Prospect Global Permitting Update: Company Moves to Secure Key Arizona Permits
- Company files for state mineral-lease and air-quality permits
- Aquifer Protection Permit next in line
DENVER, Feb. 13, 2013
DENVER, Feb. 13, 2013 /PRNewswire/ -- Prospect Global Resources, Inc.
(NASDAQ:PGRX) today announced that it has taken an important step forward in
its long-term plan to be first to market with potash from the Holbrook Basin
of eastern Arizona, one of the most promising potash fields in the United
Prospect Global, through its wholly-owned subsidiary American West Potash LLC,
has submitted applications for two key permits with the State of Arizona. The
Company filed with the Arizona State Land Department its Draft Mineral
Development Report as part of an application to convert certain of its state
exploration permits into mineral leases. The Mineral Development Report
discusses the mining, geology, processing, environmental impact and economics
of the Company's proposed annual production of 2 million metric tons of
potash. The Company also submitted an application for its Air Quality Control
Permit to the Arizona Department of Environmental Quality for administrative
In its Mineral Development Report, Prospect Global cites expert analysis
indicating that the project will have minimal environmental effects on the
surrounding area in terms of water use, air quality and visual impact, while
providing significant socioeconomic benefits to Apache and Navajo County
municipalities and the State of Arizona.
Brian Wallace, Chief Operating Officer of Prospect Global, said: "Experts
anticipate that our Holbrook Project will create up to 4,500 direct, indirect
and induced jobs during construction and more than 1,200 direct, indirect and
induced jobs during the productive life of the mine. During the life of the
mine, we anticipate generating tax revenue in excess of $1.5 billion for
Arizona at the state, county and local levels. In all, we estimate that the
Holbrook Project will generate nearly $1.9 billion in wages and nearly $5.5
billion in total economic output."
The Company is also finalizing its application for the Aquifer Protection
Permit with the Arizona Department of Environmental Quality, which it plans to
submit in the second quarter of 2013.
Regarding Forward-Looking Statements
With the exception of historical matters, the matters discussed in this press
release include forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from
projections or estimates contained herein. Such forward-looking statements
include statements regarding current and future classification of our potash
resources and development of our potash mining facility. Factors that could
cause actual results to differ materially from projections or estimates
include, among others, potash prices, economic and market conditions, and the
additional risks described in Prospect Global's filings with the SEC,
including Prospect Global's Annual Report on Form 10-K for the year ended
March 31, 2012. Most of these factors are beyond Prospect Global's ability to
predict or control. The forward looking statements are made as of the date
hereof and, except as required under applicable securities legislation,
Prospect Global does not assume any obligation to update any forward-looking
statements. Readers are cautioned not to put undue reliance on forward-looking
About Prospect Global Resources, Inc.
Prospect Global Resources, Inc. is a Denver-based company engaged in the
exploration and development of a large, high-quality potash deposit located in
the Holbrook Basin of eastern Arizona. The company's stock is traded on the
NASDAQ Stock Exchange under the ticker symbol PGRX.
SOURCE Prospect Global Resources, Inc.
Contact: Thomas Mulligan, Thomas_Mulligan@sitrick.com, +1-212-573-6100
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