Tomahawk, WI 9/23/2013 (BasicsMedia) – Prospect Global Resources Inc (NASDAQ:PGRX) used to go by the name of Triangle Castings Inc, before this was changed to the current title. Its services are often felt during the exploration stages of natural resources. Currently, its involvement in the exploring and mining potash found in Arizona is well documented. This week, the PGRX stock ash surged by close to 30% thus attracting a lot of attention from all quarters. The question being asked is; what has led to this stock’s surge by this huge percentage? Is there something going on we know nothing about?

 PGRX Well On Its Way to Fulfilling Debt Repayment Agreement

 PGRX had been drilling new holes as part of its natural resources exploration and mining ventures. It has just announced that it is through with drilling close to 12 new holes, and if all goes according to plan, it will add more numbers to this figure in the not-so-distant future. This is a company with a great record and capacity to drill new holes which have ended up adding a great deal of revenue to its coffers. For a company with a market cap of roughly $11.10 million, this is a great feat it has achieved and more is to be expected from PGRX very soon.

 PGRX Still Struggles to Stay Profitable

If there is one accusation which has been levied against PGRX numerous times, it has to be its continued fight to remain profitable. The demand for potash worldwide is still respectable and not like what the case is with other natural resources. This is perhaps what causes many investors and industry analysts to wonder why PGRX is still unable to maintain consistent profitability despite operating in a potentially very profitable industry. The company’s newly drilled holes have uncovered visible potash of the KR-2 seam variety. This is good news for the stock.

 PGRX is in debt, and as part of the agreement it made with those it owes money, it was to conclude drilling eight holes by November 1, 2013. I think it is safely on its way towards achieving this goal if it can increase its work rate just a little bit. The stock has just led a number of market gainers this past week perhaps as an appreciation of the hard work it has put in place to ensure that the new drill holes are completed in good time. The fact that the company received a letter of intent from Sichuan Chemical to help its projects in Holbrook played a crucial role.

 Investors Willing to Support PGRX Projects

It seems as if investors are ready to support the ventures and projects being undertaken by PGRX, especially those surrounding Holbrook. This vote of confidence by investors is something the company was really in need of and can be of great benefit to it going forward. Investors are quite bullish about PGRX’s prospects, and for good reason. It has opted to delve into the manufacture of fertilizer products and materials and this will pay dividends in the long run since the world is in dire need of these products in order to boost food security.

This is a stock which I would advice investors to keep abreast of. It has great potential.

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