News Releases
May 20, 2008
Ringbolt Acquires Potash Drill Data
Ringbolt Ventures Ltd. has obtained data on 33 oil and gas wells on its potash prospecting and exploration permits in the Moab area of Utah. The cost of reproducing these data today would be more than $15-million. The data consist of radiometric electric logs, which can detect the presence of potassium (potassium is one of the three naturally occurring radioactive elements). In one-half of the wells the data also include chemical analyses of some of the potash beds. The wells were drilled in the 1950s and 1960s, before the NI 43-101 requirements were in place, so the results of the data must be viewed as historical in nature. The majority of the wells drilled are on or near the permit area. The wells penetrated two significant potash beds, identified by earlier workers as potash beds No. 5 and No. 9. Bed No. 9 is especially well developed on 2,800 acres of the property; it averages 11 feet in thickness and grades 22 per cent potassium oxide (K2O). The stratigraghic nature of the potash mineralization makes the entire property prospective for potash beds No. 5 and No. 9. The company is currently analyzing the rest of the data. This project is located within 40 miles of Intrepid Potash's Moab potash mine.
The companies plan to conduct an aggressive exploration and development program on their property.
Stuart Havenstrite, CPG, a qualified person under NI 43-101 has approved the technical content of this news release.
On behalf of the Board of Directors
Jason Walsh, Director
We seek Safe Harbor.
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