Press Releases
Vancouver, British Columbia, December 1, 2014. Sennen Potash Corporation (TSXV: SN) ("Sennen" or "the Company") is pleased to announce that it has satisfied all requisite conditions to earn into a 70% in the Monument Potash Project ("Monument") in south-east Utah and south-west Colorado.
EARNS 70% INTEREST
Pursuant to the Amended and Restated Property Option Agreement (the "Option") entered into on 11th December 2013 by and between Paradox Basin Resources Corp. ("Paradox") and Sennen (see News Release December 13, 2013), all the conditions outlined in the Option have been satisfied and Sennen has an undivided 70% right, title and interest in and to Monument. All subsequent expenditures will be split according to this ownership interest (70% Sennen, 30% Paradox) with Sennen remaining as operator.
CORING UNDERWAY
The Johnson 1 Well (the "Well") has been successfully drilled to the top of the Cycle 18 salt formation in the Paradox formation at 2,041 m (6,695 ft) and coring has commenced. To date, formation depths and thicknesses have correlated with projections, with a correlation factor of over 99% between anticipated and actual thicknesses from the cycle 6 Akah Salt to the Cycle 17 interbed directly above the targeted Cycle 18 potash Cycle.
Ian Rozier, President and CEO, commented: "We are pleased to have earned the 70% interest in the Monument Potash Project. Drilling activities are progressing well on Johnson 1 and early results indicate very strong correlation to historical data used in our exploration planning, and we look forward to successfully concluding this phase of the exploration program."
ABOUT SENNEN
Sennen owns a 70% interest in the exploration and development stage Monument Potash Project. Monument is comprised of over 106,000 net mineral acres of contiguous mineral leases in south-east Utah and south-west Colorado and is located less than 70 miles from Intrepid Potash Corp.'s operating Cane Creek Solution Mine. Sennen is currently coring its first well and expects to commence further exploration work aimed at delineating a maiden potash resource estimate in the near term.
The technical and scientific information contained in this news release has been reviewed by Ian T. Rozier, M.Sc., P.Eng, a qualified person as defined in NI 43-101, who is an officer and director of Sennen Potash Corporation.
For further information contact:
Ian Rozier,
Chief Executive Officer
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Ryan Cohen
Vice President, Operations
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Telephone: 604-685-6851
Email: [email protected]
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Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has reviewed, nor do they accept responsibility for the adequacy or accuracy of, this release.
Caution concerning forward-looking information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Sennen in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Sennen's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by Sennen with Canadian securities regulatory authorities and available at www.sedar.com. Sennen disclaims any obligation to update or revise any forward-looking information or statements except as may be required.