April 26, 2011 / 3:58 PM / 8 years ago

UPDATE 1-Western Potash says resource base up 40 pct; shares jump

* Says new estimate from Milestone property ups resource

* Says studies indicate more potash at property

* Shares up 18 pct

April 26 (Reuters) - Western Potash Corp said its measured and indicated resource rose 40 percent following a recent estimate at its Milestone property in southern Saskatchewan, sending the mineral explorer’s shares up 18 percent.

The Western Canada-focussed company said the new estimate raises the Milestone extractable potash resource to 64 million tonnes of measured resource and 180 million tonnes of indicated resource.

“Extensive parts of the property surrounding the defined resource remain to be drill tested and our seismic data indicates substantially more potash is present,” Chief Executive Patricio Varas said in a statement.

Vancouver-based Western Potash, which will include the updated resource into its mine plan, said feasibility process is already underway.

Western Potash shares were trading up 13.33 percent at C$1.36 on Tuesday on the Toronto Venture Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Sriraj Kalluvila)

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