Sichuan Chemical Provides Positive Views on PGRX's Announced Debt Extinguishment, Continued Support of Holbrook Potash Project

  Sichuan Chemical Provides Positive Views on PGRX's Announced Debt
  Extinguishment, Continued Support of Holbrook Potash Project

Business Wire

DENVER -- December 18, 2013

Prospect Global Resources Inc. (“Company” or “Prospect”) reports that in
response to the recent announcement of its agreement to extinguish senior
secured debt, Sichuan Chemical Industry Holding (Group) Co., Ltd. ("Sichuan
Chemical") has responded with its endorsement and support. Xiaojun Chen,
Chairman of Sichuan Chemical’s Board of Directors, stated, “We believe this is
one of the final steps in making the mine a reality. We continue to be some of
the most long term supporters of the Holbrook Project. The fundamentals of the
project with the recent permitting success have only improved over time. As
such, Sichuan Chemical believes in its partnership with Prospect Global
Resources and we believe 2014 will be its best year yet.”

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 Sichuan Chemical Industry Holding (Group) Co., Ltd.

Sichuan Chemical Industry Holding (Group) Co., Ltd. (SCIHC) is a provincial
state-owned enterprise with assets of RMB 20 billion. It is a large-scale
conglomerate involved in production and marketing of fertilizers and chemical
products, including phosphorite and coal. Additional business lines include
international commodities trade and chemical and technical services. SCIHC has
24,300 full-time employees, more than 5,000 of whom are technical
professionals. Sichuan Chemical has been a leader of China's chemical industry
for more than 50 years.

Additional details about Prospect Global Resources Inc. can be viewed at the
Company’s website, www.prospectgri.com.

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.

Contact:

The Rose Group
Elana Weiss, 310-280-3710
 
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