is the market asleep ????? .... announcement out 10:07am...

is the market asleep ????? .... announcement out 10:07am EST


Following the 6th June 2011 announcement
on Transit?s move to 90% ownership of its
operating subsidiary K2O Utah LLC, Transit
Holdings (?Transit? or the ?Company?) is
pleased to announce that the company has
received approval from the state of Utah for
drilling and further exploration on the
Paradox Basin Potash Project (?Project?) in
Utah within two months of filing.
The joint venture is currently preparing the
programme and budget for an initial drill
campaign that will include the drilling of 4
exploratory wells on the State lease
locations as part of the Project?s Pre-
Feasibility Study.
Now that approvals and the bonding have
been accepted the Company can finalise
selection of drilling contractor and plan to
begin drilling in July/August 2011. Mr
Kermit Allen , an engineer and solution
mining veteran of over 40 years experience
who inter alia oversaw the design and
construction of US Strategic Petroleum
reserve capacity in salt domes through
solution mining, will supervise this drilling
program. After the four holes are drilled
and results analysed the Company expects
to have a JORC compliant statement of
resources.
Work will now begin on approvals to drill on
federal land to further delineate the
resource.
An exploration target of 2.3 billion tonnes
of sylvinite potash ore at 32.8%KCl has
been delineated within the Project.