TORONTO, ONTARIO -- (Marketwired) -- 05/10/13 -- Potash Ridge Corporation ("Potash Ridge" or the "Corporation") (TSX: PRK)(OTCQX: POTRF) today released its first quarter results and provided an update on its flagship 100%-owned Blawn Mountain Project ("The Project").
Q1-2013 Financial Results
-- The Corporation reported a net loss for the first quarter of 2013 of $1.0 million ($0.01 per share) compared with a net loss of $0.8 million ($0.01 per share) for the first quarter of 2012.-- A total of $3.6 million was incurred on project activities during the first quarter compared with $2.5 million on project activities for the first quarter of 2012.-- The Corporation closed the first quarter of 2013 with cash and short- term investments of $18.6 million.
First quarter unaudited Financial Statements and Management's Discussion & Analysis are available at www.sedar.com.
The various aspects of developing the Project remain on track.
-- Completion of the prefeasibility study is still anticipated for the end of the second quarter 2013.-- Pilot plant scale testing is planned to start by mid-May. The start-up was delayed slightly to allow for completion of some metallurgical test work, although this delay is not expected to impact completion of the metallurgical testing, scheduled for the end of 2013.-- A number of permitting milestones are expected throughout 2013, the most significant of which will be the filing of the large mining permit application, anticipated by the end of 2013.
Subsequent to the quarter end, the Corporation received confirmation from State of Utah School and Institutional Trust Land Administration ("SITLA") that it has been granted the unconditional right to convert its Exploration Lease on the Project into a Mining Lease. The Corporation has until March 31, 2014 to exercise its option, at which time it is required to pay SITLA US$1,020,000.
Also, on April 29, Potash Ridge commenced trading on the OTCQX International. This is a segment of the OTCQX marketplace reserved for high-quality non-U.S. companies listed on a qualified foreign stock exchange. The listing will provide U.S investors quick access to the stock and all shareholders will benefit from the Corporation's exposure to a larger base of investors.
The Corporation plans to work towards completion of the prefeasibility study, metallurgical and pilot plant scale test work and filing of the large mining permit. Absent raising additional capital, the Corporation expects that it will have sufficient cash to continue operations through to the end of 2014. In the event sufficient capital is raised subsequent to filing of the prefeasibility study, the Corporation will immediately commence work on the bankable feasibility study.
About Potash Ridge
Potash Ridge is a Canadian based exploration and development company with a unique opportunity to develop a long-term mining project for the production of SOP and bauxite-type material.
The Company's Blawn Mountain Project consists of four areas of surface mineable alunite mineralization in the State of Utah. Alunite is a sulfate mineral ore rich in both SOP and alumina.