Verde Potash Updates 2012 Cerrado Verde Drilling Campaign; Shares Dip 1.3% in Early Trade

By Staff,

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Verde Potash (NPK.TO) today provided an update on the Company's 2012 infill drilling campaign at the Cerrado Verde potash project in Minas Gerais state, Brazil.

A total of 15,080m in 252 reverse circulation ( RC ) holes and 785m in 12 diamond core (DC) holes have been performed at a spacing ranging from 200m by 200m to 100m by 100m. The objective of this program is to increase the indicated and measured resources of the T-7, T-10, T-11 and T-12 targets. Verde Potash does not anticipate any further drilling prior to publication of the bankable feasibility study in H1 2013.

The Cerrado Verde Potash Project at present has an NI 43-101 indicated resource of 71.08 million tonnes with an average grade of 9.22% K2O and an inferred resource of 2.76 billion tonnes with an average grade of 8.91% K2O (applying a 7.5% K2O cut-off), as outlined in the Preliminary Economic Assessment dated February 28, 2012. This resource estimate was based on 25,145m of RC drilling performed as 443 RC holes and 932m of DC drilling performed as 13 DC holes. Drill hole spacing ranged from 400m by 400m to 200m by 200m.

Shares are down 1.3% to $3.74.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: RC

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