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LOL, ????. ""I'm told the license will be renewed this week, the company is still reviewing options in regards to a partner."
So, license? These folks seem to be a joke. If not careful somebody else will end up with the leases for a song.
From Adam Chambers who handles Investor Relations:
"I'm told the license will be renewed this week, the company is still reviewing options in regards to a partner."
My thinking also.
If they take stock instead of cash, that means value, which is OK by me.
Very interesting http://ih.advfn.com/p.php?pid=nmona&article=54178831
Ethiopian Potash Corp. Announces Agreement to Exercise G & B Option Early and Appoints Financial Advisor
http://finance.yahoo.com/news/ethiopian-potash-corp-announces-agreement-171311317.html
No problem. I was not criticizing. I was simply attempting to clarify.
Re: Yara Posts.
wshaw14, I deleted the entire thread...too much wishful thinking n my part.
I dont think this has anything to do with FED. this a a 51 % stake in the Sainik Yara JV Ethiopian Potash BV.
Amarchand & Mangaldas & Suresh A Shroff Co has also advised the Indian promoters of XLR Capital (Cyprus) Ltd (XLR) in respect of the acquisition of the majority stake of Netherlands-based joint venture company Ethiopotash BV by Yara Nederland BV from existing shareholders, Indian company Seftech Phosphate Private Ltd and XLR (Cyprus-based company with Indian promoters). The transaction consisted of the transfer of 17.22 percent shares held by Seftech Phosphate Ltd to XLR, as per the terms of the original shareholders agreement; transfer of 8.33 percent shares held by Seftech Phosphate Ltd to Yara Nederland BV; and transfer of 25.55 percent shares held by XLR to Yara Nederland BV. XLR acquired 17.22 percent shares of Ethiopotash from Seftech for approximately US$11 million whilst Yara acquired 34.33 percent shares of Ethiopotash from XLR and Seftech for approximately US$30.76 million. Post closing, Yara will hold 51 percent and XLR will hold 49 percent in Ethiopotash. Partner Shailaja Lall led the transaction which closed on 4 May 2012.
You may be right, I hope you are, I dislike a company being (taken down) as it appears to me this one has. If they can prove to be legitimate financially, I will be a buyer at the current price at 10% above. If it falls 10% a little more I will buy without the proof. I have always liked this company but have passed it over because the timing was off. When I thought it a buy the $ were tied up. I seriously intend to be her when the conditions are right..
I think they've dropped about as far as they will, give or take a couple of cents. Management is dealing with the issues and I know the proxies have gone out for the annual meeting.
I have no shares of etphf, but watching it closely. I want some, if they drop from here. If there is no news soon, I expect they will.;
Ethiopian Potash Corp. Treasury and Title
(The following was released on behalf of Ethiopian Potash by its communications firm.)
TREASURY
We believe that Ethiopian Potash has been under pressure based on
misunderstandings most recently aroused by poor research coverage
from a group that had hoped to lead the next financing effort, but
no doubt is nonplussed now by the fact that fees (the main driver of
the investment banking business model) will not be forthcoming.
With regard to our treasury - the company will not dilute current
stockholders at these depressed levels the way that has been
witnessed recently by comparables in the basin.
FED intends to retain its leverage to the Danakil in terms of
tonnage of sylvite per share.
Those selling in anticipation of reloading from an upcoming private
placement will be disappointed to not achieve their desired goal.
EPC is very comfortable with its financial situation, the backing of
KEY founders, and its ability to tap capital markets at the
appropriate time.
