Vancouver, B.C.-Mantra Mining Inc. announced on Feb. 26 that it has entered into an agreement pursuant to which the company has been granted the option to earn up to a 100 percent interest in an exploration permit application for the Elkhorn Potash Project, located within southwest Manitoba. The application encompasses 12 townships along the Manitoba-Saskatchewan border covering approximately 110,592 hectares, or 276,480 acres. The Elkhorn Potash Permit is enclosed both to the north and south by land/permits held by Western Potash Corporation. Additional land/permit holders within a short distance to the north of the project include Agrium Inc. and Manitoba Potash Corp., while immediately west of the border in Saskatchewan, Potash Corp. of Saskatchewan recently announced a $1.8 billion expansion at the Rocanville Mine, increasing the capacity to about 5 million mt annually to meet the growing world demand for potash. “We are very pleased to announce the acquisition of the Elkhorn Potash Project,” said Mantra CEO Raj Chowdhry. “The existing infrastructure in the Elkhorn Project area, together with the close proximity to major producers, such as Potash Corp’s Rocanville Mine, will allow Mantra the opportunity to create shareholder value. This significant land package, located in a premier Potash mining district, with significant corporations such as Agrium Inc. and BHP Billiton as neighbors, affords Mantra shareholders a project with large blue sky potential while demand for potash increases significantly worldwide.” The Elkhorn Potash Option entitles Mantra to earn the sole and exclusive right and option to acquire up to an undivided 100 percent right, title and interest in and to the permits in accordance with numerous terms.
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