BELO HORIZONTE, BRAZIL, Feb. 9, 2010 (Marketwire) -- Brazil Potash Corp. ("Brazil Potash" or the "Company") reports that the second drill rig commenced drilling on February 2, 2010 with respect to the previously announced award of drilling contract on its extensive property in the State of Amazonas, Brazil (see Press Releases dated November 3, 2009 and January 15, 2010). Drilling on the first target at Autazes is progressing and is presently drilling below 400 meters depth.
In addition to the drilling, Golder Associates have completed an initial socioeconomic assessment report of the areas currently being explored. This report provides preliminary diagnosis of economic activities in the area and identifies stakeholders for the purpose of ongoing communication with respect to the project development. This information is important for the exploration and development planning of the project as it proceeds.
Helio Diniz, Managing Director, Brazil Operations, Potassio do Brasil remarks, "The startup of the second drill marks another key milestone for the Company. This is the first hole at our Itapiranga target, which is located some 150 km northeast of the Autazes target. Both targets have been selected on the basis of systematic analysis of the available petroleum and geological databases at our disposal. The Itapiranga target is located only 15 km to the northeast of a historic 3 meters thick potash intercept in a petroleum borehole drilled by Petrobras at about 1,000 meters depth. Our Itapiranga drilling is targeting the potash layer at a similar depth."
About Brazil Potash Corp.
Brazil Potash Corp. is a private Brazilian potash exploration company with a base of operations located in Belo Horizonte, Brazil. The Company holds the key mineral rights in the 400-kilometer long Amazon potash basin. Geological, Seismic and borehole surveys indicate the basin has similar scale, geological properties and is the same age as the Saskatchewan basin in Canada.
Please visit the Company's web site at www.potassiodobrasil.com.br or www.brazilpotash.com
Cautionary Note Regarding Forward-looking Information
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of applicable securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the Company's plan of business operations; projections regarding future success based on past success; availability of financing on acceptable terms; ability to identify and execute investments; investment philosophy and business purposes; projected costs and expenditures; potential benefits of the business; and anticipated returns. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. In particular, past success or achievement does not guarantee future success. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward- looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward- looking information, whether as a result of new information, future events or otherwise.
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