New Potash Deal Starts Trading Today
By James West
Wednesday, June 4, 2008
A much anticipated new potash company commenced trading on the TSX Venture exchange today. Potash North Corporation (TSX.V:PON) was previously named Timer Explorations Inc (TSX.V:TES) and was an inactive exploration company.
Potash North Resource Corporation completed a split of its common shares on a 2 (new) - for - 1 (old) basis on May 30, 2008. On completion of the split there were 26,645,002 common shares issued and outstanding.
At the opening of the exchange on May 30, 2008 the common shares of the Company
were listed under the new name and the symbol PON but remained halted from trading.
Potash North acquired a corporation with the rights to receive two potash exploration permits,
if and when issued pursuant to permit applications known as KP 416 and KP 417, covering areas
located in Saskatchewan.
Upon issue of the permits the company will focus on the exploration, evaluation and development of the permit areas.
Potash North closed a part and parcel private placement of a minimum of 20,000,000
and up to 24,000,000 units to raise gross proceeds of up to $8,400,000 concurrent with the
closing of the acquisition.
The database of historic drilling maintained by the Saskatchewan government includes two historic drill holes completed in 1962 and 1963 on the KP 416 permit application area that encountered significant potash intersections.
The Canberra Langenburg drill hole 16-29-22-30 W1M intersected the top of the Prairie Evaporite Formation at 776.5 meters drilled depth. Assay results taken from core cut in the Esterhazy Member show 3.3 meters from 791.2 meters to 794.5 meters at a weighted average grade of
21.5% K20 (34.1% KCl), 9.7% carnallite and 0.9% water insolubles. Approximately 9 kilometers to the west the Canberra Langenburg drill hole 13-34-22-31 W1M intersected the top of the Prairie Evaporite
Formation at 832.6 meters drilled depth. Assay results taken from core cut in the Esterhazy member show 3.6 meters from 837.6 meters to 841.2 meters at a weighted average grade of 21.6% K20 (34.1% KCl), 11.8% carnallite and 0.7% water insolubles.
Potash North is focused exclusively on the exploration, evaluation and potential development of 2 subsurface permit application areas (KP416 and KP417) totaling 185,000 acres in the Saskatchewan Potash Basin. The permit application areas lie 20 kms North East of Esterhazy K1 and K2 which constitute the largest potash production facility in the world. On the strength of the Potash mines in Saskatchewan, Canada produces 34% of the world's potash fertilizer and controls over 50% of global potash reserves.
The Potash North Permit Application Areas Lie:
20 kms North East of the operating Esterhazy K1 and K2 underground potash mines - 5.3M tonnes per annum
45 kms North from Potash Corp. of Saskatchewan's Rocanville Mine - 3M tonnes per annum
The database of historic drilling maintained by the Saskatchewan government includes two historic drill holes completed in 1962 and 1963 on the KP416 permit application area that encountered encouraging potash intersections.
The Canberra Langenburg drill hole 16-29-22-30 W1M intersected the top of the Prairie Evaporite Formation at 776.5 meters drilled depth. Assay results taken from core cut in the Esterhazy Member show 3.3 meters from 791.2 meters to 794.5 meters at a weighted average grade of 21.5% K20 (34.1% KC1), 9.7% carnallite and 0.9% water insolubles.
Approximately 9 kilometers to the west, the Canberra Langenburg drill hole 13-34-22-31 W1M intersected the top of the Prairie Evaporite Formation at 832.6 meters drilled depth. Assay results taken from core cut in the Esterhazy member show 3.6 meters from 837.6 meters to 841.2 meters at a weighted average grade of 21.6% K2O (34.1%KCl), 11.8% carnallite and 0.7% water insolubles.
This historical drill data is reported for information purposes only. This drilling information was not
collected under current NI 43 101 reporting standards. This drilling information has not been verified by Timer and therefore should be considered unreliable until further work confirms such results. Currently there is no NI 43-101 compliant report on the areas subject to the Applications nor are there measured, indicated or inferred resources. Investors are cautioned that even if the potash rich horizon in the historic drill data is confirmed, it does not guarantee economic quantities of potash are present.
North Rim Exploration Ltd., of Saskatoon, Saskatchewan, has been commissioned to complete a technical report compliant with NI 43-101 on the KP 416 and KP 417 permit application areas.
Visit the company's web site at www.PotashNorth.com.
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Agriculture and Mining
