Business
Desert Mountain Energy Provides Update on Corporate Progress and Discusses the Worldwide Helium Market
(via TheNewswire) Vancouver, British Columbia - TheNewswire - April 9, 2020 -- ...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Provides Update on Corporate Progress and Discusses the Worldwide Helium Market(via TheNewswire)\n \n \nVancouver, British Columbia - TheNewswire - April 9, 2020 -- DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSXV:DME), U.S. (OTC:DMEHF), (Frankfurt: QM01) is pleased to provide a brief update on the status of the Company and its work programs in the current environment as well as an overview of the worldwide helium market in light of the covid-19 pandemic.\n\n \n \nThe Company closed a financing for $1.6 Million on February 27, 2020, and as a result has\n\n\n \nlarge cash reserves with which to fund its future work programs as well as for working capital.\n\n\n \nIt has no long-term debt. At present, the Company is fully operative, with none of our management or staff having contracted covid-19 and all personnel currently working comfortably and safely from their home offices. \n\n \n \nWe are moving forward with our planned drill programs for Helium in Arizona's Holbrook Basin as well as in Oklahoma at the Kight Gilcrease Sand Unit, with the permitting process underway in Arizona and drill permits having already been issued in Oklahoma. Requisite surveying, archaeological studies, reports, maps, liability insurance and surety bonds are in process for the Arizona Department of Land and Arizona Oil & Gas Conservation Commission. Those Departments remain open and functional in the current environment. In addition, we are in the process of procuring a drilling contractor and the requisite rigs for the project.\n\n \n \nWe are anticipating that everything will be in place to permit commencement of the first hole this June in the Holbrook Basin provided the covid-19 crisis begins to ease in the meantime.\nIn addition, the Company's technical team is carrying out research and studies on other areas in the Holbrook Basin that were recently optioned by the Company.\n\n \n \nHelium, like most other industrial commodities, is suffering an immediate short-term decline in demand as a result of the worldwide covid-19 crisis. Demand from some sectors such as party balloons and diving gas has virtually disappeared. However, it is a strategic commodity and high tech uses are continuing in computer hard-drive and semiconductor applications, military and spacecraft applications, MRI use, etc. At the same time, there ...