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News Release
Allana Potash Drills More Water Wells, Provides Feasibility Study Update and Exploration Drilling Results
TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce that all facets of its Feasibility Study led by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergau ("ERCOSPLAN") are progressing. Trial solution mining, hydrogeological studies, rock mechanic testwork, processing optimization and the Environmental Social Impact Assessment (ESIA) at Allana's potash project in Ethiopia are moving ahead well.
Following the memorandum of understanding signed last month with the Djibouti Port and Free Zone Authority of the Djibouti government, work is proceeding on the integration of design and planning for the new Tadjourah port and for Allana's potash terminal. Within and in parallel to the Feasibility Study, operations planning and optimization is continuing with detailed route surveys for siting of transport operations support facilities and with development of project services contracting. The Company anticipates that work on the Feasibility Study will be completed by late Q4 2012. Discussions to define and conclude project funding and related offtake arrangements continue with current and prospective strategic counterparties.
In addition to the ongoing Feasibility Study, Allana is pleased to announce the drill results from its remaining exploration holes. Drilling continues to intersect strong potash mineralization on its Dallol potash project located in Ethiopia (the "Property"). Holes DK-12-50 to DK-12-59 are located throughout the western part of the Property and were designed to test the presence of potash in gaps in the current sylvinite mineral resource estimate released in April, 2012. Hole 59 marks the end of current exploration drilling on the project, as efforts are now focused on numerous pilot test operations in support of the ongoing Feasibility Study.
Farhad Abasov, President and CEO, commented: "Allana is pleased by the progress on its Feasibility Study. Technical work on site is advancing well and solution mining is now occurring at Allana's test well fed by water from Allana's license area. Processing studies, rock mechanic testwork, and the ESIA are all on schedule and being completed by our technical consultants at ERCOSPLAN. Allana is pleased with the results of the final exploration drill holes. The most recent drill results continue to show continuity of the potash mineralization and management believes this may allow Allana to continue to upgrade mineral resources from Inferred to Measured and Indicated categories, while adding to all mineral resource categories. We are also very pleased with the ongoing efforts to secure construction financing and long-term supply agreements for our future production. Allana is now advancing talks with large buyers of potash as it works toward finalizing the structure for construction financing."
Feasibility Study Update
Technical studies in support of the Feasibility Study are in progress including rock mechanic testwork, processing optimization, solution mining pilot operations, environmental baseline studies, and hydrogeological studies.
Rock mechanic testwork to optimize cavern spacing is being conducted by ERCOSPLAN and is approaching completion. Processing optimization, including multi-stage flotation testwork, is in progress and is also being conducted by ERCOSPLAN in Germany.
A trial solution well has been in operation since early September 2012. The sump leaching is complete and the sump is estimated to be 200 m3 in size, providing a suitable base for the undercut leaching. The undercut leach involves increased brine injection to 10 m3 per hour and has been in operation for the past week. The undercut leach will be followed by production leaching, which is estimated to begin in mid-November. The solution mining operation is utilizing water from a production well situated approximately 5 km west in alluvial fan material.
Hydrogeological studies are continuing on the western alluvial fan area. Fifteen holes have been drilled, all encountering water. Pump tests and drawn-down tests are underway and should be completed in the next 4-6 weeks. Preliminary pump tests at the main production well indicate approximate flow rates averaging almost 70 m3 but with intermittent rates of up to 150 m3. This work continues to confirm the presence of a fresh water aquifer 30-35 metres thick in the alluvial fans along the western boundary of the Allana license area.
The Company's ESIA continues to focus on data compilation generated by baseline studies on flora, fauna, noise, dust, local water resources and stakeholder engagement meetings. Preparation of the final document is scheduled for the end of November.
Infrastructure and Financing Update
Allana continues its programs with the Djibouti Port and Free Zone Authority, the Ethiopian Roads Authority and Ethiopian Railway Corporation as well as the relevant ministries of government in Ethiopia and Djibouti, to maintain or accelerate schedules of availability for the infrastructure needed for both initial production and for longer term transportation efficiency improvements and expansions. All elements are progressing well toward Allana's expected construction start in the second half of 2013 and planned first production shipments after construction completion in late 2014.
In parallel with the Feasibility Study and infrastructure development programs, Allana continues work with prospective offtakers, current and prospective strategic investors and international development financing institutions and export credits agencies to optimize the structure for project financing and conclude conditional commitments for offtake and financing. Allana will provide further information on specific arrangements when such arrangements are formalized.
Exploration Drilling Results
Holes DK-12-50 to DK-12-59 are located throughout the western part of the Property and were designed to test the presence of potash in gaps in the current sylvinite mineral resource estimate released in April, 2012.
Holes 50, 53, 55 and 57 were designed to test the extension of the potash horizons in the northwestern part of the property. All holes intersected potash mineralization, highlighted by Hole 55 which returned 3.9 metres of Sylvinite Zone with 39.7% KCl. Hole 55 terminated early for mechanical reasons but nearby holes 50 and 53 both intersected strong Kainitite Zones (see Table 1). The potash mineralization remains open to the north; Hole 57, Allana's northern most hole, intersected 5.7 metres of Sylvinite Zone which returned 16.9% KCl as well as 6.0 metres of Kainitite Zone which yielded 20 % KCl.
