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TORONTO, April 3, 2012 /CNW/ - EPM Mining Ventures Inc. (TSXV: EPK) ("EPM" or the "Company") announced today that its initial phase exploration drilling program targeting potash-containing brines at its Sevier Dry Lake project in Utah is completed. As of March 29th, the Company had drilled a total of 426 holes with the majority completed to depths of 30 to 50 feet (9.1 to 15.2 meters) with select holes ranging between 90 feet and 497 feet (27.4 and 151.5 meters). Brine samples from multiple depths of all drill holes have been sent to an independent laboratory for assay and chemical analysis. Brine sampling may continue to provide additional information for on-going reservoir modeling.
Lance D'Ambrosio, Chief Executive Officer of EPM, said; "We are very pleased to have completed our drilling program. Preliminary results show that brines in these drill holes are consistent with historical data as summarized in our May 20, 2011 National Instrument 43-101 technical report."
An updated National Instrument ("NI") 43-101 technical report incorporating these new data is expected to be filed in May.
A series of nominally 100-foot deep test wells to evaluate hydrologic characteristics and potential flows is now being drilled. This work includes pumping tests that will be completed by the end of May, 2012. These results, together with previously drilled hydrology wells and pumping tests from a series of 20-foot deep surface trenches will be used as input to a new Preliminary Economic Assessment to be prepared by engineering firms CH2M Hill and March Consulting Associates. Norwest Corporation will complete the NI 43-101 Resource Technical Report for that effort. This report, scheduled for completion by the end of July, 2012, will be used as the baseline input to the subsequent Feasibility Study.
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 a consultant contracted by the Company.
About EPM Mining Ventures
EPM, through its wholly owned subsidiary Peak Minerals Inc., controls directly or through agreement 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.
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