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Verde Potash (V.NPK) pops 10% on increasing resource estimates at Cerrado

Gaalen Engen Gaalen Engen,
0 Comments| March 20, 2014

Verde Potash (TSX-V:NPK, StockForum), a Toronto-based fertilizer development firm operating in Brazil, announced results today from the company's recent drilling program at the Cerrado Verde project.


According to the news release, Cerrado Verde now has a NI 43-101 measured and indicated mineral resource estimate of 1.47 billion tonnes at 9.2% K2O with a revised inferred mineral resource estimate of 1.85 billion tonnes at 8.6% K2O upgrading over 1.4 billion tonnes of resource from the inferred category to measured and indicated.


Verde president and CEO, Cristiano Veloso, commented, “The Company is on track to complete and publish the pre-feasibility study ("PFS") in Q1 2014 for its Phase 1, 1,000 tonnes per day ThermoPotash facility (the 'Flex Plant').”


He then added, “The Flex Plant will also be operated to process KCl in order to secure the necessary performance guarantees.”


Then concluded, “The upcoming PFS will address ThermoPotash, not KCl, so that the Company can gradually and ultimately maximize production from its large potash resource in the heart of Brazil in order to become a significant domestic producer.”


Verde Potash was in the news recently when the company outlined its Brazilian production strategy.


Shares climbed 10.81% on the news to $1.64 per share.


Currently there are 37.5m outstanding shares with a market cap of $61.2 million.


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