Verde Builds Development Team
TORONTO, July 26, 2012 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company") is pleased to provide an update
of recent Company activities and the appointment of two new management
personnel to advance the Cerrado Verde Project: Mr. Rubens Mendonça as
VP Mining and Dr. Patricia Radino as VP Engineering.
The Company is currently completing the environmental impact assessment
report for the Cerrado Verde KCl project, which has been initially
reviewed by the government's environmental agency. The Company is
pleased with the report and the initial feedback received from the
agency, and plans to submit the report in August 2012. Highlights of
the report include an independent survey of communities in the vicinity
of the project, showing overwhelming support for the project. When
residents were asked to answer "yes" or "no" to whether they were in
favour of the mine development, over 85% of residents were in favour.
The Company also completed a mine site plan for the environmental
report, with emphasis on tailings management. The mine site plan
contemplates a dam to contain 1/3 of mine life tailings (160 million
cubic metres), which is easily accommodated taking advantage of the
hilly landscape, with additional tailings to be contained as backfill
in mined out areas.
Exploration work continues. Approximately 60% of the infill drilling for
the Definitive Feasibility Study ("DFS") is complete and 50% of the
assays have been received. Work is expected to be concluded during
Cristiano Veloso, President and CEO, said: "Verde Potash, throughout its
5 year history as a publicly listed company, has been a disciplined
arbiter of its cash and share capital. The Company enjoys a healthy
cash position of approximately $28.8M (as of financial statements dated
March 31, 2012). The Company has sufficient capital to conclude the
on-going DFS, complete the environmental studies and licensing, and
cover project finance costs as well as all overhead costs associated
with moving the project forward."
Along with continued development of the Cerrado Verde Project, the
Company has appointed Mr. Rubens Mendonça (VP Mining) and Dr. Patricia
Radino (VP Engineering) to the management team.
Rubens Mendonça, a mining engineer and geostatistics specialist, has
worldwide experience working with mineral commodities in technical and
managerial roles. As Vale's Senior Mining Engineer, Mr. Mendonça was
responsible for mine planning and design, implementation, engineering
and feasibility studies for both of Vale's Southern and Northern
integrated mine-railroad-port complexes. Subsequently, as the mining
manager of the Brazilian division of Snowden Mining Industry
Consultants, Mr. Mendonça was responsible for the technical
coordination of several mine projects as well as desktop, scoping and
feasibility studies worldwide. There he supervised and mentored
geologists and mining engineers, and oversaw legal, social and
environmental improvements to operations. At London Mining and Paulo
Abib Engenharia S.A. (a leading Brazilian engineering consulting
company), Mr. Mendonça gained experience with open pit mines, having
held managerial positions in the field of minerals processing and
engineering that expanded to extractive metallurgy. Mr. Mendonça
completed a B.Sc. in Mining Engineering at UFMG (Federal University of
Minas Gerais), and an MBA at FDC and PoliUSP.
Dr. Patricia Radino-Rouse has extensive experience as a senior
consultant in extractive metallurgy for a wide variety of non-ferrous
metals projects in Brazil where she specialized in process development
and improvement for companies such as Paranapanema, Itaoeste,
Votorantim, Carbocloro and Unisais. As Senior Process Engineer and
Project Manager for Paulo Abib Engenharia, Dr. Radino-Rouse was
responsible for project development and process engineering.
Specifically, she supervised the process of the feasibility study for a
1.5 million tonnes per year potassium chloride project for Petrobras.
At Unisais, Dr. Radino-Rouse developed projects for the solar
evaporation of residual brines from salt production to obtain potassium
chloride and sodium sulphates. She holds a B.Sc. in Chemistry from
EQ-UFRJ (Chemical School of the Federal University of Rio de Janeiro)
and a Ph.D. in Hydro Metallurgy from the Royal School of Mines,
Imperial College, London.
Peter Gundy, Chairman, said: "In terms of risk and reward the Company is
stronger than ever. Despite challenging investment markets, project
development continues unabated."
About Verde Potash
Verde Potash, a Brazilian fertilizer exploration and development
company, is focused on advancing the Cerrado Verde Project located in
the heart of Brazil's largest agriculture market. Cerrado Verde is the
source of a potash-rich deposit from which the Company intends to
produce potassium chloride (KCl). In addition, the Company is
developing its Calcario limestone project, limestone being a key raw
material in the production of KCl.
About the Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock
outcrops and is amenable to strip mining, allowing fast construction of
a scalable operation; 2) it is located in the midst of the world's
third largest and fastest growing fertilizer market; 3) it connects to
Brazil's largest fertilizer distribution districts via existing and
high quality infrastructure.; 4) it has the potential to supply KCl to
Brazil's local agriculture market from its large potash-rich deposit.
Cautionary Language and Forward Looking Statements
NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH
INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE
FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND
ITS PROJECTS, AND STATEMENTS REGARDING USE OF PROCEEDS. FORWARD LOOKING
STATEMENTS CAN GENERALLY BE IDENTIFIED BY THE USE OF WORDS SUCH AS
"PLANS", "EXPECTS", OR "DOES NOT EXPECT" OR "IS EXPECTED",
"ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", "INTENDS",
"FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR VARIATIONS OF SUCH
WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT, OR RESULTS
"MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR" OR "BE
ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS,
UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS,
PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT
FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR
IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT
FORWARD-LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS
AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN
SAID STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE
ON FORWARD-LOOKING STATEMENTS.
Readers are cautioned not to rely solely on the summary of such
information contained in this release and are directed to the complete
set of drill results posted on Verde's website (www.verdepotash.com) and filed on SEDAR (www.sedar.com) and any future amendments to such. Readers are also directed to the
cautionary notices and disclaimers contained herein.
SOURCE: Verde Potash Plc
For further information:
Cristiano Veloso, President & Chief Executive Officer
Tel: (416) 866-2966; Fax: (416) 866-8829; Email: email@example.com