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Prospect Global Resources Inc. (NASDAQ: PGRX) (“Prospect Global” or the “Company”) is pleased to provide an update on its previously announced in-fill drilling program.
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 resources.
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 StatementsWith 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.