TITLE
As per below, title is completely sound, as it always was. Please
note the below extractions from the option agreement, also available
in the initial prospectus filed during the RTO last year at http://www.sedar.com/
EPC entered into an option agreement (the “Option Agreement”) with G
and B Central African Resources (“G&B”) and the shareholders of G&B
on September 7, 2010 (as amended on October 18, 2010, December 1,
2010 and January 18, 2011). Pursuant to the Option Agreement, EPC
was granted an option to acquire all of the issued and outstanding
shares of G&B and thereby indirectly acquire all of G&B’s interest
in the Danakil Potash Permits. To exercise the option granted under
the Option Agreement, EPC must meet certain milestones and make
certain related payments within 10 years of the effective date of
the Option Agreement. The option automatically terminates if not
fully exercised in 10 years. On April 11, 2011, an aggregate of
17,368,726 common shares of EPC were issued in connection with the
satisfaction of the requirements of the First Milestone under the
Option Agreement. In order to meet the Second Milestone, EPC must
complete a feasibility study. The completion of the Second Milestone
will result in the full exercise of the option granted under the
Option Agreement. EPC has 8 years and 10 months to do so, and that
is the only outstanding obligation.
Adam Chambers
416 907 9422
achambers@gmfbcommunications.ca
My investment in ETPHF will be based on exactly what you mentioned. I have been in with a small position here to keep track of the reverberations. ETPHF may be a big winner ( I believe it will) but I will increase my position only on the rise of another that will accredit (at least partially) ETPHF.
Nice volume on FED today thanks to Allana/ALLRF
Ethiopian Potash Drilling and Assay Update
TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - Ethiopian Potash Corp. (the "Company") (TSXV:FED.V)(TSXV:FED-WT.V)(Other OTC:ETPHF.PK) is pleased to announce that it has completed 16 diamond drill holes totalling 3,353 metres on its Danakil Potash Project. The initial 16 holes were drilled in the South-west Target Area. Holes 17 and 18 are currently being drilled to test the northern continuation of the South-west Target Area. All holes have intersected the Danakil Potash bearing sequence. An additional 11 holes (19 through 29) are planned to complete the first phase of exploration on the South-west Target Area, and provide the Company with sufficient drilling to meet its objective of putting 1 billion tonnes of potash resource in this part of the property into an updated 43-101 compliant report. (Map link: http://www.ethiopianpotash.com/DrillMap.html)
Road building is ongoing and drilling of the Colluli Target Area with targets at 100 metres depth or less is expected to begin early in the New Year, with the same resource objective as in the South-west Target Area. Assays turnaround time and consequent lack of news has been a great disappointment to management and to our shareholders. As result, the Company has directed all core samples for analysis to the Saskatchewan Research Council, Saskatoon, Saskatchewan ("SRC"). SRC is recognized as one of the best laboratories for potash analysis, pilot plant testing and flow sheet design. The Company has been assured that assays can be expected within 15 days of receipt of the samples. Shipping of the samples from Ethiopia to Saskatchewan is estimated to take four (4) days, for an aggregated lapsed time of 19 days or approximately three (3) weeks. The Company anticipates being able to release assays on a number of holes in the first week of December.
About Ethiopian Potash Corp. Ethiopian Potash Corp. (TSXV:FED.V)(TSXV:FED-WT.V)(Other OTC:ETPHF.PK) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 484 sq km of shallow mineralisation potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production. On behalf of the Board of Directors David Wahl, President and CEO Forward-Looking Information This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You are probably correct. I knew I saw you somewhere.
There's no moderator on ETPHF. I'm the moderator of FED.
I expect at some point that posting will be turned off here as it was with AAA's ALLRF.
Correct you are. I guess a bunch of folks got scared off by the recent PPS drop. You were the moderator here? or am I mistaken?
Lets get this thing rocking, I still have my free shares I kept from last time and now have loaded a few more. This thing has potential, just a little "long term" for me. I flip a portion of these and keep free or nearly free shares to accumulate a position. This is one of my three favorite Potash plays.
EPC Continues to Intersect Potash Horizons and Increase Rate of Drilling on its 481km2 Danakil Project, Ethiopia
Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is pleased to announce that it has now completed nine (9) holes, and is currently drilling the tenth hole (10) of its ongoing exploration/development program.
