Western Potash (WPX-V) has boosted measured resources by 55%, indicated resources by 34%, and inferred resources by 25% at its Milestone potash project in Saskatchewan, about 50 km south of Mosaic‘s (MOS-N) Belle Plaine mine, one of the world’s largest producing potash solution mines.
Resources currently stand at 637 million tonnes grading 30.47% potassium chloride (KC1) for 64 million tonnes of contained KC1 in the measured category; 1.86 billion tonnes grading 30.35% KC1 for 180 million tonnes of contained KC1 in the indicated category, and inferred resources of 8.91 billion tonnes grading 30.31% KC1 for 701 million tonnes of KC1.
Patricio Varas, Western Potash’s president and chief executive, said the expansion of the project’s resource is yet another step in the de-risking process and described Milestone in a press release as “one as of the largest, most accessible, independently owned Tier 1 potash solution deposits being developed in the world today.”
The new resource estimate was based on Milestone’s Patience Lake, Belle Plaine, and Esterhazy potash-bearing beds, which are close to the potash permits held by BHP Billiton (BHP-N), Vale (VALE-N), and Potash One (KCL-T).
Western Potash owns 100% of the 500-sq-km Milestone property.
At presstime in Toronto Western Potash was trading at $1.27 per share and over the last year has traded in a range of 36¢ per share (May 20, 2010) and $1.80 per share (Feb. 14, 2011).
It has about 161 million shares, fully diluted.
Be the first to comment on "Western Potash expands Milestone resource"