Brisbane-D’Aguilar Gold Ltd. reports that the Queenland Department of Mines and Energy has granted an exploration permit to its majority owned subsidiary, Mt. Isa Metals ltd. D’Aguilar says the permit encompasses the company’s D-Tree West Phosphate Project. The project is some 120 kilometers north-northwest of Mount Isa. The deposit was reportedly subjected to some 148 drill holes in the 1960s and 1970s by IMC Development Corp., with some 50 percent of those being outside of the license area. Mt. Isa Metals is preparing for a listing on the Australian Stock Exchange with an A$7 million initial public offering.
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Pebble Creek seeks potash permits in India
Vancouver-Pebble Creek Mining Ltd. reports that it has submitted applications with the state government of Rajasthan in India for permits to explore for potash in the Nagaur-Ganganagar Basin. Pebble Creek says the government indicates the application will be vetted in a timely manner. The basin is located in the desert of northwestern Rajasthan and occupies 100,000 square kilometers. The company says the basin contains nine smaller evaporate sub-basins, adding that the Geological Survey of India conducted geophysical studies and drilled 72 holes totaling 61,700 meters in the sub-basins from 1974-1991. While India currently produces no potash, the company says that India is the least explored of any country occupying a mineral-rich Precambrian shield. Pebble Creek says it has been exploring in India since 1995 and has built up a technical and business infrastructure. Its main project is the Askot sulphide deposit in Uttarakhand State.
International Potash reports success in Utah
Golden, Colo.-International Potash Corp. reports that it has been awarded some 2,600 acres of land for potash exploration in a Utah State land auction. It is located in the Dove Creek area. International reports that it already has three potash exploration projects in the Paradox Basin in Utah and Colorado. Trigon Uranium Corp. owns 38 percent of International Potash.
Mantis to acquire Saskatchewan potash permits
Toronto-Mantis Mineral Corp. reports that it has entered into an agreement with an arms length third party to acquire potash exploration permits that have been applied for in highly prospective potash areas of Saskatchewan. The permits are approximately 60 kilometers to the north to the existing PotashCorp Lanigan Mine. Mantis’ properties cover an area of 3,957 hectares. Mantis will pay the vendor $50,000 immediately and issue them 500,000 common shares in the capital of the company upon the issuance by the Saskatchewan government of the potash permits. Mantis says it is a Canadian resource company with a diverse portfolio of mineral properties across Canada, with direct participation in three major areas ?Çô Tamarack, Orphan, and Grass River. The company says it holds substantial land positions hosting gold, nickel, copper, and platinum group metals.
Athabasca reports progress on permits
Saskatoon-Athabasca Potash Inc. says it continues to make significant progress on its Burr Project acquisition program, including surface lands, crown mineral rights, and freehold mineral rights. Athabasca has acquired approximately 5,420 acres of surface lands in the central parts of its Burr Project. These surface rights give Athabasca full access to the lands to do the necessary exploration, testing, and site study programs currently in progress. Athabasca has also obtained recent approval from the Saskatchewan Ministry of Energy and Resources to amend Exploration Permit KP308 to KP308A, also known as the Burr Project. This amendment allows for approximately 3,020 acres of additional crown rights on the south central portion of the Burr Project to be included within the permit. Athabasca also has acquired approximately 640 acres of freehold mineral rights within the area of the Burr Project, which is in addition to the approximately 1,279 acres of freehold mineral rights purchased in 2007. As a result, the total area of the Burr Project held by Athabasca is now approximately 79,946 acres, an increase from the previously announced size of approximately 75,007 acres. In addition to the Burr Projects land and mineral rights acquisition program, Athabasca has also obtained approval for a number of additional potash exploration permits in Saskatchewan. Athabasca now holds a 100 percent interest in 23 potash exploration permits totaling approximately 1,673,103 million acres of lands for prospective potash exploration. The additional permits approved by the Saskatchewan Ministry of Energy and Resources include KP 348, KP 349, KP350, KP351, and KP 359.