While the Company is discouraged at the slow assay turnaround time for its initial core samples, EPC continues to be encouraged by the fact that it is clear from visual inspection that all of the holes have intersected the regional Danakil Potash Formation, and all holes intersected potash mineralization.
The holes were drilled along the western edge of the Danakil and targeted the on-strike continuation of the Musley potash deposit situated approximately 10 kilometers south of EPC's SW discovery area. The potash horizons encountered are within 200m of the surface and present several possible mining scenarios.
Following completion of the summer field program, the Company is in the process of constructing drill-site access and seismic roads on the floor of the Danakil as we enter the dry season. One of the roads will be extended across the Danakil to provide access to the eastern portion of the property, and the potash discoveries at Colluli. Based on historic and recent drill results on the adjacent property the Company expects to intersect potash mineralization in drill holes at depths from near surface to approximately 100 meters depth.
Mr. Wahl President and CEO of EPC stated; "The Company has worked through the normal startup challenges which occur in remote camps, and is pleased that efficiencies are improving across the board.
"We are also very happy with EPC's go-forward plan for road access, new and expanded drilling program, seismic survey and concurrent drilling of the South West and Eastern target areas of our concession, as shown in the map linked below.
"We look forward to having a steady stream of news to disseminate in the Autumn, and as previously stated in our press release dated August 22nd 2011, EPC will release assays upon receipt."
http://www.ethiopianpotash.com/pdf/Road_Seismic_Drill_Map.pdf
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralization potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
Forward-Looking Information
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mackie Research Capital initiates coverage on Ethiopian Potash Corp.
Ethiopian Potash Corp is pleased to announce the commencement of coverage by Mackie Research Capital on the company. Please find below an excerpt from the introduction and conclusion of the report. Investors can contact Mackie Research Capital for a copy of the full report.
"We initiate on FED with a SPECULATIVE BUY recommendation and a 12-month target price of $1.60 per share. We view EPC as a value play on potash development in Ethiopia."
"In our view, EPC is an attractively priced company with exposure to the Danakil Depression. While the company is at an earlier stage of development than Allana Potash and South Boulder Mines, we believe that ultimately its resource base is likely to look very similar to that of Allana Potash, although the mineralization is likely to be at a shallower depth in our view. For those seeking exposure to the Danakil, we believe the higher risk and earlier-stage nature of EPC are more than compensated for by the company’s valuation (currently at approximately one-third that of Allana and South Boulder Mines). As the project is de-risked, the valuation gap should close."
OK, I am out. Nice two day play. If it goes up, I am out. If it goes down I am back in. Good luck to all. It now looks a little over priced to me. I still do like the potential here.
There are many folks watching. If it dips, I think it will get snapped up pretty quickly.
With ETPHF/TSX:FED core samples heading to the lab for analysis, I would think end of summer here is a good time to start a position here. Would just like to see it a little lower than $.75
EPC Drilling Intersects Potash Horizons on Its 481km^2 Danakil Project, Ethiopia
TORONTO, ONTARIO, Aug 22, 2011 (MARKETWIRE via COMTEX) -- Ethiopian Potash Corp. (the "Company " or "EPC") CA:FED +1.37% CA:FED.WS +8.70% is pleased to announce that it has completed five (5) holes and drilling of Hole 6 is ongoing with total drilling through 1,000 metres to date, of the planned 15,000 metre diamond drill program on its 481km2 Danakil Project, Ethiopia.
All of the holes intersected the regional Danakil Potash Formation and all holes intersected potash mineralization.
The holes were drilled along the western edge of the Danakil and targeted the on strike continuation of the Musley potash deposit. The drill core has been logged and selected intersections have been reviewed by Ercosplan who confirmed the intersection as being part of the Regional Danakil Potash bearing sequence and that potash mineralization was observed in the drill core. The drill core has been sampled and the samples are being processed for analysis. Drilling is continuing is the southwest corner of the Property in an area of historic drilling.
