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 technical report."
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.
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