TORONTO, Jan. 23, 2012 /CNW/ - EPM Mining Ventures Inc. (TSXV: EPK)
("EPM" or the "Company") announced that the exploration program
targeting potash-containing brines at its Sevier Dry Lake project in
Utah is moving forward on schedule. As of January 18th, the company had completed a total of 252 holes of a planned drilling
program of about 390 holes. This represents approximately 65%
completion of the program.
Lance D'Ambrosio, Chief Executive Officer, said; "We are very pleased
with the progress we have made thus far. Our exploration program and
assay program continue on schedule. Preliminary results suggest that
the brines found in these new holes are consistent with the historical
data as summarized in our May 20, 2011 National Instrument 43-101
Currently, there are 3 drill rigs on the lake utilizing airboats,
barges, and tracked vehicles to perform the work. The drilling is
proceeding from the southern end to the northern end following the
Company's leasehold acreage, a total of about 102,000 acres. Since the
drilling is essentially uniform in density, about 65% of this acreage
has been drilled. The majority of the holes completed thus far are to
depths of about 40 to 50 feet with select holes ranging between 90 feet
and 497 feet. Brine samples from multiple depths of all drill holes
completed thus far have been sent to an independent lab for analysis.
The company anticipates that the drilling program will be completed in
February, 2012. EPM will use the results to prepare an updated National
Instrument ("NI") 43-101 technical report, which the company
anticipates releasing in Q2 of 2012. EPM is in the final stages of
selecting the engineering firm that will complete the Definitive
Feasibility Study, which is expected later in the year.
Lawrence D. Henchel PG, Vice President Geological Services with Norwest
Corporation, is the Qualified Person in accordance with NI 43-101
responsible for the technical content of this release and has reviewed
and approved it accordingly. Mr. Henchel is an independent consultant
contracted by the Company.
About EPM Mining Ventures
EPM, through its wholly owned subsidiary Peak Minerals Inc., controls
mineral leases on more than 123,000 acres on the Sevier Dry Lake
property in Millard County, Utah. EPM is targeting the future
development and production of Sulfate of Potash (SOP), a premium priced
fertilizer used with special crops and soil types, through a
cost-effective solar evaporation methodology. The Company is currently
engaged in engineering and chemical analysis designed to support the
completion of a definitive feasibility study.
For more information on the Company, please visit our web site at www.epmmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This new release includes "forward-looking information" and
"forward-looking statements" under applicable Canadian securities laws,
which includes statements related to the anticipated completion date of
the drilling program at the Sevier Lake project and expected timing of
an updated NI 43-101 technical report and a Definitive Feasibility
Study. These statements reflect current beliefs of management of the
Company and are based on information currently available which may
prove to be incorrect. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as "plans",
"expects", or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "does not
anticipate", or "believes" or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would",
"might", or "will be taken", "occur", or "be achieved". Forward-looking
information is based on the opinions and estimates of management at the
date the information is made, and is based on a number of assumptions
and is subject to known and unknown risks, uncertainties, and other
factors that may cause the actual results, level of activity,
performance, or achievements of EPM to be materially different from
those expressed or implied by such forward-looking information,
including risks associated with the future business and development of
the company and risks meeting estimated completion dates caused by
inclement weather, mechanical failure, or other unanticipated
difficulties. Although EPM has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such information. Accordingly, readers should
not place undue reliance on forward-looking information. EPM does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE EPM Mining Ventures Inc.
For further information:
Chief Executive Officer