Holes 51, 52, 54 and 56 are located east of the historic Musley Deposit and were targeted to test sylvinite mineralization across a fault zone outline in the most recent technical report. All holes intersected Sylvinite Zone highlighted by Hole 54 which returned 39.7% KCl over 1.85 metres indicating that potash mineralization extends to the edge of the Allana license area in this region. Hole 52 did not reach the Kainitite Zone due to mechanical problems but nearby Hole 56 returned 7.2 metres of 21.9% KCl in the Kainitite Zone.
The results for Holes 50-59, are presented below. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons. The zones of potash mineralization are outlined and presented in the following table:
Table 1 Summary of analytical results, Holes 50-59.
----------------------------------------------------------------------------
HOLE FROM (m) TO(m) WIDTH (m) (i) KCl (%) ZONE
----------------------------------------------------------------------------
DK-12-50 385.30 386.80 1.50 37.20 SYL
----------------------------------------------------------------------------
386.80 392.20 5.40 19.64 UC
----------------------------------------------------------------------------
411.70 420.70 9.00 20.67 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-51 330.30 333.50 3.20 23.87 SYL
----------------------------------------------------------------------------
333.50 345.30 11.80 20.41 UC
----------------------------------------------------------------------------
469.30 479.30 10.00 23.45 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-52 284.20 285.20 1.00 29.60 SYL
----------------------------------------------------------------------------
285.20 302.20 15.00 13.71 UC
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-53 151.20 156.40 5.20 18.71 SYL
----------------------------------------------------------------------------
156.40 162.80 6.40 11.66 UC
----------------------------------------------------------------------------
225.55 233.20 7.65 19.29 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-54 289.40 291.25 1.85 39.71 SYL
----------------------------------------------------------------------------
291.25 294.90 3.65 21.02 UC
----------------------------------------------------------------------------
405.80 412.40 6.60 24.85 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-55 251.53 255.47 3.94 39.65 SYL
----------------------------------------------------------------------------
255.47 260.55 5.08 11.20 UC
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-56 233.85 237.06 4.06 10.88 SYL
----------------------------------------------------------------------------
INCL 237.06 237.91 0.85 35.46 SYL
----------------------------------------------------------------------------
237.91 243.64 5.73 19.61 UC
----------------------------------------------------------------------------
331.52 338.70 7.18 21.90 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-57 365.70 371.40 5.70 16.86 SYL
----------------------------------------------------------------------------
455.40 461.40 6.00 19.95 KAIN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-58 174.30 175.30 1.00 10.70 SYL
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DK-12-59 501.30 506.30 5.00 9.41 SYL
----------------------------------------------------------------------------
584.30 590.30 6.00 23.76 KAIN
----------------------------------------------------------------------------
(i)Drilled width
Holes 58 and 59 are located in the southwestern part of the license. Hole 58 was an in-fill hole while Hole 59 was targeted to test the extension of potash mineralization into the centre of basin. Both holes intersected weak sylvinite mineralization due to proximity to a northwest trending fault; however Hole 59 intersected a strong Kainitite Zone which yielded 23.8% KCl over 6 metres.
Farhad Abasov, President and CEO, commented: "Allana continues to be pleased with the continuity and strength of potash mineralization in the western portion of the property as exhibited by the results of the latest drill holes. In-fill drilling continues to outline potash mineralization and management believes this may allow Allana to upgrade mineral resources from Inferred to Measured and Indicated categories as well as add to the Indicated and Inferred mineral resource categories. Due to excellent drill results management has decided to extend the drill program. Management is planning to release an updated 43-101 compliant mineral resource estimate in April and revised updates as needed after further expansion drilling."
Interesting that they're extending the program even though they already know they've got plenty of resource. Nice to see hole 48 on the map, which is way, way north. I suppose since the rigs are mobilized they may as well drill as much as they can now, so they know exactly what they've got.
http://media3.marketwire.com/docs/120403_Select_Drill_Results_Figure1.pdf
News Out - More Holes Released
http://www.marketwire.com/press-release/allana-intersects-further-strong-potash-mineralization-and-extends-drilling-program-tsx-aaa-1639582.htm
Allana Intersects Further Strong Potash Mineralization and Extends Drilling Program
TORONTO, ONTARIO--(Marketwire - April 3, 2012) - Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce that it has intersected strong potash mineralization in Holes DK-11-35, DK-11-36, and DK-11-37 ("Holes 35, 36,and 37") at its Dallol potash project located in Ethiopia (the "Property"). All Holes are located southeast of the Musley Deposit towards the southern boundary of the Property. Holes 35 and 36 intersected two main zones of potash mineralization, sylvinite and kainitite, and Hole 37 intersected kainitite. Hole 35 intersected 5.7 metres of 31.3% KCl in the Sylvinite Zone and included a higher grade interval of 3 metres of 39.1 %. Hole 35 also intersected 7.5 metres of 20.3% KCl in the underlying Kainitite Zone. Hole 36 intersected 4 metres of 24.6% KCl in the Sylvinite Zone and 5.1metres of 20.2% KCl in the Kainitite Zone. Hole 37 intersected only the Kainitite Zone at a depth of 344.5 metres which returned 5.3 metres of 19.7% KCl. Potash mineralization was intersected at relatively shallow depths in Holes 35 and 36 with sylvinite occurring at depths of 142.5 metres and 83 metres respectively.
Farhad Abasov, President and CEO, commented: "Allana continues to be pleased with the continuity and strength of potash mineralization in the western portion of the property as exhibited by the results of the latest drill holes. In-fill drilling continues to outline potash mineralization and management believes this may allow Allana to upgrade mineral resources from Inferred to Measured and Indicated categories as well as add to the Indicated and Inferred mineral resource categories. Due to excellent drill results management has decided to extend the drill program. Management is planning to release an updated 43-101 compliant mineral resource estimate in April and revised updates as needed after further expansion drilling."
