VANCOUVER, British Columbia,
Dec. 20, 2011 /PRNewswire/
-- Pacific Potash Corporation (TSX-V: PP, FSE: P9P, OTCQX:
PPOTF) "the Company" is pleased to provide a summary of 2011
activities and operations.
Steven Khan, CEO of Pacific
Potash, comments that "despite the worldwide financial turmoil and
a challenging year for investors, the past year has been very
productive for the Company in its goal to develop one of the first
projects in Alberta."
In March 2011, The Company
formerly Silver Lake Resources Inc. completed a private placement
of 12,500,000 units at a price of $0.21 per unit raising gross proceeds of
$2,625,000. Each unit comprised one
share and one share purchase warrant. The warrants are exercisable
at a price of $0.28 for 5 years.
On May 26, 2011 Silver Lake
Resources Inc. entered into a Share Purchase Agreement (the
"Agreement") whereby the Company acquired 100-per-cent of the
outstanding shares of Pacific Canada Potash Ltd. ("PCPL") in
exchange for two cash payments of $225,000 and the issuance of 4,000,000 common
shares of the Company.
The 100-per-cent-owned Provost Property consists of two permits
encompassing 43,938 acres and was acquired with the acquisition of
PCPL. Also, as part of PCPL the Company acquired a
50-per-cent-interest in 24 metallic and industrial mineral (MAIM)
permit application to the Alberta
government totalling land holdings of 527,000 acres. These permits
were granted between April and August
2011, generally surrounding the 100% owned Provost Property,
and is subject to a 50/50 Joint Ownership between the Company and
Grizzly Discoveries Inc. ("Grizzly").
In June 2011, The Company
completed a private placement of 3,645,333 flow through units
priced at $0.75 per unit and
1,468,500 non flow through units priced at $0.65 per unit, raising gross proceeds of
$3,688,525. Each unit comprised one
share and one half share purchase warrant. Each full warrant
entitles the holder to purchase a further common share of the
Company at a price of $0.80 for 5
years. On June 27, 2011 The Company
changed its name from Silver Lake Resources Inc. to Pacific Potash
Corporation.
In July 2011, Pacific Potash
Corporation appointed Don Larmour as
the first member of its advisory board. Mr. Larmour brings 28 years
of experience working at Potash Corporation of Saskatchewan where he has worked on a wide
scope of potash projects from exploration to production phases.
In August 2011, Pacific Potash
acquired a 50-per-cent-interest in the Roam silver project located
on the Yukon/British Columbia border. The acquisition was
conducted through Pacific Potash's wholly owned subsidiary, Longbow
Ventures Ltd., which Pacific Potash has incorporated as its vehicle
for acquiring quality gold and silver projects or opportunities,
including the Roam project. The acquisition consisted of a
$75,000 cash payment and the issuance
of 200,000 shares of Pacific Potash.
In September 2011, The Company
signed a letter of intent (LOI) with Grizzly Discoveries to
commence a drill hole exploration program on the Pacific
Potash-Grizzly 50:50-owned property surrounding the Company's
100-per-cent-owned Provost Property. The Company also retained
Deutsche Investor-Relations GmbH (DIRG) to provide the company with
investor relations services in Europe.
In October 2011, Pacific Potash
received permits for 2 potash drill holes on its 100-per-cent-owned
Provost Potash property. It successfully completed the first hole
to a depth of 1,460m on November 2.
This well represents one of the first wells ever completed in the
province of Alberta to
specifically target potash mineralization. The company also
obtained a listing on the Frankfurt Stock Exchange (FSE) under the
trading symbol P9P.
In the final two months of 2011 Pacific Potash completed its
second well on its 100-per-cent-owned Provost potash property and
another well on the 50:50 property in conjunction with Grizzly
Discoveries. Pacific Potash has also been working diligently to
prepare the cores for chemical assays. All cores are currently
being logged, split and sampled by Norwest Corporation in
Calgary, Alta. Samples will be
forwarded to the Saskatchewan Research Council for analysis.
Geochemical results will be released once the company is in receipt
of them. During the logging process some sample photos of the cores
will be posted on pacificpotash.com under the galleries section of
the website. These photos are not intended to represent a depiction
of grade, quality or potential mineralization but are intended to
provide the public with a visual update of the current progress of
operations presently being conducted.
The Company looks forward to another successful upcoming year
and the entire Pacific Potash organization would like to wish its
investors, shareholders, business associates and contractors a
happy and healthy holiday season and all the best for 2012.
We seek Safe Harbor.
Telephone: (604) 629-7083
Fax: (604) 629-7084
SOURCE Pacific Potash Corporation