RENO, Nev., May 2, 2012 /PRNewswire/ -- Potash America,
Inc. (OTCBB: PTAM), (the "Company") -- The Company is announcing
that drilling at its Sodaville, Nevada quarry is now scheduled to commence
this week. The beginning of the project to 3-D map the
calcium-montmorillonite deposit had been delayed due to
intermittent poor weather conditions and several minor drilling
equipment issues. Barry Wattenberg,
President and CEO said, "Drilling through clay is significantly
different than drilling for precious metals. When the clay gets
moisture it swells and retains the moisture. This acts to 'gum up
the works' of the drilling process.
We chose Bruce Miller Drilling LLC because of their experience
in drilling clay. Additionally nobody can predict the forces of
nature and the timing issues involved."
Once the drilling is completed the core samples will be sent to
several certified laboratories for assay and evaluation. This
includes testing for levels of trace elements, various helpful
bacteria residing in the clay and the bioavailability of these
resources.
This process will take several weeks to complete and the Company
will provide another update when results are reported.
The Company also wishes to clarify the announcement of
April 16, 2012 regarding the funding
of the Company through a letter of credit. When the transaction is
complete the effect will be a $1,000,000 equity placement available to the
Company. This will provide working capital for the development of
the montmorillonite quarry and future products. The placement will
permit the Company to progress from an exploration/acquisition
phase through the permitting and development stages of the
project.
"Forward-looking statements", as that term is defined in Section
27A of the United States Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Statements which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future including, but not limited to, additional
acquisitions, any draw downs on the line of credit or the Company's
ability to repay amounts advanced. Actual results could differ from
those projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the inherent
uncertainties associated with mineral exploration. Potash America,
Inc. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in press release are reasonable, there can be
no assurance that such beliefs, plans, expectations or intentions
will prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our current and periodic reports
filed from time-to-time with the Securities and Exchange
Commission.
For Additional Information, Contact:
Teresa Schaffer, shareholder/public
relations
Tel: 1-877-745-3680
E-mail: info@potashamerica.com
SOURCE Potash America, Inc.