Holes 35, 36, and 37 are part of an in-fill drilling program in the west designed to decrease the spacing between drill holes to increase the level of confidence that potash mineralization is continuous. Management remains confident that this may allow upgrading of the current mineral resource estimate to the Measured and Indicated Mineral Resource categories and Hole 36 will also allow Allana to add potash resource as it occurs in an area previously not drilled. The results for Holes 35, 36, and 37 are presented in the table below. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons.
The zones of potash mineralization are outlined in the following table:
HOLE FROM (m) TO(m) WIDTH*(m) KCl (%) ZONE
DK-11-35 142.50 148.20 5.70 31.29 Syl
Including 143.50 146.52 3.02 39.10 Syl
153.38 160.92 7.54 20.33 Kain
DK-11-36 82.99 86.95 3.96 24.63 Syl
89.89 95.02 5.13 20.19 Kain
DK-11-37 344.54 349.82 5.28 19.73 Kain
Hole 35 was drilled vertically and was collared approximately 500 metres northeast of Hole 16 and between holes 8 and 24 (see attached Figure 1 set out below). Hole 35 is located in the southwestern part of the concession block and indicates that potash mineralization extends from Hole 26 to Hole 8. Previously released Allana drill holes in this region yielded strong sylvinite grades (see attached Figure 1 set out below) and the results of Hole 35 further support the interpretation of the extension of potash throughout the region.
Hole 36 was drilled vertically and is located approximately 1,000 metres southwest of Hole 11 (see attached figure). Hole 36 is the southernmost hole on Allana's exploration license and suggests that potash mineralization extends to southern boundary of the concession.
Hole 37 was drilled vertically and is approximately 1,000 metres east of Hole 34. Hole 37 intersected primarily kainitite as volcanic tuffs and altered salt were present in the interpreted sylvinite zone suggesting minor dissolution of potash mineralization by localized faulting.
Activity Update
Exploration drilling continues in the far eastern part of the property (Hole 47) and in the northern part of the property (Hole 48) as part of the program to expand the mineral resources. Samples from Holes 38 through 46 are undergoing analysis or are en route to the laboratory in Saskatoon, Canada. Technical studies in support of the Feasibility Study are in progress including solution mining cavern preparation, solar evaporation pond construction, environmental baseline studies, and hydrogeological studies. Allana has recently initiated a ground geophysical survey over its property to identify aquifers in the alluvial fans. Mobilization of drilling equipment is ongoing and water well drilling is expected to commence shortly. Procurement of equipment for installation of pilot solution wells is well underway. Additional photographs of evaporation pond construction are available to be seen on the company's web-site.
Just about. Their target is $1.00, citing lack of infrastructure and "lingering technical issues".
Curious - where did you read about production in late 2013? Everything I've seen says construction starting in early 2013 and production starting in late 2014. I don't see how we can be producing by the end of 2013.
I'd love to see it happen that soon and if what you read is correct, that's awesome! Just not sure if it's possible...
Agreed, except I would say that timelines are always longer than published. Just look at OPTI. Great story, huge resource. Was a $24 stock in ~ 2005 as an unproducing company with their facility under construction. Then 2008 came just when production was supposed to start, and it went down to $4. Finally after production delays and capital debt they couldn't pay, they went bankrupt and were bought last year for $0.12.
I'm very long on Allana, but I'm always thinking about OPTI. Depending on how far speculation takes Allana during construction, I may have to think hard about getting out before production.
Dundee - New Analyst Report
Well, it's been a while (since December 7!) but Dundee has a new report out.
http://research.dundeesecurities.com/Research/AAA020712.pdf
"Upcoming Catalysts
Updated Resource Estimate (Q1-Q2/12E): We believe the company will issue an updated resource estimate early this year (March/April) to include the company's recent infill and exploration drilling efforts. We expect a portion of the Inferred (I) category to be re-categorized into Measured and Indicated (M&I) due to the recently successful infill drilling, as well as an increase in total resource as a result of both the infill and exploration drilling on the eastern bloc.
Bankable Feasibility Study (Q3/12E): Allana is advancing its potash mine project towards a full bankable feasibility study (expected Q3/12E) for the construction of a 1 to 2 million mtpa solution mine using solar evaporation to start up by late 2014/early 2015E.
Possible Off-Take Agreements (Q1/12E): We believe the Company is actively seeking off-take agreements with multiple parties (i.e. India, China, etc.) for a significant portion of its eventual production (1-2 million tonnes/year). This would allow Allana to virtually raise the bulk of the equity financing necessary to finance the project (60% debt/ 40% equity plus prorata shares financing from Liberty Metals and Mining and IFC*) with little or no additional capital raises. Liberty Mutual currently owns 14.9% of the outstanding common shares of AAA and IFC owns 4%.
Debt Financing: The company is running aggressively with its partners (IFC and Liberty Metals and Mining) and BNP Paribas to secure project debt financing of approximately $500 million. We believe several international banks and sovereign wealth funds will participate in the debt financing round.
