Press release from CNW Group
Stonegate Agricom Announces the Conversion of Exploration Permits into Mineral Leases at its Paris Hills Phosphate Project
Thursday, April 18, 2013
Stonegate Agricom Announces the Conversion of Exploration Permits into Mineral Leases at its Paris Hills Phosphate Project06:00 EDT Thursday, April 18, 2013
TORONTO, April 18, 2013 /CNW/ - Stonegate Agricom Ltd. ("Stonegate" or the "Company") (TSX: ST) is pleased to announce that its wholly owned subsidiary, Paris Hills Agricom Inc. ("Paris Hills"), has obtained phosphate mineral leases from the State of Idaho allowing it the legal right to mine phosphate in areas for which it previously had state-issued exploration permits.
"The conversion of exploration permits to mineral leases for areas on which the state holds the mineral rights at Paris Hills is the first in a series of state permitting approvals required before we begin underground phosphate mining at the property," said Mark Ashcroft, President and Chief Executive Officer.
"The permitting process, which began last fall, is proceeding as planned. We have finished the drilling of wells related to the collection of baseline water information and we will be submitting formal applications to the appropriate Idaho departments concerning water use and other permitting matters in the months ahead. We expect to complete the permitting process and commence construction and production by the fourth quarter of 2014."
The mineral leases were issued by the Idaho Department of Lands and grant Paris Hills the right to mine phosphate where the state owns the surface and mineral rights. Earnings from the leases will go to state endowment funds that benefit Idaho's public schools and universities. The Company already had the right to mine in mineral lease areas owned by individuals, which include most of the remainder of the property.
Details of a mine plan and planned permitting activities at Paris Hills are available in a summary of the recently completed Feasibility Study published in a report entitled NI43-101 Technical Report Paris Hills Phosphate Project Bloomington, Idaho, USA, dated January 18, 2013 and available on Sedar at www.sedar.com and on the Company's website at www.stonegateagricom.com.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Paris Hills Phosphate Project located in Idaho and the Mantaro Phosphate Project located in Peru. The Company is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law, which include statements herein relating to the potential to increase mineral resource and mineral reserve estimates. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to assumptions used in preparation of the Feasibility Study and Pre-Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project including government regulation, phosphate prices, labour costs and capital costs, and project risks including project location, permitting requirements, project delays, ground control and dilution and water management; the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Paris Hills Phosphate Project being an advanced exploration stage project, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
Cautionary Note to United States Investors Concerning Estimates of Mineral Resources
This news release uses the terms "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". United States investors are advised that while such terms are recognized and required by Canadian regulations to be disclosed, the United States Securities and Exchange Commission generally does not permit disclosure of mineral resources of any kind in documents filed with the United States Securities and Exchange Commission. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured Mineral Resources or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.
SOURCE: Stonegate Agricom Ltd
For further information:
Vice President, Investor Relations
Stonegate Agricom Ltd.
Renmark Financial Communications Inc.