Mr. Wahl President and CEO of EPC stated "I am extremely pleased with the drilling results and looks forward to receiving the assay results which will be released on receipt. Ethiopian Potash looks forward to having a steady stream of news to disseminate in the Autumn."
About Ethiopian Potash Corp.
Ethiopian Potash Corp. CA:FED +1.37% CA:FED.WS +8.70% is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralization potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
Forward-Looking Information
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Ethiopian Potash Corp. Retains ERCOSPLAN
TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) - Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED - News; TSX VENTURE:FED.WT - News) is pleased to announce that it has appointed ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN") to provide geological supervision concerning evaporite/potash drilling, coring, sampling, assaying for the Company's Danakil Project.
ERCOSPLAN is recognized by international financial institutions and regulators around the world for their potash exploration and development expertise. ERCOSPLAN's experts are members in good standing of relevant professional organizations and have long-term experiences in the potash industry. As a result of their experience and qualifications EurGeol, Dr Henry Rauche (registered under No. 729) and EurGeol, Dr Sebastiaan van der Klauw (registered under No. 756) are "Qualified Persons" as defined in the Canadian National Instrument 43-101, its Companion Policy and with Form 43.
Mr. David Wahl, President and CEO reports that "We are pleased to appoint ERCOSPLAN to aid us in our ongoing development program on the Company's flagship 481km2 potash concessions in the Danakil Depression. We look forward to ERCOSPLAN joining our team on the ground and for their guidance on the exploration and development of our Danakil Project".
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED - News; TSX VENTURE:FED.WT - News) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralization potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
No word from company on drill results since drilling was to start the first week of May.......................
Sad....Very Sad
Site Photos
http://ethiopianpotash.com/camp.htm
Started a position at .829 yesterday.
Seems like its helping us: Allana Potash Announces New NI 43-101 Compliant Measured and Indicated Mineral Resources of 673 Million Tonnes and an Increase in Inferred Mineral Resources to 596 Million Tonnes
- New Measured and Indicated Mineral Resources of 673 Million Tonnes With Contained KCl of 126 Million Tonnes - Increase in Inferred Mineral Resources to 596 Million Tonnes With Contained KCl of 119 Million Tonnes - Resource Estimate Based on Only 40% of Allana's Licensed Land Area, Excellent Potential For Expansion - Large Kainitite Resource Points To Potential SOP Production - Resource Based on Four Potash Bearing Beds: Sylvinite, Upper and Lower Carnallitite and Kainitite
Jun 20, 2011 9:40:00 AM
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TORONTO, ONTARIO--(Marketwire - June 20, 2011) - Allana Potash Corp. (TSX VENTURE:AAA)(OTCQX:ALLRF)("Allana" or the "Company") is pleased to announce that it has received an updated National Instrument 43-101 ("NI 43-101") compliant Mineral Resource Estimate from ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergau ("ERCOSPLAN") on its Danakhil Potash Project in Ethiopia. The updated mineral resource estimate includes all four potash bearing beds (sylvinite, upper and lower carnallite and kainitite) in the project and is comprised of Measured and Indicated Mineral Resources totaling 673 Million tonnes with an average grade 18.65% KCl (composite of all four potash beds) and Inferred Mineral Resources totaling 596 Million tonnes with an average grade of 19.96% KCl (composite of all four potash beds). A summary of the resources is presented in Table 1.
Farhad Abasov, President and CEO of Allana commented "We are very pleased with the dramatic increase in the potash resources at the Company's Dallol Project in Ethiopia which greatly exceeds management's initial expectations. The resource has grown from just over 100 Million tonnes of inferred mineral resources to 673 million tonnes of measured and indicated mineral resources and over 596 million tonnes of inferred mineral resources with good potential to expand on this resource. As stated by ERCOSPLAN, this resource estimate is based on only 40% of Allana's licensed land area in the evaporite basin and we will continue to drill throughout the year to expand the potash resource. In particular, Allana is very encouraged by the significant Measured and Indicated resources which total approximately 673 Million tonnes of mineralized material containing about 126 Million tonnes of KCl. This substantial resource will enable Allana not only to proceed with a Feasibility Study this summer, but also realistically consider a larger production facility after the initial production line. With substantial kainitite resource, Allana will have potential for significant premium product (SOP) production too. The relative shallow depth of the resource in the western part of the license area will also enable us to seriously study the potential of open pit mining."
