September 10, 2008 / 3:18 PM / 11 years ago

UPDATE 1-Athabasca finds potash in Burr Project test wells

(Recasts, adds details, share movement)

Sept 10 (Reuters) - Athabasca Potash Inc API.TO said it identified economically viable quality of potash in four potash test wells drilled in the north and northeast of the central area of the Burr Project in Canada.

The potash exploration and development company also expanded its 2008 drilling program to nine potash test wells from six, and said it was in the process of applying for drilling licenses to drill five more wells, expected to be completed by the end of November.

Athabasca said test results confirmed the continuity of potash bearing sections from previously drilled areas of the Burr project, including the Lower Patience Lake section.

The thickness of the Lower Patience Lake section, from which the Burr Project’s current inferred mineral resource is derived, ranges from 4.2 to 5.0 meters, the company said.

Shares of the company, which went public last December, were trading down 1 Canadian cent at C$3.79 Wednesday on the Toronto Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Pratish Narayanan)

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