K2O using standard Whole Rock XRF by SGS Geosol Laboratory, in Belo
Horizonte. QA/QC programs show industry acceptable precision and
accuracy limits on both Certified Laboratory internal Standards and the
Companies duplicate samples. Bulk Density samples are routinely
measured using core billets from DC drilling, and the company has also
undertaken independent validation checks of the density results with
excellent precision returned. BNA Consultoria e Sistemas Ltda, under
the direction of their Resource Geologist, Mr. Volodymyr Myadzel, MAIG
who is a Qualified Person with respect to NI 43-101, validated the
database and QA/QC programs, undertook wire-framing of the grade
shells, block modeling and resource estimation and has approved this
news release.
About Verde Potash
Verde Potash is a fertilizer exploration and development company; it was
founded and is led by Brazilians. Verde is developing the Cerrado Verde
project in Brazil, a source of potash-rich rock from which the company
plans to produce a slow-release, non-chloride, multi-nutrient,
fertilizer product named ThermoPotash. Founded as Amazon Mining in
2005, the Company changed its name to Verde Potash in April 2011 to
better reflect its core business. Verde is also exploring for phosphate
and limestone.
About Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock is
found at surface, allowing fast construction of a scalable and low
Capex operation; 2) it is located in the midst of the world's third
largest and fastest growing fertilizer market; 3) it connects to
Brazil's largest fertilizer distribution districts via existing and
high quality infra-structure.
On behalf of the Board of Directors of Verde Potash, Cristiano Veloso, President and CEO
Cautionary Language and Forward Looking Statements
NEITHER 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. THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH
INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE
FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND
ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION
PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR
EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE
EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL,
GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS,
RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF
INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE
IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT
EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR
"BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES"
OR VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS,
EVENT, OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN",
"OCCUR" OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE
ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR
ACHIEVEMENTS EXPRESSED OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO
ASSURANCES THAT FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE,
AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE
UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.
Readers are cautioned not to rely solely on the summary of such
information contained in this release and are directed to the complete
set of drill results posted on Verde's website (www.verdepotash.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the
cautionary notices and disclaimers contained herein.
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