Take Out Candidate: Even though the company is going full speed ahead with its mine development plan and off-take agreement negotiations, we are also of the opinion that with the project's low cost (Capex/Opex) status. "first-to-production" likelihood, solid partnerships and capability of producing SOP (higher value/low-chlorine) fertilizer, as well as the standard MOP, we believe that potash players in the region (Yara, BHP, Sainik (India) and large potash governmental buying/ distribution groups will be very interested in taking a partial or complete stake in the company."
Dundee - Rating and Target Price Restricted???
I noticed in Dundee's weekly fertilizer report today that they've listed Allana's rating and target price as "restricted"; see page 2 attached.
This doesn't seem to be the same thing as "under review". Does anyone know what this means?
Thanks
http://research.dundeesecurities.com/Research/FertilizersWeekly011612.pdf
Fraser Mackenzie - Potash Research Report
http://www.frasermackenzie.com/newresearch/POTASH_COMPENDIUM/FINAL_RPT_POTASH_Prattas_191211.pdf
Link from SH. Very interesting and informative report about the entire potash sector. It discusses in detail each of the top 8 juniors and also POT. They’re rating Allana as the best junior, with a strong buy rating, but still a $1.60 target.
They've lowered their assumed future potash prices. In their Dec 7 report they assumed $485/MT in 2014. Today they're using $450/MT.
That explains the drop in the target SP and NAV ($1.011B compared to $1.125B).
December 2011 - Projected Valuation
In February Ronin made a post projecting a $50 share price in 3 years. Every so often I go back to it and manipulate the numbers to see how reasonable that still is.
I believe the SP will still be in that range. But I think it will take a lot longer than 3 years, since 3 years from Feb 2011 is early 2014 and the mine won't have even started production at that point.
Here's what I've come up with, comparing Ronin's assumptions to what we know now from the November 2011 PEA and Dundee's recent reports.
The good news:
Ronin assumed $30/MT transportation - we now know it should be closer to $10-$14.
Ronin assumed OPEX + Trans + Misc = $130/MT. The PEA used $91/MT and Dundee used $100/MT.
Ronin assumed $400/MT potash price. The PEA assumed $500 and Dundee assumed $485.
The not-so good news:
Ronin assumed 320MM shares outstanding, while Dundee estimated 374MM.
Ronin used a P/E = 30, which seemed reasonable at the time. But lately the P/Es of other potash companies have absolutely cratered.
Ronin assumed 2 MT/year open pit, with a CAPEX of $1B. Dundee is assuming a 2.5MT/year capacity solution mine starting in 2020, with a CAPEX of $1.7B.
Soooo, assuming
2.5MT mine operating at 90% utilization
Total expenses = $100/MT
Potash Price = $500/MT
Shares outstanding = 374MM
P/E = 20
EPS = [ 2.5MT x 90% x ($500/MT - $100/MT) ] / 374MM shares = 2.406
Stock price = EPS x P/E = 2.406 x 20 = $48/share
If in the above calc you plug in a 1MT mine at 30% utilization (Dundee's assumption for 2014) using the same number of shares and P/E, you get a price of $6.42/share. The following year, 2015, utilization is 50% for the 1MT mine and you get $10.70/share.
I'm sure this simple calc doesn't account for everything and there are too many variables. But this tells me that $50/share eventually isn't unreasonable, and that $30/share should be easily achievable long term.
Dundee Reviews PEA Transportation Cost Estimate
http://research.dundeesecurities.com/Research/AAA120511.pdf
Interesting report from Dundee. They've reviewed the transportation cost estimate from the PEA, since the $9/MT in the PEA was so much lower than the $40-$45/MT for Sask-Van. Sounds like people didn't believe it.
Dundee's come up with their own transportation estimate of $14/MT, using conservative numbers (their words). Still a huge different from Canada. I bet the driver salary of $20/day has something to do with it. And I sure wish I could pay $0.78/L for diesel!
Should be an interesting day tomorrow. Good luck all.
Dundee's Been Busy - 2 New Reports
http://research.dundeesecurities.com/Research/AAA112311.pdf
http://research.dundeesecurities.com/Research/AAA112411.pdf
Nov 18 Dundee Report
http://research.dundeesecurities.com/Research/AAA111811.pdf
Another update from Dundee. They sound pretty sure that it will be the solution mining option. Some interesting info re: transportation:
"Transportation Logistics: As previously mentioned, the company will begin trucking potash down to the port of Djibouti until the Ethiopian-Djibouti railway is complete in approx. 5-years. The ~600km target route is of satisfactory quality, but there is ~150km of road work that needs to be repaired/constructed (the government of Ethiopia has promised to do so at their expense). The company estimates it will take a fleet of ~70-100 trucks to transport 1 million tonnes of production annually, taking ~48hrs for a round trip. Trucking potash down to the port of Djibouti will undoubtedly be more costly than using rail, but Management believes that the cost per tonne will still be lower than transporting potash from Saskatchewan to Vancouver by rail. We should have a better indication once the findings of the PEA are released."
Dundee's buying. 1.5M bought, 0 sold.
(from SH)
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30376671&l=0&r=0&s=AAA&t=LIST
Volume Spike???
So what just happened - we were sitting at 400k traded, and a minute later we're 2.5M ??!!!???
Dundee expecting report on open pit vs. solution in ~ 4 weeks
http://research.dundeesecurities.com/Research/AAA110711.pdf
I thought this report was interesting since it showed Dundee’s different
models (open pit vs. solution) and compared the two.
The tone of the report suggests to me that Dundee is more than half
expecting that it will be a solution mine. Interesting, since the last
time I saw any information from Dundee on the solution mining model was
back in March – everything since then was all about open pit potential.
