Vancouver-Crescent Resources Corp. has signed a letter with Australian Potash Co. Pty (APC) and its shareholders to acquire up to a 100 percent direct and indirect interest in 12 licenses known as the Carnarvon Basin Project, an exploration property covering approximately 4,280 square kilometers of prospective potash horizons in an extensive evaporate basin known as the Southern Carnarvon Basin in Western Australia. Previous drilling consists of three widely spaced oil and gas wells over a distance of 25 kilometers. Crescent says the drilling indicated significant potash and other sodium and magnesium salts. APC will be issued 30 million shares in Crescent and receive $275,000. It can obtain up to 100 percent interest in the licenses by paying $7 million for exploration, submitting a bankable feasibility study, and repaying license holders the fair value of 20 percent of the license. Crescent says it is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration.
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