Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the
“Company”) is pleased to provide an update on its previously announced
in-fill drilling program.
As of the date of this announcement, the Company has successfully
completed 7 drill holes, three of which were “step-outs” targeted to
expand the existing resource base. All four in-fill drilling holes
completed during the current campaign have hit visible KR-2 seam potash
and two out of the three step-out drill holes hit visible KR-2 seam
potash, thus expanding the resource base.
In addition, five drill holes are currently at various stages of
completion at depths greater than 1,000 feet and a sixth drill hole was
at a depth of 520 feet as of Tuesday morning. The Company is close to
meeting the first development milestone covenant under its debt
agreement of having to complete 8 holes by November 1st.
“The results are very pleasing and we’re on track to convert a
significant amount of our existing inferred resources to the measured
and indicated categories for inclusion in our Definitive Feasibility
Study,” said Prospect Global’s President and CEO Damon Barber. “In
addition, the success we’ve had in hitting potash with the step-out
drilling will add to the existing resource base and potentially the mine
life. We are readying the first batch of samples to send to SRC for
assaying and look forward to receiving the results.”
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/A 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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