Even if it’s a solution mine they are still really positive:
“There is a strong possibility that Allana will need to pursue the solution
mining option, and while the NPV of the project would fall ~24%, the
economics remain attractive and with an expected return of 110% from the
current price, would still be a buying opportunity in our opinion.”
Anyone have any thoughts on why Dundee is still showing a blended
$485/tonne price in 2014, when forecasts see to be headed to $600 next
year? Maybe they’re thinking that by 2014 there will be more supply, so
prices will be lower. Can’t see it myself, since I think demand then is going to be out-pacing supply even more than it is now.
Dundee Report - BNP Paribas Announcement
http://research.dundeesecurities.com/Research/AAA100311.pdf
So is anyone still watching? Or is everyone like me: eyes closed, chanting, "There's no place like home, there's no place like home...."
At least we're still above the 52 week low, which can't be said for a lot of companies right now.
New Dundee Report: "Continued Drilling in East Returns More Positive Results"
http://research.dundeesecurities.com/Research/AAA080311.pdf
Anyone have thoughts on why it's dropped like this? Is it just the fact that the Feb PP is coming off the restricted period on July 2? That PP was at $1.55, which is where we are back down to now.
If that's the case, then hopefully we'll start moving back up again next week.
Dundee Upgrade to $3.05
http://research.dundeesecurities.com/Research/AAA062311.pdf
?"The most significant change is the implementation of a more aggressive production profile based on 2 million mtpy open pit mine"
"With the stock coming off 18% since releasing the resource update, and the company's fundamentals stronger than they have even been, we think investors could be well served building a position at these levels. The company is seeking to graduate to the TSX once the technical report is released, and we believe this will help AAA gain even more exposure with investors. With $60 million in the bank (~$0.30/share) and a capital budget of $20 million for drilling and the Feasibility Study, the company has plenty of cash to reach the next milestone and beyond."
"Upcoming Catalysts
- Further drill results over the coming months
- Updated resource estimate in 4-5 months
- Preliminary economic assessment in 6-8 months
- Appointment of European bank to assist in project financing in the next 6-8 months
- Possible Signing of Off-take Agreement
- Feasibility Study in 12 months"
Looks to be an exciting 2011!
You may be right; I was in my office listening as best I could while I was working.
Looking at WPX, they released their updated NI 43-101 April 26 and on June 8 announced conditional approval on TSX (6 weeks). So maybe 8-10 weeks from their resource update to when they'll be listed?
Makes sense to me that AAA may be looking at a similar time frame. Doesn't matter to me - 5 weeks, 10 weeks, 20 weeks. The project's moving forward, and I'm here through 2014. =D
Re: Uplisting to TSX
Someone did ask the question about uplisting to the TSX (was part of the question regarding shareholder protection). I don't recall the exact quote from FA - didn't take any notes, darn it - but he said they have been talking to the TSX and will be moving forward with listing to the TSX in the next few weeks.
It was an excellent conference call, and I encourage everyone to listen to the recording of it; not sure if it's available yet. It was approximately 45 minutes long; 15 minute presentation at the beginning from FA and the rest was for questions. I don't think I came away from it with any new information. Maybe the most interesting for me was a comment from FA about additional land acquisition with the $60MM in the bank. Until they drill more in the east he doesn't know if they'll pursue additional land, but with the current resource estimate we have more than enough potash already. He would rather use the cash leftover from the BFS for construction instead of purchasing more land. I thought that comment really showed just how high they are on the new numbers.
AAA Website Down?
Anyone else having problems accessing Allana's website (www.allanapotash.com)? Odd....
Farhad on Conference Call This Afternoon - 5PM EST
June 21, 2011 12:00 ET
Allana Potash Hosting Conference Call to Review Resource Update
TORONTO, ONTARIO--(Marketwire - June 21, 2011) - Allana Potash Corp. (TSX VENTURE:AAA)(OTCQX:ALLRF)("Allana" or the "Company") is pleased to announce that it has scheduled a conference call to review the updated National Instrument 43-101 ("NI 43-101") compliant Mineral Resource Estimate as presented to the Company by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergau ("ERCOSPLAN") on its Danakhil Potash Project in Ethiopia.
The conference call is scheduled for 5:00p.m EST on Tuesday June 21, 2011 and will be hosted by Farhad Abasov, President & C.E.O. of Allana.
Persons interested in joining the conference call are requested to use the following contact information:
Canada & USA Toll Free Dial In: 1-800-319-4610
Outside of Canada & USA call: +1-604-638-5340
Callers should dial in 5 – 10 min prior to the scheduled start time to join the conference call.
Conference Call Replay Numbers:
Canada & USA Toll Free: 1-800-319-6413
Outside Canada & USA Call: +1-604-638-9010
Code: 1785 followed by the # sign
NI 43-101 Announced
http://www.marketwire.com/press-release/allana-potash-announces-new-ni-43-101-compliant-measured-indicated-mineral-resources-tsx-venture-aaa-1528873.htm
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
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
CATEGORY POTASH MEMBER IN-SITU TONNAGE (MT)* 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
INFERRED Sylvinite 108.25 31.32
Upper Carnallitite 85.61 17.05
Lower Carnallitite 130.69 11.68
Kainitite 271.17 20.33
Total 595.72 19.96
TOTAL INF. 595.72 19.96
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 > 20% KCl, minimum width of 2 metres
• UC Member > 40% Carnallite, minimum width of 2 metres
• LC Member > 60% Carnallite+Kieserite, minimum width of 5 metres
• Kainitite Member > 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".
