Press release from Marketwire
Americas Petrogas Announces NI 43-101 Brine Mineral Resource Estimate of the Bayovar Properties in Peru
Monday, April 29, 2013
Americas Petrogas Announces NI 43-101 Brine Mineral Resource Estimate of the Bayovar Properties in Peru19:08 EDT Monday, April 29, 2013
CALGARY, ALBERTA--(Marketwired - April 29, 2013) - Americas Petrogas Inc. (TSX VENTURE:BOE) and its subsidiary, GrowMax Agri Corp., (collectively, "Americas Petrogas" or the "Company") is pleased to announce that it has received an independent mineral resource estimate for the Company's Bayovar properties in Peru. The mineral resource estimate is as follows:
Mineral Resource Estimate for the Salt Reservoir in Bayovar 6 and Bayovar 8
Measured Mineral Resource - Brine mass of 10,419,000 tonnes at an average grade of 1.084% for total potassium chloride of 110,000 tonnes.
Indicated Mineral Resource - Brine mass of 22,515,000 tonnes at an average grade of 0.950% for total potassium chloride of 210,000 tonnes.
Inferred Mineral Resource - Brine mass of 140,325,000 tonnes at an average grade of 0.956% for total potassium chloride of 1,340,000 tonnes.
Mineral Resource Estimate for the Sand Reservoir in Bayovar 5, Bayovar 6 and Bayovar 8
Measured Mineral Resource - Brine mass of 50,429,000 tonnes at an average grade of 0.556% for total potassium chloride of 280,000 tonnes.
Indicated Mineral Resource - Brine mass of 159,234,000 tonnes at an average grade of 0.490% for total potassium chloride of 780,000 tonnes.
Inferred Mineral Resource - Brine mass of 819,562,000 tonnes at an average grade of 0.432% for total potassium chloride of 3,540,000 tonnes.
Americas Petrogas has the option right to the mineral concessions Ramon (Licence Bayovar #5 and #6) and Zapayal (Licence Bayovar #7 and #8) in the Sechura area, Piura province, Peru, where mineral salt containing brines occur in a coastal sabkha. Besides Magnesium Chloride, Sulfates, Bromine and other valuable mineralization, these brines contain potassium chloride (KCl). From 2009 to the present, the Company has had an ongoing exploration program to delineate potential brine mineral resources in the property. The investigations completed consist of:
- Re-interpretation of historical geophysical data;
- Drilling of 23 wells and determination of lithology and brine thickness in these wells;
- In brine-bearing wells and test pits, sampling and chemical analysis of the brines;
- Pump tests to determine permeability in two wells from the salt reservoir and a preliminary permeability test in a well in the sand reservoir;
- Operation of a pilot experimental plant to evaluate the potential of production of potash from the extracted brines; and
- Drilling of seven confirmation wells near historical drill holes and pump tests at three locations to confirm historical data and obtain hydraulic properties of the reservoirs.
Mr. Carlos Lau, Chairman, stated "We and our partner, IFFCO, are pleased to have completed the NI 43-101 report for the mineral resource estimate and look forward to adding additional value through continued exploration activities for brine, phosphates and other minerals in our concession."
The Company has submitted the required documents to a branch of the Peru government to exercise its option right to acquire the Bayovar properties. Approval of the documents is pending.
A technical report entitled "NI 43-101 Mineral Resource Statement for the Mineral Concessions Bayovar 5 to 8, Sechura Area, Piura Province, Peru" with a report date of March 28, 2013, which contains further information with respect to the brine mineral resource estimate, including the assumptions and methodology used to calculate the brine mineral resource estimate, and other information with respect to the Bayovar properties, will be filed on the Company's SEDAR profile at www.sedar.com concurrently with the filing of this press release.
EurGeol Dr. Henry Rauche, Managing Director and Chief Executive Officer of ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN") and EurGeol Dr. Sebastiaan van der Klauw, Senior Geologist of ERCOSPLAN are the Qualified Persons (as that term is defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects) who have reviewed and approved the contents of this press release.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol "BOE". Americas Petrogas has conventional and unconventional (shale and tight sands) oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas has joint venture partners, including ExxonMobil, Apache and Gran Tierra Energy, on various blocks in Argentina. For more information about Americas Petrogas, please visit www.americaspetrogas.com
About GrowMax Agri Corp.
GrowMax Agri Corp. and its partner, Indian Farmers Fertiliser Co-operative Limited (IFFCO), are developing a speciality fertilizer and chemical project at Bayovar in the Sechura Desert of Northwest Peru. Mineral potential includes Potassium Chloride, Phosphate, Bromine and others. For more information about GrowMax Agri Corp., please visit www.growmaxagricorp.com
CAUTION REGARDING FORWARD LOOKING INFORMATION: Information and statements in this news release that are not historical facts are "forward-looking information" within the meaning of the applicable Canadian securities legislation. This news release contains forward-looking information such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Generally, this 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", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Examples of forward-looking information in this news release include, but are not limited to, statements with respect to the Company's estimates of mineral resources and approval of documents to permit the exercise of the Company's option right.
Forward-looking information is 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 information, including but not limited to: risks inherent in mineral resource estimation and the material assumptions in respect thereof, risks related to international operations and foreign governments, risks related to weather, risks related to the speculative nature of mineral exploration, as well as those factors discussed in the sections relating to risk factors of our business filed in our required securities filings on SEDAR. Although the Company has attempted to identify important factors and risks that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. There can be no assurance that mineral resources will remain the same or will increase. There can be no assurance that production will occur. There can be no assurance that the Peru government will approve any documents and there can be no assurance that the option will be exercised. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information disclosed in this press release, except in accordance with applicable securities laws.
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Americas Petrogas Inc.
Barclay Hambrook, P. Eng., MBA
President and CEO