Ann: UPDATED TRANSIT RECEIVES STATE APPROVAL FOR , page-7

re: Ann: UPDATED TRANSIT RECEIVES STATE APPRO... Also information in the "About the Project" sections of each announcement is different.

The "About the Project" section of the original announcement says:-

An exploration target of 2.3 billion tonnes of sylvinite potash ore at 32.8% KCl content (20.7% K2O) has been delineated within the Project by independent consultants Agapito Associates Inc. Transit and its joint venture partner have recently completed a Scoping Study on the
Project based on 2 million tonnes per annum production of KCl from solution mining of the potash deposit.

The Scoping Study demonstrated that the Project has robust financials and the Company is proceeding immediately to a Pre-Feasibility Study which will include drilling of fresh
exploratory wells to augment a database of historical drilling. The identification of substantial
subterranean aquifers and opportunities to capture seasonal snowmelt provides confidence in the availability of water for the project, to add to an impressive suite of infrastructure in the region.

The Exploration Target assumes a grade-thickness cutoff of 20% K2O per metre (grade by thickness), below which mineralisation is excluded from the estimate. The Exploration Target is conceptual in nature and there has been insufficient exploration to define a Mineral
Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code (2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve



The "About the Project" section of the updated announcemnt says:-

The Paradox Basin Potash Project comprises potash (KCl) mineralization in two beds of interest, Potash 13 and Potash 18. An Exploration Target estimated by independent
consultants Agapito Associates Inc. for Potash Beds 13 and 18 of 2.5 to 3.8 billion tonnes of sylvinite ore at an average grade of 19% to 29% KCl has been delineated within the Project.

The Exploration Target assumes a grade-thickness cutoff of 32% KCl-m, below which mineralization is excluded from the estimate. The Exploration Target is conceptual in nature
and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves,
the JORC Code (2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.

Transit and its joint venture partner have recently completed a Scoping Study on the Project
based on 2 million tonnes per annum production of KCl from solution mining of the potash deposit. The Scoping Study was based on mining only Potash Bed 18. Subsequent to the
estimation of the Exploration Target quoted above it was discovered that over part of the Project Potash 18 consists of two sub-beds. An estimate of tonnage and grade of 2.3 billion tonnes at 32.8% KCl for the two Potash 18 sub-beds was used in the Scoping Study.

The Scoping Study demonstrated that the Project has robust financials and the Company is proceeding immediately to a Pre-Feasibility Study which will include drilling of fresh
exploratory wells to augment a database of historical drilling. The identification of substantial
subterranean aquifers and opportunities to capture seasonal snowmelt provides confidence in the availability of water for the project, to add to an impressive suite of infrastructure in the region.