The board and management would like to congratulate Allana's Ethiopian exploration team headed by Peter MacLean, Nejib Abba Biya and Jason Wilkinson for the excellent job they have done on the project. Allana commenced our exploration program in April 2010, in aggregate drilled over 12,000 meters and completed 2D seismic and downhole geophysical programs.
Allana also congratulates the government and people of Ethiopia on this major milestone which positions the country as a potential major potash producer with a significant impact on the Ethiopian economy. The management intends to continue advancing our potash project towards production and looks forward to working with our numerous stakeholders on the next phase of Allana's development and we would like to thank them for their contributions and support thus far.
Table 1 Summary of Measured, Indicated and Inferred Resources
----------------------------------------------------------------------------
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CATEGORY POTASH MEMBER IN-SITU TONNAGE (MT)(i) KCl (%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MEASURED Sylvinite 16.00 29.09
----------------------------------------------------------------------------
Upper Carnallitite 14.93 19.88
----------------------------------------------------------------------------
Lower Carnallitite 77.96 12.00
----------------------------------------------------------------------------
Kainitite 98.73 19.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 207.62 17.57
----------------------------------------------------------------------------
----------------------------------------------------------------------------
INDICATED Sylvinite 81.84 30.23
----------------------------------------------------------------------------
Upper Carnallitite 63.52 18.02
----------------------------------------------------------------------------
Lower Carnallitite 134.68 12.05
----------------------------------------------------------------------------
Kainitite 185.49 19.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 465. 53 19.13
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TOTAL M+I 673.16 18.65
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INFERRED Sylvinite 108.25 31.32
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Upper Carnallitite 85.61 17.05
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Lower Carnallitite 130.69 11.68
----------------------------------------------------------------------------
Kainitite 271.17 20.33
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 595.72 19.96
----------------------------------------------------------------------------
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TOTAL INF. 595.72 19.96
----------------------------------------------------------------------------
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Cautionary Notes:
1. MT=Million Tonnes, tonnage is for in-situ resource with no discount for
recovery as mining method is to be determined. Potash deposits have been
mined by underground, open pit and solution mining methods however no
studies have been completed to date to determine the optimal mining method
for the Danakhil Deposit.
2. The numbers for tonnage, average KCl per cent are rounded figures
3. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Due to the uncertainty of measured, indicated or
inferred mineral resources, these mineral resources may never be upgraded to
proven and probable mineral reserves
4. Average densities used in resource calculations are 2.14, 1.81, 1.91, and
2.10 for the Sylvinite, UC, LC and Kainitite members respectively
The Measured, Indicated and Inferred Mineral Resource estimate was reviewed
and optimized by Dr. Sebastiaan van de Klauw, Ph.D., EurGeol., who is a
"qualified person" as such term is defined in National Instrument 43-101 and
has supervised the preparation of the technical information and data
included in this news release. The mineral resource estimates were generated
using parameters set out below.
The resource estimate is based on drilling conducted by Allana in 2010-2011 (23 holes) and the historic drill holes completed by the Ralph M. Parsons Company (Parsons) in the 1950s and 1960s. Interpretation of the Allana data and drill core at the project by ERCOSPLAN has refined the potash stratigraphy originally defined by Parsons. The top of the potash sequence is identified by the Sylvinite Member, followed by the Upper Carnallitite Member (UC), the Bischofitite Member, the Lower Carnallitite Member (LC) and the Kainitite Member.
