Ringbolt Ventures Ltd.: Utah Potash Assessment Continues

Donnerstag, 05.06.2008 05:35 von Hugin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 04, 2008) - Ringbolt Ventures Ltd. (TSX VENTURE: RBV)(FRANKFURT: 3OZ) is continuing to explore its prospecting permits and exploration licenses on its potash property near Moab, Utah. The company has acquired complete data on 20 of the 33 oil & gas wells drilled on or near their property (field verified). This data includes hole location as well as thickness and grade of the potash zones. The Company is continuing its search for further information on the other 13 drill holes. These wells were drilled in the 1950's and 1960's before the NI 43-101 requirements were in place, so the results of the data must be viewed as historical in nature. Radiometric data is available on all of the 20 holes and chemical data is available on 10 of the holes. Two major potash beds have been identified, the same beds from which potash is being produced in a mine 40 miles away. The data has allowed the company to make determinations of the permissive geometry of the two potash beds, including thickness, grade and aerial extent of the beds. The lower of the two beds, identified as bed #9, has an aerial extent of 650 million square feet, as measured within one mile of a mineralized well. The bed averages 8.6 feet in thickness and grades 22% K20 The upper of the two beds, identified as bed #5, has an aerial extent of 550 million square feet, as measured within one mile of a mineralized well. The bed averages 6.5 feet in thickness and grades 16.5% K20. If the search radius is extended to five miles from a mineralized hole, as is done in the Saskatchewan basin, the aerial extent of bed #9 increases to 3 billion square feet with similar thickness and grade. If the search radius is extended to five miles, the aerial extent of bed #5 increases to 2.5 billion square feet with similar thickness and grade. The majority of the historical drilling cited in this press release was carried out by Superior Oil Co. in the 1950's and the 1960's. The drill logs, from these drill holes, have been summarized in OPEN_FILE REPORT 78-148 titled "The Geology of the Lisbon Valley Potash Deposits, San Juan County, Utah" by Robert J. Hite, published by the United States Department of the Interior-Geological Survey. The company believes that this data is reliable because it appears to have been prepared internally for a major company, apparently seeking to make an objective appraisal of the economic potential of the potash beds; it does not appear to have been used for promotional or publicity purposes at the time. No more recent data or resource estimates are available in the public domain. Stuart Havenstrite, CPG and Mike Magrum, P.Eng., both qualified persons under NI 43-101 have approved the technical content of this news release. RINGBOLT VENTURES LTD. On behalf of the Board of Directors Per: Jason Walsh, Director The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release. Contacts: Ringbolt Ventures Ltd. Jason Walsh Director (604) 682-1643 or 1-877-324-7245 (604) 682-1666 (FAX) Website: www.ringboltventures.com