IIROC: Halt, Allana Potash Corp.
June 20, 2011 09:33 ET
IIROC: Halt, Allana Potash Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2011) - The following issue(s) have been halted on the TSXV today:
Company / Compagnie ALLANA POTASH CORP.
TSXV Symbol / Symbole AAA
Reason / Motif COMPANY REQUEST PENDING NEWS
Halt Time / Heure de l'Arrêt 9:20 E.S.T.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt or resume. Information is limited to general enquiries only.
Has the Halt Arrived?
My Bid/Ask just went to zeros....
Dundee Update
http://research.dundeesecurities.com/Research/AAA061311.pdf
Especially like this part:
"This is by far the highest grade KCl Allana has encountered and together with the excellent thickness and relatively shallow depth, we think Allana will have a large resource upgrade and be able to produce at extremely competitive operating costs."
Hole 19: 61% KCL!!!
http://www.marketwire.com/press-release/allana-potash-intersects-new-zone-potash-mineralization-southwest-with-6126-kcl-over-tsx-venture-aaa-1525886.htm
June 13, 2011 10:37 ET
Allana Potash Intersects New Zone of Potash Mineralization in Southwest With 61.26% KCl Over 0.9 Metres in Hole DK-11-19
- Hole 19 Intersects High Grade Potash Mineralization of 61.26% KCl Over 0.90 Metres Within 7.30 Metres of 37.74% KCl
- This Sylvite-Rich Horizon Represents A New Potash Zone in the Basin and Adds Resource Potential
- Kainitite Zone from Hole 12 Returns 6.83 Metres of 22.30% KCl
- Management Intends to Include Hole 19 Data in the Company's Upcoming NI 43-101 Technical Report
TORONTO, ONTARIO--(Marketwire - June 13, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that it has intersected three zones of potash mineralization in Hole DK-11-19 ("Hole 19") in the southwest portion of Allana's land position. Hole 19 intersected a new zone of potash mineralization which returned 61.26% KCl over 0.90 metres within 7.30 metres 37.74% KCl and is referred to here as the Upper Sylvinite Zone, as well as the main Sylvinite Zone and the Kainitite Zone. The traditional Sylvinite Zone returned 3.04 metres of 30.85% KCl and the Kainitite Zone returned 22.09% KCl over 7.23 metres. The presence of strong potash mineralization in the southwestern part of the property suggests strong continuity of the potash horizon and the deposit remains open to the south and east which management believes increases the resource potential in this direction. Remaining analytical results from Hole 12 were also received and the Kainitite Zone returned 6.83 metres of 22.30% KCl. This work will be included in the upcoming update to Allana's National Instrument 43-101 ("NI 43-101") technical report.
Farhad Abasov, President and CEO, commented: "Allana is extremely encouraged by the new high grade zone of sylvinite intersected in Hole 19 which management believes adds additional resource potential to our project. Hole 19, with 61.26% KCl over 0.90 metres, returned the highest grade potash on the project to date. The combined thickness of potash intersected in Hole 19 is approximately 17.5 metres and the potash stratigraphy remains open to the south and east for expansion. In addition to strong results from Hole 19, management believes the remaining data from Hole 12 confirms the continuity of the Kainitite Zone throughout this part of the basin. Allana intends to incorporate Hole 19 and remaining Hole 12 data in the Company's upcoming NI 43-101 technical report."
Drill Hole 19 intersected three zones of potash mineralization comprised of two zones of sylvinite and one zone of kainitite mineralization. The Upper Sylvinite Zone was intersected at a depth of 263.50 metres and returned 37.74% KCl over 7.3 metres and includes a very high grade zone of 61.26% KCl over 0.90 metres. This is the highest grade potash intersected in the Dallol area to date. A second sylvinite zone, which corresponds to the Sylvinite Zone defined by Parsons in the 1960's, was intersected at a depth of 547.35 metres and returned 30.85% KCl over 3.05 metres. The third potash zone encountered correlates with the Kainitite Zone which was intersected at a depth of 625.47 metres and yielded 22.09% KCl over 7.23 metres.
In addition, the remaining results for Hole 12 have been received and the bottom portion of the hole intersected the Kainitite Zone at a depth of 419.42 metres. The Sylvinite Zone was intersected at 344.00 metres and these results have been reported previously (see June 6, 2011 News Release). The Kainitite Zone returned 22.30 % KCl over 6.83 metres and management believes this will add significant potential to increase the potash resource in this part of the project.
Hole 19 was collared approximately 1,600 metres east of Hole 11 and was drilled vertically (see attached figure). Hole 19 occurs in the southwestern portion of Allana's project area and the deposit remains open to the south and east as these areas have not been drilled. Strong potash mineralization in Hole 19 suggests that the potash stratigraphy extends to the southern margins of Allana's land position and east into the deeper parts of the basin. Additional drilling is planned to test these extensions and is expected to be completed in 2011. The mineralized area in this southwest region is now at least four kilometres long by five kilometres wide and has the potential to add significantly to the property resource. This area was not drilled previously and was not included in the original resource estimate completed in 2008. Samples are currently being selected for XRD analysis to determine mineralogy. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons. The zones of potash mineralization are outlined in the following table:
HOLE ID FROM (m) TO (m) WIDTH (m)* KCL (%) ZONE
DK-11-19 263.50 270.80 7.30 37.74 Upper
Including 266.40 267.30 0.90 61.26 Upper
547.35 550.40 3.05 30.85 Sylvinite
625.47 632.70 7.23 22.09 Kainitite
DK-11-12 344.00 359.20 15.20 26.171 Sylvinite/Int.
