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Transit Holding defines large potash ore exploration target for 2009


Transit Holdings (ASX:TRH) has announced an initial JORC code compliant Exploration Target on the Paradox Basin Potash Project.

Transit’s Paradox Basin Potash Project comprises potash mineralisation in two beds of interest, Potash 13 and Potash 18, ranging in depth from approximately 1,000 to 2,000 meters below the surface.

The Exploration Target range for Potash 13 is 0.9 to 1.3 billion tonnes of sylvinite (KCl-rich potash ore) at an average grade of 10 to 15% K2O. The Exploration Target range for Potash 18 is 1.6 to 2.5 billion tonnes of sylvinite at an average grade of 13% to 19% K2O.

This amounts to an overall Exploration Target range for the two Potash beds of 2.5 to 3.8 billion tonnes of sylvinite at an average grade of 12 to 18% K2O.

Exploration Target

The Exploration Target was estimated by Agapito Associates Inc who have extensive experience in potash projects. Agapito has completed studies on a number of major potash projects including feasibility plans for solution mining Vale’s Potassio Rio Colorado potash deposits in Mendoza Provence, Argentina.

The Potash sector continues to perform well as evidenced by continuing high prices and the recent spate of corporate activity globally. Recently Rio Tinto sold it potash interests to Vale for cash consideration totaling US$850million. In addition BHP Billiton acquired Anglo Potash Ltd (TSXV:AGP) for C$284 million. As recently as February this year Soros Fund Management LLC invested U$200million to increase its holding in Potash Corp (TSX/NYSE:POT) the world’s largest potash producer.

This week Transit obtained shareholder approval for the acquisition of 100% of Citadel Potash Pty Ltd which has the right to earn a 75% interest in the Paradox Basin Potash Project. The acquisition of the Project is now unconditional and will be completed in the coming weeks.

Transit intends to fast track the grant of the Prospecting Permit Applications covering the Paradox Basin Potash Project as well as advancing other aspects of the project.

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