Utah Uranium Corp. (OTCBB: UTUC) (the "Company")
is pleased to announce the filing of certain Potash applications within the
State of Utah.
The Potash applications cover a total of 29,000 acres near Moab, Utah.
Included in this is an Exploration Permit application covering a total of
3,880 acres (over 6 sections) of prospective ground northwest of Moab, and
Potash Lease Applications for a total of 7,360 acres (11 1/2 sections) of
School Sections and a total of 17,760 acres (27 3/4 sections) of ground
within the Known Potash Leasing Areas ("KPLAs") within 3 miles of
Intrepids' Cane Creek operations. All of the ground applied for is
contained within the Paradox Basin geological area.
The Paradox Basin, a massive Salt Anticline covering a large area of
eastern Utah and western Colorado, contains as much as 2.0 billion tons of
Potash in reports from the US Geological Society. Production to date has
almost entirely come from the Cane Creek Mine complex operated by Intrepid
Potash, Inc., located 5 miles west of Moab, Utah, which has been in
production since the mid 1960s. Current production from the mine is in
excess of 100,000 tons of Potash per year. Intrepid Potash is expected to
IPO this week raising of $700 million at $27.00 per share.
The property subject to the Potash Exploration Permit applications is
located immediately to the west of School Sections that have seen previous
drilling for oil/gas. The Company has applied for leases covering those
School Sections as well. Historic drilling activity on the School Sections
encountered significant intersections of both Sylvite and Carnallite, with
Sylvite values averaging near 20%, but ranging as high as 49%.
Potash Leases on Known Potash Leasing Areas ("KPLAs"). KPLA ground is
classified as having a strong likelihood to contain significant Potash
resources based upon data available to the BLM provided by historic oil and
gas drilling activities.
In industry related news, Canpotex, the offshore marketing arm of Canadian
Potash producers, announced April 16th the signing of a supply agreement
with Chinese Potash producer Sinofert, which calls for a $400 per ton
increase in 2008 prices over those of 2007.
Potash is potassium chloride a fertilizer that is in great demand that
helps regulate physiological functions of plants and improves plant
durability.
About the company
Utah Uranium Corporation is a Moab, Utah based junior exploration and
development company focused on Energy and Fertilizer related opportunities.
On behalf of the Board, Peter Dickie, President
Cautionary note: This report may contain forward-looking statements,
particularly those regarding cash flow, capital expenditures and investment
plans. Resource estimates, unless specifically noted, are considered
speculative. Unless otherwise stated, any and all resource or reserve
estimates are historical in nature, and should not be relied upon. By
their nature, forward-looking statements involve risk and uncertainties
because they relate to events and depend on factors that will or may occur
in the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