Including 349.00 353.10 4.10 37.841 Sylvinite
418.42 425.25 6.83 22.30 Kainitite
*Drilled width
1 Released previously
Exploration drilling is continuing in the far eastern part of the property at Hole 23 to test for potash mineralization in this unexplored region of the property and Hole 24 in the southwestern portion of the property. Remaining samples from Holes 14, 18, 20, 21 and 22 are undergoing analysis or are en route to the laboratory in Saskatoon, Canada.
As Allana reported on June 6, 2011, Ercosplan is making significant progress with the upcoming NI 43-101 report and resource estimate update. Recent discussions indicate that completion of the report is on schedule and is expected to be completed in 5-7 days.
News Out - Hole 12 + RE in 7-10 days
http://www.marketwire.com/press-release/allana-potash-intersects-strong-potash-mineralization-basin-centre-with-378-kcl-over-tsx-venture-aaa-1523089.htm
June 06, 2011 09:59 ET
Allana Potash Intersects Strong Potash Mineralization in Basin Centre With 37.8% KCl Over 4.10 Metres and Provides Update on NI 43-101 Report
- Hole 12 Intersects Strong Potash Mineralization of 37.80% KCl Over 4.10 Metres Within 15.20 Metres of 26.17% KCl
- Results from Hole 12 Indicate Continuity of Potash Mineralization Into Centre of Basin
- Management Intends to Include Hole 12 Data in the Company's Upcoming NI 43-101 Technical Report Due in Mid-June
TORONTO, ONTARIO--(Marketwire - June 6, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that it has intersected strong potash mineralization in the central portion of the evaporite basin and at relatively shallow depths. Hole DK-11-12 ("Hole 12") intersected 15.2 metres of 26.17% KCl including 37.84% KCl over 4.10 metres. The presence of strong potash in the central part of the property suggests strong continuity of the potash horizon and the deposit remains open to the east which management believes increases the resource potential in this direction. This work is part of the upcoming update to Allana's National Instrument 43-101 ("NI 43-101") technical report.
Farhad Abasov, President and CEO, commented: "We are very pleased with the strong potash mineralization intersected in Hole 12. This hole is important as it provides a strategic link between the historic Musley Deposit and the centre part of the evaporite basin intersected in Hole 4. We believe that the presence of strong potash mineralization in Hole 12 further indicates continuity of the potash horizon into the centre of our property and supports our geological model of potash mineralization throughout the southern portion of the basin. Management intends to incorporate Hole 12 data in the Company's upcoming NI 43-101 technical report. Our consultants are in the process of finalizing the NI 43-101 technical report and we expect to be able to release the resource numbers in 7-10 days."
Drill Hole 12 has intersected robust potash mineralization up to 26.17% KCl over 15.20 metres from 344.00 metres to 359.20 metres depth comprised primarily of sylvinite and carnallite. Included in this section is a high grade interval of 37.84% KCl over 4.10 metres of mostly sylvite which correlates to the Sylvinite Zone. The remainder of the intersection contains carnallite and is part of the upper part of the Intermediate Zone. The Kainitite Zone was intersected deeper in the hole and analytical results are still being processed by SRC.
Hole 12 was collared approximately 1500 metres east of Hole 8 and was drilled vertically (see attached figure). Hole 12 intersected the Sylvinite, Intermediate and Kainitite zones of potash mineralization as defined by the Parsons drilling in the 1950s and 1960s. The main Sylvinite Zone returned 4.10 metres grading 37.84% KCl starting at a depth of 349.00 metres within a zone of potash mineralization 15.20 metres thick with contains significant carnallite which preliminary interpretations indicate is the upper part of the Intermediate Zone. The Kainitite Zone was intersected in Hole 12 and analytical results for this zone are expected this week.
Hole 12 occupies a significant location in the evaporite basin and essentially links or indicates good continuity between the Musley Deposit and deeper parts of the basin first intersected in Hole 4. The mineralized area in this region is now at least 4 kilometres long by 5 kilometres wide and has the potential to add significantly to the property resource. This area was not drilled previously and was not included in the original resource estimate completed in 2008. Samples are currently being selected for XRD analysis to determine mineralogy. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons. The zones of potash mineralization are outlined in the following table:
HOLE ID FROM (m) TO (m) WIDTH (m)* KCL (%) ZONE
DK-11-12 344.00 359.20 15.20 26.17 Sylvinite/Int.
Including 349.00 353.10 4.10 37.84 Sylvinite
*Drilled width
Exploration drilling is continuing in the far eastern part of the property at Holes 22 and 23 to test for potash mineralization in this unexplored region of the property. Remaining samples from Holes 11, 12, 14, 18, 19 and 20 are undergoing analysis or are en route to the laboratory in Saskatoon, Canada.
Allana is also pleased to report that Ercosplan has made significant progress with the upcoming NI 43-101 report and resource estimate update. Meetings with Ercosplan last week indicate that the report with resource figures should be completed by mid-June at which time they will be released.
