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Ringbolt acquires historical data for Utah potash site

2008-06-05 02:24 ET - News Release

Mr. Jason Walsh reports

RINGBOLT VENTURES LTD.: UTAH POTASH ASSESSMENT CONTINUES

Ringbolt Ventures Ltd. is continuing to explore its prospecting permits and exploration licences on its potash property near Moab, Utah.

The company has acquired complete data on 20 of the 33 oil and gas wells drilled on or near its property (field verified). These data includes hole location as well as thickness and grade of the potash zones. The company is continuing its search for further information on the other 13 drill holes. These wells were drilled in the 1950s and 1960s before the NI 43-101 requirements were in place, so the results of the data must be viewed as historical in nature.

Radiometric data are available on all of the 20 holes and chemical data are available on 10 of the holes. Two major potash beds have been identified, the same beds from which potash is being produced in a mine 40 miles away. The data have allowed the company to make determinations of the permissive geometry of the two potash beds, including thickness, grade and aerial extent of the beds.

The lower of the two beds, identified as bed No. 9, has an aerial extent of 650 million square feet, as measured within one mile of a mineralized well. The bed averages 8.6 feet in thickness and grades 22 per cent K20.

The upper of the two beds, identified as bed No. 5, has an aerial extent of 550 million square feet, as measured within one mile of a mineralized well. The bed averages 6.5 feet in thickness and grades 16.5 per cent K20.

If the search radius is extended to five miles from a mineralized hole, as is done in the Saskatchewan basin, the aerial extent of bed No. 9 increases to three billion square feet with similar thickness and grade.

If the search radius is extended to five miles, the aerial extent of bed No. 5 increases to 2.5 billion square feet with similar thickness and grade. The majority of the historical drilling cited in this press release was carried out by Superior Oil Co. in the 1950s and the 1960s. The drill logs from these drill holes have been summarized in open file report No. 78-148 entitled "The Geology of the Lisbon Valley Potash Deposits, San Juan County, Utah" by Robert J. Hite, published by the United States Department of the Interior-Geological Survey. The company believes that these data are reliable because it appears to have been prepared internally for a major company, apparently seeking to make an objective appraisal of the economic potential of the potash beds; they does not appear to have been used for promotional or publicity purposes at the time. No more recent data or resource estimates are available in the public domain.

Stuart Havenstrite, CPG, and Mike Magrum, PEng, both qualified persons under NI 43-101, have approved the technical content of this news release.