Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the
“Company”) is pleased to announce the commencement of the Company’s
previous announced drilling program.
Commencement Of Prospect Global Research (NASDAQ: PGRX) Fourth Drilling Campaign At Its Holbrook Project (Photo: Business Wire)
The Company is targeting 16 to 17 holes to be drilled in the campaign.
The drilling is primarily infill drilling and the holes have been
selected to maximize the potential conversion of inferred resources to
measured and indicated resources. The drilling program will also provide
the core samples needed to complete the remaining rock mechanic and
metallurgical test work required for the completion of a Definitive
Feasibility Study.
The drilling will be performed by Boart Longyear and Major Drilling, two
of the premier drilling companies in the world.
The commencement and completion of the drilling program is a critical
step towards completion of a Definitive Feasibility Study, and the
Company is on track to release an updated 43-101 resource report by the
end of 2013.
On behalf of the Board of Directors,
Damon G. Barber
President and Chief Executive Officer
Regarding Forward-Looking Statements
With the
exception of historical matters, the matters discussed in this press
release include forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking
statements include statements regarding current and future
classification of Prospect Global’s potash resources, development of its
potash resources and potash mining facility and the Pre-Feasibility
Study. Factors that could cause actual results to differ
materially from projections or estimates include, among others, potash
prices, economic and market conditions, and the additional risks
described in Prospect Global's filings with the SEC, including Prospect
Global's Annual Report on Form 10-K for the year ended March 31, 2013.
Most of these factors are beyond Prospect Global's ability to predict or
control. The forward-looking statements are made as of the date hereof
and, except as required under applicable securities legislation,
Prospect Global does not assume any obligation to update any
forward-looking statements. Readers are cautioned not to put undue
reliance on forward-looking statements.
About Prospect Global Resources Inc.
Prospect
Global Resources Inc. is a Denver-based company engaged in the
exploration and development of a potash mine located in the Holbrook
Basin of eastern Arizona. Prospect Global’s stock is traded on the
NASDAQ Capital Market under the ticker symbol PGRX.
Additional details about Prospect Global Resources Inc. can be viewed
at the Company’s website, www.prospectgri.com.
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