The Chairman and Co-founder of Circum Minerals Ltd. Stephen Dattles, unveils On May 6, 2015 "Circum has proven up a major world-class potash project in the Danakil Basin in Ethiopia. Given its location on the doorstep of the Asian Markets this discovery has the potential to dramatically change the dynamics of the potash industry and become a future source of significant supply of potash", PR Newswire reported.

Circum has an exclusive exploration license to the total 365 square kilometers area in the Danakil Basin in North –Eastern Ethiopia. The company has obtained the license in 2013 and is financed with the total equity raised of US 50 million inclusive of share issuances for acquisition costs and service agreements.

Brad Mills elaborated that: "Circum's Danakil Potash Project, which is located just 600 km's from the major port facility of Tadjoura, Djibouti on the Indian Ocean, is expected to be one of the world's largest and potentially lowest cost potash deposits. The current NI 43-101 compliant Mineral Resource Estimate, which has tested about 35% of the license area to a depth of 400 meters, consists of 2.6 billion tons of Measured and Indicated material grading, on average, 19.2% KCl (the average of the Sylvinite layer, Upper and Lower Carnallite layers and the lower Kainitite layer) and 1.6 billion tons of Inferred material grading on average 17.1% KCl. The geologic estimate of the endowment of the remaining 65% of the project area is an additional 7-9 billion tons to a depth of approximately 800 meters. With a total geologic endowment projected in the range of 11-13+ billion tons of potash rich mineral salts, Circum's Project in the Danakil Basin of North-Eastern Ethiopia will be one of the world's best and largest undeveloped potash mineral deposits. Its uniquely shallow depths and multiple bed lithology lend themselves to the development of a large scale, exceptionally low capital and low operating cost in-situ leaching and solar evaporation process well suited for the area, given temperatures on site that average 40 degrees Celsius year round."

Phase one of the project is expected to be completed in July 2015 to produce 2 million tons of Muriate of Potash and 0.75 million tons of Sulphate of Potash a year.

Source: prnewswire.com