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Australian Potash bags $3 million to advance potash, gold opportunities

The definite feasibility study on the Lake Wells Sulphate of Potash Project is continuing.
Progressing off-take agreement discussions

Australian Potash Ltd (ASX:APC) has completed a bookbuild for a share placement to sophisticated and professional investors to raise up to $3 million via the issue of shares at 7 cents each.

The funds raised will be used to advance the feasibility study on the company’s Lake Wells Sulphate of Potash (SOP) Project in Western Australia’s Eastern Goldfields.

Australian Potash is also undertaking high impact drilling at the Yamarna Gold Project in one of Western Australia’s least explored greenstone belts, the Yamarna Greenstone Belt.

Lake Wells Sulphate of Potash Project

The definite feasibility study (DFS) into the Lake Wells SOP Project development continues to build on the strong, high-returning scoping study released in 2017.

The company is expected to produce the first trade samples from its site-based pilot evaporation pond program during Q2 – Q3 2018.

Australian Potash already has existing memorandum of understandings (MOUs) with global scale Chinese off-take partners which are progressing to formal off-take agreement discussions.

Yamarna Greenstone Gold Project

The first phase (6,000 metres) of the planned 23,000-metre drilling campaign into targets at the Yamarna Gold Project finished in early May, with some 1,400 samples submitted for assay.

Australian Potash is expecting a steady stream of results over the next few weeks.

The second phase comprising 8,000 metres will commence in June/July.

Australian Potash executive chairman Matt Shackleton said: “With funding in place to execute the planned activity at both of the company’s project areas, we very much look forward to reporting on the outcomes of those programs over the coming months.”

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