Vancouver-Mountain Capital Inc. has signed an agreement to purchase a 100 percent interest in the Vermilion 15 Potash Property, located in east-central Alberta. The property consists of four metallic and industrial minerals permit applications that were recently awarded through private bid by the Department of Energy, Alberta. The Vermilion 15 property encompasses approximately 77,665 acres (31,430 ha), located about 30 km west to southwest of Lloydminster, Sask. The property is underlain by the Prairie Evaporite Formation at depths that range from approximately 1050 to 1200 meters. “We are very excited about the potential of the Vermilion No. 15 Potash Property, as the historic geologic data suggests that this project may be part of a very extensive potash deposit that has not been adequately tested. Our review of gamma-ray logs within the area has shown a number of responses similar in magnitude to those within the Unity Potash Deposit, just across the border in Saskatchewan,” said Blair Naughty, Mountain Capital president. “The company has begun the process of a 43-101 report on the project and hopes to have it completed within the next 45 days.” The agreement calls for Mountain Capital to pay to the vendors the sum of C$230,000 and issue to the vendors an aggregate of 1,350,000 fully paid and non-assessable common shares of its capital stock upon exchange approval. The company will also issue to the vendors an aggregate of 1,350,000 non-transferable share purchase warrants exercisable for a period of two years from the approval date into one additional common share of the purchaser at a price of $0.55 per share in the first year and at a price of $0.70 in the second year.
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