VANCOUVER, Aug. 2, 2017 /CNW/ - American Potash Corporation (the "Company") (AMP:CSE) is pleased to announce it has entered into a strategic partnership agreement with MGX Minerals Inc. ("MGX") whereby MGX may acquire certain interests held by the Company via an agreement to acquire Power Metals Corp. Paradox Basin JV rights with AMP.
"We are extremely excited to now be working with MGX to move the Company's petrolithium project forward. We believe that MGX is not only a well-capitalized company but also the unquestionable leader in the petrolithium space. This partnership will allow us to maximize shareholder value by partnering with a company like MGX that possesses a talent pool with deep experience in successful oil and gas drilling, discoveries and extraction," stated Rudy de Jonge, CEO of American Potash Corp.
The partnership will be using the latest in drilling and extraction technologies to explore and develop the Company's lithium brines totaling 13,520 acres of prime ground in the Paradox basin Utah.
On behalf of the Board of Directors
"Rudy de Jonge"
Rudy de Jonge, CEO
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company's forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company's ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company's ability to obtain regulatory approvals in a timely manner; and the Company's ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.
SOURCE American Potash Corp.
For further information: 800 - 1199 West Hastings Street, Vancouver, BC, Canada, V6E 3T5, Tel: 604-283-1722, Fax: 1-888-241-5996, www.americanpotashcorp.com