|July 16, 2012||TSX-V Symbol: CFM|
Vancouver, B.C., July 16, 2012. Confederation Minerals Ltd. (TSXV: CFM) is pleased to report that, further to its news release dated May 30, 2012, 56% owned Magna Resources Ltd. has filed a National Instrument 43-101 compliant technical report entitled “NI 43-101 Technical Report Green River Potash Project Grand County, Utah, USA” dated July 10, 2012 with an effective date of June 27, 2012 (the “Report”).
Key Highlights of the Report include:
- 600 million – 1 billion tonnes of potash are permissive in the horizon known as Cycle 5, the main exploration target, and is known to host potash at a nearby producing mine
- The Cycle 5 potash bearing horizon has the potential to grade up to 19-29% KCl (potassium chloride) as indicated by down hole gamma ray surveys;
- The Cycle 5 sedimentary horizon is extensive and very continuous at depth throughout the Company’s large 20,620 hectare property; and
- The Property has excellent infrastructure and year-round access with drilling planned for the fall of 2012 to test the extent, grade and thickness of Cycle 5 within the Property.
The Property is situated in the renowned Paradox Basin, host to the same geological setting as the United States’ sole solution mining potash operation called Cane Creek. There, the sedimentary bed known as Cycle 5, which underlies and extends throughout the Property, contains the principal potash mineralization that is mined at Cane Creek and is the Company’s prime exploration target.
For more property and report details, please see Confederation’s May 30, 2012 News Release.
*- the potential quantity and grade is conceptual in nature
- there has been insufficient exploration to define a mineral resource
- it is uncertain if further exploration will result in discovery of a mineral resource
About Confederation Minerals
Confederation Minerals Ltd. is a British Columbia based company engaged in the business of acquisition, exploration and development of mineral properties. Its objective is to locate and develop economic precious and base metals properties of merit. Confederation Minerals Ltd. holds an option agreement to acquire up to 70% of the Newman Todd project in the Red Lake Mining District of Northern Ontario as well as 100% ownership in two other properties in the Red Lake Mining District of Ontario. Confederation Minerals Ltd. owns 56% of Magna Resources Ltd.
On Behalf of the Board:
Brian Bapty. Ph.D.
Confederation Minerals Ltd.
Suite 1980, 1075 West Georgia Street
Brain Bapty, President
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.