To be included in the resource estimate, drill hole intersections must meet the following criteria:
- Sylvinite Member greater than 20% KCl, minimum width of 2 metres
- UC Member greater than 40% Carnallite, minimum width of 2 metres
- LC Member greater than 60% Carnallite+Kieserite, minimum width
of 5 metres
- Kainitite Member greater than 50% Kainite, minimum width of 5 metres
Allana has drilled 23 holes, all of which provided geological information for the report, but several holes (14, 18, 4) did not meet these criteria and consequently were not included in the resource.
The resource estimates were calculated by extrapolating grades and widths using the Radius of Influence (ROI) from each Allana drill hole and historical drill holes based on industry standards for potash exploration. This process starts with the interpretation of the Radius of Influence of each exploration hole. The following ROIs were used for the calculation of the area of mineralized material in each of the resource categories:
- Sylvinite, Upper Carnallitite Members
- Measured Resource 250 metres
- Indicated Resource 750 metres
- Inferred Resource 1500 metres
- Lower Carnallitite, Kainitite Members
- Measured Resource 500 metres
- Indicated Resource 1000 metres
- Inferred Resource 2000 metres
For historical drill holes a ROI of 750 metres was used for Inferred Resources in the different members.
The difference in ROI between the two groups is directly related to the geology of the evaporite mineralization. The Sylvinite and UC members are interpreted to be secondary deposits formed from carnallite and therefore not as uniform as a primary evaporite deposit. The Kainitite and LC members are formed by primary evaporite deposition and are relatively consistent throughout the Allana property. Due to this consistency there is a greater degree of confidence in the lateral extent of the mineralization of the Kainitite and LC members and the ROI can be increased.
ERCOSPLAN indicates that the current resource is based on only 40% of the licensed land area and believes there is excellent potential to expand the resource and to upgrade Indicated and Inferred resources into Measured and Indicated categories. ERCOSPLAN has recommended a program of infill drilling in certain parts of the southwestern portion of the property as well as additional 2D seismic surveys to increase confidence levels in the resources. Some of this in-fill drilling was previously planned by Allana and recently completed roads now provide access and drilling is underway. Allana is also planning to continue drilling in the eastern portion of the property and additional roads are under construction to provide access in this area.
A copy of the NI 43-101 Technical Report will be available under the Company's profile on SEDAR (www.sedar.com) within 45 days of this news release. The mineral resources were estimated by Dr. Henry Rauche, Ph.D., EurGeol, Managing Director, CEO ERCOSPLAN and Dr. Sebastiaan van de Klauw, Ph.D., EurGeol., Consulting Geologist, ERCOSPLAN. Dr. van de Klauw is the Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators, and has reviewed and verified the data disclosed in this news release.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia. Allana has secured financial support from two significant strategic investors: IFC, a member of World Bank Group, and Liberty Metals and Mining, a member of Liberty Mutual Group. Allana has Measured Mineral Resources of 207.6 Million Tonnes of Sylvinite, Kainitite, Upper Carnallite and Lower Carnallite with an average grade of 17.6% KCl; Indicated Resources of 465.5 Million Tonnes of Sylvinite, Kainitite, Upper Carnallite and Lower Carnallite with an average grade of 19.1% KCl; and Inferred Mineral Resources of 595.7 Million Tonnes of Sylvinite, Kainitite, Upper Carnallite and Lower Carnallite with an average grade of 20.0% KCl. Allana has approximately 193.2 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
Quality Control and Quality Assurance
Allana employees follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. Procedures for handling core samples begin with securing the potash-bearing HQ-NQ-sized core at the drill site in plastic poly-tubing which is then thermally sealed. Core is placed in plastic core boxes and transported to Allana's camp for geological logging, geotechnical logging and photographing. Significant intervals are dry cut in half using a specially modified tungsten carbide bladed band-saw. Half core samples are then double bagged and thermally sealed prior to transporting to Addis Ababa by Allana personnel. In this initial phase, halite blanks are randomly inserted into the sample stream at a rate of 1 in 20 and sent for analysis with the core samples. The remaining core is re-sealed in plastic poly-tubing and the core boxes secured at Allana's exploration camp. Upon arrival in Addis Ababa core samples are stored at Allana's small warehouse facility and then taken to the Ethiopian Ministry of Mines & Energy where permission is obtained to export the samples. The bagged samples are then carefully packed into boxes and shipped via DHL to the Saskatchewan Research Council in Saskatoon. This sampling procedure was initiated by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH, Allana's potash consulting firm, supervised by Allana's Ethiopian based Project Manager Jason Wilkinson, M.Sc., and periodically reviewed by Allana's Senior Vice President of Exploration, Peter J. MacLean, Ph.D., P. Geo.
