RENO, Nev., May 19, 2011 /PRNewswire/ -- Potash America, Inc. (OTCBB: PTAM) (the "Company") announced today that during mid-March, the company entered into a Letter Of Intent covering the purchase of 100% of the potash claims located in Newfoundland, Canada title 018321M that is part of the historic St. Finton's Potash Intercept.
The Company joins several other junior miners in this area. The historical data and due diligence reviewed by the Company indicates that the Company intends to close on the property by 6/8/2011; with the hope of beginning a feasibility study shortly thereafter.
The Company would like to further announce that on May 11, 2011 it entered into a Letter Of Intent to acquire a 100% interest in 39 Bureau of Land Management Claims in Mineral County, Nevada. The claims cover the unique deposit of Sedimentary Montmorillonite just south of Sodaville, NV. The claims have previously been 'worked' and much historical data about Montmorillonite and this particular site exists. Again, the Company upon completion of final due diligence, intends to close on this property before 8/31/2011.
Finally, the Company is pleased to announce the appointment of Mr. Alan Brass and Mr. Norman Marcus to the Board of Directors.
Alan Brass, age 61
Alan Brass, C.P.A., is a 1971 graduate of the University of South Florida. Mr. Brass received his Certified Public Accountant credentials in 1979, and is a member of the Florida Institute of Certified Public Accountants.
Mr. Brass has served on the board of the Aging and Disability Resource Center of Broward County for 26 years, and served 2 years as its president. Additionally, he has served on the board of directors and the advisory board of the Lester H. White Unit of the Boys and Girls Club in Fort Lauderdale, Florida.
Norman Marcus, age 59
Norman Marcus graduated with a Bachelor of Arts from Tulane University, and earned a Juris Doctor from the University of Miami. Mr. Marcus was licensed to practice law in the State of Florida in 1975, and he has continuously engaged in the private practice of law since that time, operating his own firm since 1978. Mr. Marcus is also certified by the Florida Supreme Court as a family mediator and he is a qualified arbitrator under Florida law.
Barry Wattenberg, President of Potash America, Inc. commented: "We are very excited about the agreements we have recently signed in both Nevada and Canada. We feel both properties have commercial potential and look forward to concluding our due diligence as quickly and efficiently as possible. I am also very pleased to have Mr. Marcus and Mr. Brass as members of our Board of Directors. They have already proven to be valuable assets to the Company."
About Potash America, Inc.:
Potash America, Inc. is an early stage Potash and Fertilizer exploration and development company. PTAM is engaged in the evaluation, acquisition and development of Potash and other Fertilizer assets. The Companies focus is in the United States, Canada, and South America.
Potash is a critical fertilizer, providing one of eight essential nutrients and is vital to the creation of protein. It is necessary and widely used to grow corn, wheat, soybeans, potatoes, hay and numerous other crops.
Montmorillonite is a very soft phyllosilicate group of minerals that typically form in microscopic crystals, forming a clay. It is named after Montmorillon in France. Montmorillonite, a member of the smectite family, is a 2:1 clay, meaning that it has 2 tetrahedral sheets sandwiching a central octahedral sheet. The particles are plate-shaped with an average diameter of approximately one micrometre. Members of this group include saponite.
The water content of montmorillonite is variable and it increases greatly in volume when it absorbs water. Chemically it is hydrated sodium calcium aluminium magnesium silicate hydroxide (Na,Ca)0.33(Al,Mg)2(Si4O10)(OH)2·nH2O. Potassium, iron, and other cations are common substitutes, the exact ratio of cations varies with source. It often occurs intermixed with chlorite, muscovite, illite, cookeite, and kaolinite.
The uniqueness of the Sodaville, NV Deposit is the fact that it is sedimentary not volcanic ash-based. This gives the substance unique properties and uses. Unique types of the Montmorillonite within the deposit have been shown in the past to have significant applications in agriculture, both in farming and animal uses as well as cosmetics, health care and specialty purposes. Pending definitive assays, it appears that this deposit contains Trace Elements (rare earth elements) in a form that enhances the plant or animals ability to absorb/use these elements. The company will have much more to say on this topic as the assays are completed.
Notice regarding forward looking statements
This news release contains "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 in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation of closing on t eh Nevada and Newfoundland property acquisitions, the final terms of such acquisitions, the commencement or completion of any feasibility studies, and the results that may be obtained from any exploration work that may be conducted.
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. These forward-looking statements are made as of the date of this news release, and we assume 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 this 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.
SOURCE Potash America, Inc.