Universal Potash Acquisition Targets 2 Billion Ton Paradox Basin Resources
February 22 2011 - 6:12AM
Marketwired
Universal Potash Corporation (the "Company") (PINKSHEETS: UPCO) is
pleased to announce technical planning will commence supported by
the previous research completed by the US Geological Service. UPCO
will include the evaluation of the Gamma/Neutron logs available to
UPCO from oil well previously drilled on the majority acquisition
interest in the potash rights to three square miles of prospective
ground in the Paradox Basin of Utah. Universal Potash Corp.'s
newest venture is located less the 1000 yards west of the BLM's
designated KPLA (Known Potash Leasing Area) reserve. The UPCO
acquisition encompasses nearly 2,000 acres of the School and
Institutional Trust Lands Administration (SITLA) subsurface
potassium rights.
According to the U.S. Geological Survey,
January 2011 Mineral Commodity Summaries, estimated domestic
potash resources total about 7 billion tons. Most of these lie in
the Paradox Basin in Utah which contains resources of about 2
billion tons, mostly at depths of more than 1,200 meters and a
3,110-square-kilometer area of Montana and North Dakota as an
extension of the Williston Basin deposits in Saskatchewan, Canada.
The Holbrook Basin of Arizona contains resources of about 1 billion
tons. The U.S. reserve figure includes a large potash resource
under central Michigan. Estimated world resources total about 250
billion tons.
"There are no substitutes for potassium as an
essential plant nutrient"
Substitutes: There are no substitutes for
potassium as an essential plant nutrient and an essential
nutritional requirement for animals and humans. Manure and
glauconite (greensand) are low-potassium-content sources that can
be profitably transported only short distances to the crop
fields.
Worldwide Plans: International expansion
targets are in place to increase world production capacity by 28%,
from 42.9 million tons in 2010 to 54.7 million tons in 2014.
Quoting Potash Corporation of
Saskatchewan: "... its 2011 shipments
could be in the range of 9.5 million and 10 million tonnes, leading
to a gross margin of between $2.5 billion and $2.8 billion." And
its CEO Bill Doyle stated, "By the end of 2011 the price of potash
for international spot market buyers will climb to at least $500 a
tonne delivered."
About Universal Potash Corp.: Universal
Potash Corp. is an acquisition driven exploration company dedicated
to increasing shareholder value. The Management of Universal
Potash's principal focus is the acquisition of premium leaseholds
and the future development of these properties and business
interests on a global basis. Management efforts are channeled into
building Universal Potash Corp. into an international enterprise
and meeting the growing challenge of feeding the world.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of
1995: The statements in all press releases that relate to the
company's expectations, with regard to the future impact on the
company's results from new projects in development, are
forward-looking statements. A complete disclosure of our "SAFE
HARBOR" statement is posted on our website at
www.UniversalPotashCorp.com under the heading "NEWS."
Universal Potash Corporation Investor Relations Toll Free
1-877-331-8777 CEO@UniversalPotashCorp.com
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