Allana is utilizing SRC's Potash ICP Analysis package designed for multi-element analysis of potash samples. Upon arrival at SRC Geoanalytical Laboratories, core samples are jaw crushed to 60 % @ -2mm and 100 g sub sample is split out using a riffler and transferred to vials. The subsample is pulverized to 90 % @ -106 microns using a puck and ring grinding mill to create a pulp. The grinding mills are cleaned between groups using Quintus quartz. The pulp is then transferred to a labelled plastic snap top vial. An aliquot of pulp is placed in a test-tube with 15 ml of 30 degrees C DI water. The sample is shaken. The soluble solution is then analyzed by ICP-OES. The method is suitable for the soluble analysis of commercial potash (Sylvite). The soluble solution is then analysed by ICP-MS. In addition, samples are analysed for FeO (wt%), Br and Cl by MS, plus insolubles. SRC Geoanalytical Laboratories has been certified by the Standards Council of Canada (SCC) to conform to the requirements of ISO/IEC 17025:2005 (CAN-P-4E). Duplicate analysis of pulp samples have been made from 89 samples in an independent certified laboratory in Germany. A comparison of the results show good correlation for KCl in samples from the different members, but suggest that SRC has problems getting consistent results for Magnesium, Calcium, and insolubles for samples rich in sulfate minerals from the Lower Carnallitite and Kainitite Members.
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect and estimated timeline of the drilling and assay results on the Company, the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting, ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims; Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Cubed
Christian Scovenna
647 258 3311
info@investor3.ca
Source: Allana Potash Corp.
Drilling Now Underway Targeting Open-Pit Resources at Ethiopian Potash Corp.'s Danakil Development Project
Now we can stop watching the potash form.
I love being the high print of the day... not!
Deleted msg.
Just waiting for the stampede
GMA!! Board looks a little crowded!
You're not entirely alone. Here we three potashkateers are, waiting patiently, hopefully, in the middle of a hot, dry ETPHF desert, for a sign.
I am here too.
Ethiopian Potash Approaches Commencement of Drilling Alongside Camp Completion
Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE: FED)(TSX VENTURE: FED.WT) is pleased to announce that field camp construction is proceeding well and the camp is being readied to receive the drill crews by the end of the month, in anticipation of commencing the 15,000 meter drill program in early May.
Overall, the construction of the field camp is on budget and nearing completion. The waste and fresh water systems are being installed and the large capacity desalinization plan has arrived on site and will be up and running shortly. The cell phone tower is being erected and will enable the Danakil to hook into the national cell phone tower grid.
Convoys of equipment including the drills are starting to leave Mek'ele en route to the Property, and are expected to be on site in the first week of May.
Mr. Wahl, President and CEO of the Company stated "... I am very pleased with the progress and rate of camp construction, and commend the job that our team has done on the ground. We anticipate the drills being on site in the first week of May and are looking forward to the commencement of drilling, initially targeting the South-west corner of the property which currently hosts an inferred resource of 128 mil tonnes grading 21%."
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE: FED)(TSX VENTURE: FED.WT) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralisation potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
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