American Potash appoints Besserer to board
2023-05-10 10:20 ET - News Release
Mr. Jonathan George reports
AMERICAN POTASH APPOINTS MR. DEAN BESSERER TO ITS BOARD OF DIRECTORS
American Potash Corp. has appointed Dean Besserer to the board of directors of the company.
Mr. Besserer has more than two decades of mineral exploration experience working in over 50 countries, including across much of North America and often leading projects with annual exploration budgets exceeding US$20 million. Mr. Besserer was previously Vice-President and Partner at APEX Geoscience Ltd., a consulting firm with offices in Canada, South America and Australia, with clients including BHP Billiton, De Beers, North Country Gold and Kaminak Gold. In addition, Mr. Besserer previously served as a director of Brilliant Mining, Niblack Resources, Sentosa Mining and VP Exploration for various junior mining companies. He is a Professional Geologist and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Jonathan George, President and CEO comments, "I'm extremely pleased to have Dean join our Board of Directors at this critical and exciting juncture in the growth of our Company. His extensive experience and expertise will be invaluable as we advance our Green River Potash and Lithium Project, and I look forward to working with him over the upcoming years."
The Company also announces that it has granted 500,000 incentive stock options exercisable at a price of $0.075 for a period of 5 years from the date of grant.
About the Green River Potash and Lithium Project
A Technical Report prepared in accordance with NI 43-101 by Agapito Associates Inc. states that the Green River Potash and Lithium Project hosts an Exploration Target estimated to contain 600 million to 1 billion tons of sylvinite grading between 19% to 29% KCL*.
This target was modelled utilizing gamma-log data from 33 historical oil and gas wells within and near the project area, and based on a specific stratigraphic horizon know as Cycle 5. This is one of the same horizons that Intrepid Potash Inc. (NYSE-IPI), America's largest potash company, produces from at their nearby Moab solution mine, providing strong evidence of stratigraphic continuity within this part of the Paradox Basin.
The Company holds a 100% interest in eleven State of Utah (SITLA) mineral and minerals salt leases covering over 7,000 acres, 128 Federal lithium brine placer claims covering 2,650 acres, and is in the final stages of the application process for 11 Federal (BLM) Potash Exploration permits comprised of approximately 25,000 acres.
Significantly, three of the State leases and a large area covered by the Federal (BLM) Potash Permit applications lie within or border an area designated for future potash and brine and processing, including energy efficient solar evaporation ponds.
Located only 20 miles northwest of Moab, Utah, the Project has significant logistical advantages including close proximity to major rail hubs, airport, roads, water, towns and labour markets.
The U.S. imports more than 90% of its annual potash requirements, and domestic producers receive a higher sales price due to proximity to market; as of March 31st, 2023, the muriate of potash price was quoted at $453 USD per tonne (fob Vancouver) - Intrepid Potash, America's largest potash producer, reported receiving an average realized price for potash of $713 USD per ton in 2022**.
Kent Ausburn, PhD, PG, a qualified person within the meaning of NI-43-101 and a director of the Company, has reviewed and approved for the technical details of this release.
*Agapito Associates Inc. Technical report (October 2012) quantifies the Green River Potash Project's potash exploration potential in the form of a NI 43-101 Exploration Target. The Exploration Target estimate was prepared in accordance with the National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101"). It should be noted that Exploration Targets are conceptual in nature and there has been insufficient exploration to define them as Mineral Resources, and, while reasonable potential may exist, it is uncertain whether further exploration will result in the determination of a Mineral Resource under NI 43-101. The Exploration Target stated in the Agapito Report is not being reported as part of any Mineral Resource or Mineral Reserve.
**Intrepid Potash Inc. Press Release March 6th ,2023