Universal Potash Approves Plans to Commence Permit Process to Drill Paradox Basin
March 08 2011 - 8:30AM
Marketwired
Universal Potash Corporation (the "Company") (PINKSHEETS: UPCO)
announced commencement of a dual well, Phase 1 Drill Program,
supported by the research completed by the US Geological Service
and recommendations by Harrison (mineral acquisition and
exploration) Land Services. UPCO included the evaluation of the
Gamma/Neutron logs available to UPCO from previous drilling on the
Company's interest in three square miles of prospective potash
properties in the Paradox Basin of Utah.
Universal Potash Corp's newest joint venture is located less
than 1,000 yards west of the BLM's designated KPLA (Known Potash
Leasing Area) reserve. The UPCO property encompass' nearly 2,000
acres of the School and Institutional Trust Lands Administration
(SITLA) subsurface potassium rights near the Lisbon Valley KPLA and
indicates variable potash depths due to their proximity to the
flank of the Lisbon anticline. Projected minimum depths to bed #5,
located in UPCO's eastern section, is estimated to be 30 feet thick
at 5,500 feet. Bed #9 is assumed to be 20 feet thick at 6300'
depth. This information comes from a combination of gamma ray logs
available throughout the Lisbon valley area and is generalized. The
estimated cost to complete Phase 1 and Right of Way (ROW) process
is $8,000.00 ($4,000.00 per site). This includes field staking the
proposal, exploration map generation, disturbance calculations, and
preparation of UPCO's proposed action document and applications,
onsite inspections and inclusion of access corridors. Universal
Potash estimates the budget for all the above and application
preparation, permit fees and required professional survey costs for
two exploratory drill locations at $24,000.00.
Universal Potash Corp. has engaged Harrison Land Services, LLC
of Moab, Utah to initially prepare and submit to State, County and
the Bureau of Land Management, the staking and map preparation with
coordinate files, the cultural, paleontological and biological
resources inventory, assemble and submit Notice of Intent
applications with the state, assemble and submit federal
right-of-way (ROW) applications with the BLM, assemble and submit
required San Juan County road encroachment applications. Harrison
will also represent UPCO at onsite inspections under this
phase.
About Universal Potash Corp: Universal
Potash Corp. is an acquisition driven exploration company,
dedicated to increasing shareholder value. The Management of
Universal Potash's principal focus is the acquisition of premium
leaseholds and the future development of these properties and
business interests on a global basis. Management efforts are
channeled into building Universal Potash Corp into an international
enterprise and meeting the growing challenge of feeding the
world.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of
1995: The statements in all press releases that relate to the
company's expectations, with regard to the future impact on the
company's results from new projects in development, are
forward-looking statements. A complete disclosure of our "SAFE
HARBOR "statement is posted on our website at
www.UniversalPotash.com under the heading "NEWS."
CEO@UniversalPotash.com Investor Relations Toll Free
1-877-331-8777
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