Marifil to transfer Argentine property to Oxbow
Spokane, Wash.-Marifil Mines Ltd. has announced that it has signed a letter of intent to vend the company’s K-2 potash property to Oxbow Holdings Corp., a new, private Canadian corporation. The K-2 property comprises 99,964 hectares in the company’s recently acquired, 100 percent owned, property in the Neuquén Basin, Argentina. Marifil says the analyses of gamma ray and electric logs from four abandoned oil wells confirm the presence of potash in the property over an area of more than 200 square kilometers. Marifil says the property is highly accessible and can be worked year round. Under the terms of the agreement Marifil will receive 13,500,000 shares of Oxbow, representing 67.5 percent of the total issued shares of the company. The company will also receive anti-dilution rights enabling Marifil to retain a minimum fifty percent equity interest in Oxbow by participating in any private equity offerings for 12 months following the closing, or for up to 24 months for any public offerings. Marifil will also receive $750,000 in cash, payable as to $50,000 within five days of signing the letter of intent, $200,000 within 30 days after signing a definitive sales agreement on 18 August (the closing date), $250,000 within six months of the closing, and $250,000 within 12 months of the closing. In addition to the $750,000 payments described above, Marifil will also receive further payments of $150,000 annually, beginning on the second anniversary of the closing and continuing until the first milestone payment is made after which the annual payments will cease. Marifil will receive a further $10,000,000 in milestone payments as certain conditions are met. Marifil will retain a four percent royalty on sales of potash from the property. Oxbow agrees to spend a minimum of $1,000,000 on the property during the first 12 months of this agreement and $2,000,000 during the second 12 months of this agreement.
Western Potash completes second well
Vancouver-Western Potash Corp. reports that it has completed its second potash exploration well within the Russell-Miniota Exploration Permits in Manitoba. These permits comprise 555 square kilometers, are adjacent to BHP Billiton’s potash lease and Agrium’s Exploration Permits along the Manitoba border, and lie within 13 kilometers of PotashCorp’s Rocanville potash mine. Construction of the next drill site has been completed and mobilization of the drill is underway. The company initially plans to complete five potash exploration wells, with an option to extend the program by an additional ten wells as results warrant. Western Potash Corp. is a mineral exploration company engaged in the evaluation, exploration, and development of potash mineral properties in Western Canada. The company is well funded with over forty million in cash, and intends to define and develop a world-class potash deposit in an ecologically sustainable, economically efficient, and socially responsible manner.
Raytec receives second permit
Vancouver-Raytec Metals Corp. has announced the receipt of its second exploration permit from the government of Saskatchewan on the company’s KP452 potash claim in south central Saskatchewan. The permit grants the right to explore approximately 36,113 acres of prospective potash ground. “We are very pleased with the pace at which we are receiving the permits,” said Brian Thurston, Raytec president. “At this rate, we may be able to receive all of our exploration permits by the end of the summer, giving us the ability to formulate a comprehensive potash exploration and drilling program for the fall of 2008 and 2009.” Raytec is awaiting permits on its KP455, KP466, KP467, and KP500 claims, which are contiguous with the KP441 potash claim. In all, Raytec is seeking to explore some 250,000 acres in the province.
CHS Foundation helps launch new scholarship
St. Paul-The CHS Foundation reports that it has provided initial funding to launch the Ralph K. Morris Foundation’s new Elroy Webster Cooperative Studies Fund, a program that provides a scholarship and honorary award to graduate and law students interested in agriculture and cooperatives. The scholarship program was created in memory of Elroy Webster, a Minnesota farmer and CHS leader who helped drive historic joint ventures and mergers of U.S. agricultural cooperatives.
Management Briefs
Potash One Inc. has appointed Max Ramey as vice president, solution mining, for its Legacy Potash project in southern Saskatchewan. He is a registered professional engineer with over 23 years experience in the solution mining industry. Previously, he was a principal advisor to Rio Tinto, responsible for providing engineering, permitting, drilling, and operations support for the Potasio Rio Colorado potash solution mining project in the Mendoza Province of Argentina. He began his solution mining experience in 1985 with Pennzoil Sulphur Co. Ramey also worked for the Culberson Frasch sulfur mine and was operations manager from 1995 – 1997. In 1997, he joined American Soda LLP as manager of mining operations, where he participated in the green field development of a 1.5 million ton per year sodium bi-carbonate solution mining operation in western Colorado.
The Pakistan government has named a new chairman of the Trading Corp. of Pakistan, according to local media reports. Abdul Malik will be replaced by Mohammad Saeed Khan as new TCP chairman. Khan comes from the tax collection division of the government. Malik took over control of TCP in March 2007 when he replaced Masood Rizvi, who retired this year after serving as textile secretary.