Included in this is an Exploration Permit application covering a total of 3,880 acres (over 6 sections) of prospective ground northwest of Moab, and Potash Lease Applications for a total of 7,360 acres (11 1/2 sections) of School Sections and a total of 17,760 acres (27 3/4 sections) of ground within the Known Potash Leasing Areas (”KPLA’s”) within 3 miles of Intrepids’ Cane Creek operations. All of the ground applied for is contained within the Paradox Basin geological area.

The Paradox Basin, a massive Salt Anticline covering a large area of eastern Utah and western Colorado, contains as much as 2.0 billion tons of Potash in reports from the US Geological Society. Production to date has almost entirely come from the Cane Creek Mine complex operated by Intrepid Potash, Inc., located 5 miles west of Moab, Utah, which has been in production since the mid 1960’s. Current production from the mine is in excess of 100,000 tons of Potash per year. Intrepid Potash IPO today raised $787 million at $32.00 per share on the NYSE and closed up $18.35 at $50.30 on 41,362,000 shares of volume.

The property subject to the Potash Exploration Permit applications is located immediately to the west of School Sections that have seen previous drilling for oil/gas. The Company has applied for leases covering those School Sections as well. Historic drilling activity on the School Sections encountered significant intersections of both Sylvite and Carnallite, with Sylvite values averaging near 20%, but ranging as high as 49%.

Potash Leases on Known Potash Leasing Areas (”KPLA’s”). KPLA ground is classified as having a strong likelihood to contain significant Potash resources based upon data available to the BLM provided by historic oil and gas drilling activities.

In industry related news, Canpotex, the offshore marketing arm of Canadian potash producers, announced April 16th the signing of a supply agreement with Chinese potash producer Sinofert, which calls for a $400 per ton increase in 2008 prices over those of 2007.

Potash is potassium chloride a fertilizer that is in great demand that helps regulate physiological functions of plants and improves plant durability.