TRANSIT ACHIEVES CRITICAL
PERMITTING STEP FOR POTASH
PROJECT IN UTAH
Highlights:
„h First stage of potash permitting process
successfully completed
„h Major step forward for the Paradox Basin
Potash Project
Transit Holdings Limited (¡§Transit¡¨ or the ¡§Company¡¨)
is pleased to announce that the first stage of the
permitting process for its Paradox Basin Potash
Project (¡§Project¡¨) has been successfully completed.
Transit and its joint venture partner have now
received a written determination from the Bureau of
Land Management (¡§BLM¡¨) that prospecting of potash
is required within the joint venture¡¦s prospecting
permit application area.
This effectively secures exclusive rights to potash
within the prospecting permit application areas,
subject to BLM approval of exploration and
environmental plans.
The Project, which hosts an exploration target of 2.5
to 3.8 billion tonnes of potash ore at 20% to 30% KCl,
is located approximately 15 kilometres south of
Intrepid Potash¡¦s (NYSE: IPI) Cane Creek potash mine
near Moab in Utah.
This is a major step forward for the Project and
Transit understands that this is the first such
determination by the BLM on new potash prospecting
permit applications in the Paradox Basin for over 25
years.
Transit will now proceed with filing the necessary
exploration and environmental plans with BLM to
progress the prospecting permit applications to final
permit approval.
Transit is in the final stages of completing a scoping
study on the Project with the assistance of potash
consultants Agapito Associates Inc. who have
extensive experience throughout the US and Canada
with solution mining for potash.
Application Process
Applications for potash permits in areas designated by the BLM as ¡§Known Potash Leasing Areas¡¨ are subject to competitive bidding and cannot be leased directly with the BLM.
The BLM¡¦s determination that prospecting is necessary confirms that the joint venture prospect permit application area will not be subject to competitive bidding.
The BLM is the US federal agency responsible for permitting on federal land.
About the Project
Transit has entered into an agreement giving it the right to earn up to 90% in the Project.
The Project covers applications for 89,000 acres of highly prospective potash permits in the Paradox Basin in south eastern Utah.
The Paradox Basin Potash Project is located close to the key agricultural regions of the United States and as such is ideally situated to supply fertiliser manufacturers and agricultural cooperatives in the western and south-western United States. The Project also has substantial
export potential given its excellent proximity to key US rail infrastructure.
An exploration target of 2.5 to 3.8 billion tonnes of potash ore at 20% to 30% KCl has been delineated within the Project by independent consultants Agapito Associates Inc. and Transit and its joint venture partner are currently completing a scoping study on the Project led by
ProMet Engineering.
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