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News Releases
May 17, 2010
Drilliing Commences On Holbrook Basin Potash Property
Ringbolt Ventures Ltd. has commenced drilling on the Holbrook basin potash project, located in Arizona (through its 70-per-cent-owned company Potash Green Utah LLC).
The Company designed a 2,800 foot drill program to test parts of the Holbrook Basin, where the thickest potash beds are expected to be. Based on the reports generated by Razui, an Arizona Geological Survey state geologist, the Company has selected two locations where the potash beds are believed to be up to 25 feet thick. One of the planned drill holes is in an area where there is a reported assay of 28% K2O. This location is the Company's primary area of interest. The Company has received the necessary permits, from the Arizona Oil and Gas Commission, allowing drilling on two of the potash leases. The Company has engaged the services of Boart Longyear M&E Drilling Services, who have extensive drilling experience for potash in the Holbrook Basin.
The property is located in the Holbrook Basin, in Apache county, east-central Arizona. The property consists of 18,550 acres of state lease potash M-E prospecting permits. The basin has been historically explored for oil, gas and potash. In 2008, Mr. Rauzi compiled the results from 241 well logs. The compilation included the analysis of gamma ray logs, neutron logs, radioactive downhole geophysical logs and core and chip samples stored at the Arizona Geological Survey warehouse. Based on Mr. Rauzi's analysis, the potash-bearing section is in the Upper Supai Formation, ranging in thickness from 450 to 1,300 feet. It consists of siliceous clastic rocks with interbedded limestone, dolomite and evaporate. The potash-bearing minerals are found at the top of the Upper Supai Formation, consisting primarily of sylvite, carnalite and polyhalite. Thickness of the bed ranges from a few inches to 40 feet. The anticipated depth to the bed ranges from 700 to 2,000 feet below surface, however, in most areas in the Holbrook basin potash project, the depth to the potash bed is 1,000 to 1,450 feet below surface. Due to the relatively shallow depths to the top of the potash layers, the potash deposits of the Holbrook Basin are considered favourable for either conventional underground or in-situ solution mining. Historical drilling has indicated that faulting and layer disruption from diapir effects common to salt deposits are minimal, thereby allowing for greater certainty and decreased costs of all future exploration and development activities.
Derrick Strickland, P. Geo., a qualified person under National Instrument 43-101, has approved the technical content of this news release.
On behalf of the Board of Directors
Simon Tam, Director
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Ringbolt Ventures Ltd. seeks safe harbor.
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