CALGARY, ALBERTA -- (Marketwired) -- 02/16/16 -- Americas Petrogas Inc. (TSX VENTURE: BOE), ("Americas Petrogas" or the "Company") announces that it has engaged the services of Advisian, a wholly owned subsidiary of WorleyParsons, to prepare a Preliminary Economic Assessment ("PEA") for the development of phosphate resources on the Company's Bayovar mineral concessions in Peru. WorleyParsons was selected for its practical engineering, phosphate and potash development experience, global offices (including Lima, Peru), and project implementation capability.
The Company anticipates release of the PEA during Q2 2016. As previously indicated, the completion of a PEA is an important step towards the Company's objective of advancing the Bayovar phosphate project areas to the Preliminary Feasibility Study ("PFS") stage in late 2016.
An update of the initial Bayovar Phosphate Resource Report (originally filed on SEDAR in May 2015), which will reflect boreholes drilled in early 2015, the re-sampling of drill holes from 2011 and 2012 and infill drilling in late 2015, is currently underway. The results are expected to be announced in Q1 2016. Golder Associates Ltd. ("Golder"), which provided the original resource report, has been engaged to produce the update, and is expected to assist the Company and Advisian in the preparation of the PEA.
The Company's previously announced phosphate resource expansion borehole drilling program on the Bayovar 5 and 7 concessions continued as scheduled through to early December 2015 and then resumed in early January 2016. Some of the boreholes in this drilling program will be included in the aforementioned resource update. A series of widely spaced exploratory drill holes at 1,600 meter centers were drilled on Bayovar 5 to test the potential for near surface phosphate mineralization. In addition, a number of step out drill holes were undertaken on the Bayovar 7 concession block to evaluate the extent of the phosphate resource. A new resource report update, incorporating the 2016 borehole drilling, is also expected to be available in Q2 2016.
Advisian has also been engaged to review the Company's plans for its Potash Brine Project on the Bayovar mineral concessions.
Please note the Company's new address and phone numbers. Also, the Company has posted a new February 2016 investor presentation on its website at www.americaspetrogas.com.
About Americas Petrogas Inc.
Americas Petrogas Inc. is a Canadian company whose shares trade on the TSX Venture Exchange under the symbol BOE. Americas Petrogas has conventional and unconventional shale oil and gas and tight sands oil and gas interests in numerous blocks in the Neuquen Basin of Argentina. Americas Petrogas and Indian Farmers Fertiliser Co-operative Limited (IFFCO) own GrowMax Agri Corp., a private company involved in the exploration for near-surface phosphates, potash and other minerals, and potential development of a fertilizer project in Peru.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates or amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events may vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. In particular, there is no assurance that a PEA will be completed by Q2 2016, that a PFS will begin in 2016 or be completed by late 2016. In addition, there is no assurance that a new resource report will be available in Q2 2016. The presence of phosphates Resources is not necessarily indicative that phosphates are capable of being successfully produced in commercial quantities. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
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