Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the “Company”) is pleased to announce the commencement of the Company’s previous announced drilling program.
Commencement Of Prospect Global Research (NASDAQ: PGRX) Fourth Drilling Campaign At Its Holbrook Project (Photo: Business Wire)
The Company is targeting 16 to 17 holes to be drilled in the campaign. The drilling is primarily infill drilling and the holes have been selected to maximize the potential conversion of inferred resources to measured and indicated resources. The drilling program will also provide the core samples needed to complete the remaining rock mechanic and metallurgical test work required for the completion of a Definitive Feasibility Study.
The drilling will be performed by Boart Longyear and Major Drilling, two of the premier drilling companies in the world.
The commencement and completion of the drilling program is a critical step towards completion of a Definitive Feasibility Study, and the Company is on track to release an updated 43-101 resource report by the end of 2013.On behalf of the Board of Directors, Damon G. BarberPresident and Chief Executive Officer 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 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 .