In the 1970's, a Utah geologist, Murray Godbe, began the first known systematic study of the Sevier Lake with the intention to produce valuable minerals. Godbe and his team found indications of a vast pool of brine containing potassium and other important minerals.
Supported by a Texas financier, W. D. Hayden, Godbe leased the majority of the dry lake's surface securing land from the BLM as well as from SITLA, a Utah state land agency. The team drilled hundreds of wells taking brine samples across the vast lake surface and from many depths.
After several years of study, and shortly before the project was set to enter full development and production, W. D. Hayden suddenly died. Not long afterward, Murray Godbe died. The heirs briefly tried to market the project but ultimately gave up. After a period, the leases returned to their respective government agencies.
In 2008, Emerald Peak Minerals LLC formed to resurrect the project. After securing SITLA leases from the State of Utah, Emerald Peak Minerals partnered with EPM Mining Ventures Inc. to secure the financing necessary to obtain the federal leases from the Bureau of Land Management. EPM Mining raised about $30 million dollars (CAD$) and won the federal acreage needed to define the project. Through subsequent negotiations, EPM Mining increased its holdings. Today, it directly controls about 95,000 acres through its wholly-owned US subsidiary Peak Minerals Inc. and has agreements to operate more than 28,000 additional contiguous acres.
On November 20, 2012, EPM Mining Ventures Inc. announced the filing on SEDAR of a National Instrument 43-101 technical report entitled "NI 43-101 Technical Report Preliminary Economic Assessment EPM Mining Ventures Inc. Sevier Dry Lake, Utah, United States" (the "Technical Report"), dated effective November 16, 2012 by Barry W. Schmitke, P.Eng, Dennis Storer, P.Eng, and Kyle Krushelniski, P.Eng, of March Consulting Associates Inc. in association with Lawrence Henchel, PG, of Norwest Corporation.
The Technical Report outlines the results of the Preliminary Economic Assessment ("PEA") for the production of Sulfate of Potash on EPM's Sevier Dry Lake Potash project located in southwestern Utah. EPM first reported the economic results of the PEA in a press release dated October 15, 2012.
The Technical Report is available on EPM's SEDAR profile at www.sedar.com as well as on this website under the 'Technical Reports' link on our 'Investors' tab.