News Releases
March 19, 2008
Ringbolt To Acquire 86,000 Acre Potash Project
Ringbolt Ventures Ltd. has signed a letter of agreement to purchase a 90-per-cent interest in a private Utah company that has 23 prospecting permits, approximately 49,000 acres and one exploration permit consisting of 37,000 acres. Ringbolt will pay $10,000 cash and reimburse all land acquisition costs.
The leases are within the Paradox basin, which is a major potash mining district. The company is pleased with the geological location of the leases on an ancient salt water inlet and with the nature of the potash deposits.
Potash is a general term covering several types of potassium salts, of which the most important is potassium chloride, the mineral sylvite. Potash is a nutrient essential for plant growth, and is a cornerstone of modern agricultural fertilizers. Roughly 95 per cent of world potash production goes into fertilizer, while the other 5 per cent is used in commercial and industrial products -- everything from soap to television tubes. Currently, the United States imports more than half of the potash that it consumes.
The technical information in this news release was reviewed by Derrick Strickland, PGeo, a qualified person under National Instrument 43-101.
On behalf of the Board of Directors
Jason Walsh, Director
We seek Safe Harbor.
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