PGRX Phase 4 Drilling Update: 12 Holes Completed
PGRX has exceeded debt covenant’s drilling requirement
DENVER -- September 17, 2013
Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the
“Company”) is pleased to provide an update on its previously announced in-fill
The Company has successfully completed 12 drill holes and has three more drill
holes at various depths of completion. All of the in-fill drilling holes
completed during the current campaign have hit visible KR-2 seam potash and
will aid to the conversion of inferred resources into measured and indicated
The completion of 8 drill holes by November 1, 2013 is required to meet the
first development milestone covenant under the Company’s debt agreement.
On Behalf of the Board of Directors,
Damon G. Barber
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 Prospect
Global’s potash resources, development of its potash resources and potash
mining facility and the Pre-Feasibility Study. 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/A for the year ended March 31, 2013. 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 statements.
About Prospect Global Resources Inc.
Prospect Global Resources Inc. is a Denver-based company engaged in the
exploration and development of a potash mine located in the Holbrook Basin of
eastern Arizona. Prospect Global’s stock is traded on the NASDAQ Capital
Market under the ticker symbol PGRX.
Additional details about Prospect Global Resources Inc. can be viewed at the
Company’s website, www.prospectgri.com.
Photos/Multimedia Gallery Available:
Prospect Global Resources Inc.
Gregory M. Dangler, Interim CFO
+1 (303) 990-8444
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