Idaho approves phosphate lease

FROM A NEWS RELEASEApril 23, 2013 

0430 BI phosphate mine.JPG

A drilling rig at sunset at Paris Hills in Southeast Idaho.

PROVIDED BY STONEGATE AGRICOM

A Toronto company says a subsidiary has obtained mineral leases from the state allowing it to mine phosphate just west of Bear Lake in Idaho's southeast corner.

"The conversion of exploration permits to mineral leases for areas on which the state holds the mineral rights at Paris Hills is the first in a series of state permitting approvals required before we begin underground phosphate mining at the property," says Mark Ashcroft, Agricom's president and CEO of Stonegate Agricom Ltd.

The subsidiary, Paris Hills Agricom Inc., expects to begin production by the fourth quarter of 2014, Ashcroft says.

The company says it already has the right to mine in adjacent mineral lease areas that are owned by individuals.

Stonegate Agricom acquires and develops agricultural nutrient projects. Its other current project is in Peru.

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