PP with IFC Closed, and New PP with Liberty
May 11, 2011 07:00 ET
Allana Potash Closes Strategic Investment from IFC
- $10 Million Strategic Investment by IFC
- $1.9 Million Investment by Liberty Metals & Mining Pursuant to Exercise of Participation Rights
TORONTO, ONTARIO--(Marketwire - May 11, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that it has closed its previously announced non-brokered private placement with IFC, a member of the World Bank Group, for 6,250,000 units and with Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Liberty Mutual Group and the Company's largest shareholder for 1,187,820 units for total proceeds of $11,900,512. Each unit shall consist of one common share in the capital of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable for $2.08 until May 10, 2014 (the "Offering").
Farhad Abasov, President and CEO of Allana, commented: "We are delighted that the IFC board has made an investment in Allana Potash at this crucial juncture of our project development. This support, from one of the largest global multilateral financing organizations, comes at a time when Allana's potash project also is getting significant infrastructure support from the Ethiopian government. We are also very thankful to Liberty Metals & Mining for its continuous support of our project. Management believes the project has the potential to become one of the significant industrial projects in Ethiopia and we are happy that Allana will be in a position to both contribute to the development of Ethiopia's fast-growing economy and enhance our shareholder value."
The Company plans to use the net proceeds from the Offering to fund a drilling program and feasibility study for the Company's main asset, its Ethiopian potash property in the Danakhil evaporite basin, and for general corporate purposes.
The securities, including the common shares issuable upon the exercise of the warrants issued pursuant to the Offering, will be subject to a statutory hold or restricted period until September 11, 2011. The Offering remains subject to the receipt of applicable regulatory approvals including final approval of the TSX Venture Exchange.
IFC has done a thorough due diligence on Allana's potash project. As part of their due diligence process, IFC has completed a site visit and conducted technical, environmental, social, financial and market analyses. As a condition of IFC's investment, Allana is required to meet IFC's environmental, social and safety standards in the ongoing and future development of its project. Allana and IFC personnel have already begun to evaluate Allana's current programs to ensure that Allana has appropriate environmental and social management systems in place to maximize the potential benefits of Dallol potash to local communities as well as Ethiopia in general. In connection with the Offering, IFC now has certain rights, including without limitation, information, policy and pre-emptive rights.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC creates opportunity for people to escape poverty and improve their lives. IFC does so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, IFC's new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
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 with Inferred Mineral Resources of 73.9 million tonnes of kainitite mineralization grading 61.7 % kainite and 31.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl (see News Release dated Sept. 17, 2008). Allana has approximately 185.57 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
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 statements with respect to the terms and use of proceeds of the Offering, the ability of the Company to complete the Offering, the impact of the Offering on the Company, the receipt of all required regulatory approvals, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. 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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
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
News Release: Allana Potash Intersects More Shallow Potash
http://www.marketwire.com/press-release/allana-potash-intersects-more-shallow-potash-tsx-venture-aaa-1510481.htm
May 05, 2011 08:16 ET
Allana Potash Intersects More Shallow Potash
- Hole 17 Intersects Significant Potash Mineralization of 31.03% KCL Over 1.00 Metre at a Depth of 74.20 Metres
- Shallow Depth of Potash Mineralization in Hole 17 Is Encouraging for Evaluation of Open Pit Mining
- Management Intends to Include Hole 17 Data in the Company's Upcoming NI 43-101 Technical Report
TORONTO, ONTARIO--(Marketwire - May 5, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that drill hole DK-11-17 intersected significant potash mineralization of 31.03% KCl over 1.00 metre starting at a depth of 74.20 metres. Hole 17 intersected two zones of potash mineralization which are interpreted to represent the Sylvinite Zone and Kainitite Zone. The Sylvinite Zone returned 2.00 metres of sylvinite which graded 19.38% KCl and includes a 1.00 metre interval that returned 31.03% KCl. Further down the hole, 7.50 metres of Kainitite was intersected which returned 17.68% KCl.
Farhad Abasov, President and CEO, commented: "I am very excited about the continued success of the drilling in this previously unexplored southwestern part of the property. The shallow depth of the potash mineralization intersected in Hole 17 remains encouraging for evaluation of open pit mining. Historically this region was unexplored with no previous drilling and Allana now has intersected potash in all five holes on this part of the property. Management intends to incorporate Hole 17 data in the Company's upcoming National Instrument 43-101 technical report."
Hole 17 was collared approximately 1500 metres southwest from Hole 11 and was drilled vertically (see attached figure). Hole 17 intersected the Sylvinite and Kainitite zones of potash mineralization as defined by the Parsons drilling in the 1950s and 1960s. The Sylvinite Zone returned 2.00 metres grading 19.38% KCl starting at a depth of 73.20 metres. A high grade core of 1.00 metre of sylvinite returned 31.03% KCl. The Kainitite Zone was also intersected at a shallow depth, approximately 78 metres below surface, and returned 7.50 metres grading 17.68% KCl.
Drill results from Hole 17 are similar to those of Holes 6, 8, 11 and 16 which indicate an area of potash mineralization approximately 5 kilometres long and 4 kilometres wide. Samples from Holes 12, 14, 18, and 19, en route or currently in the lab, will further define this zone which management believes could add significantly to the potash resource on the property. In addition, similar to Holes 8 and 16, Hole 17 intersected potash at relatively shallow depths (73.20 metres) and management will evaluate the possibility of open pit mining in its upcoming feasibility study. As mentioned previously, this area was not drilled in the past and was not included in the original resource estimate completed in 2008. Samples are currently being selected for XRD analysis to determine mineralogy. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons. The zones of potash mineralization are outlined in the following table:
HOLE ID FROM (m) TO (m) WIDTH (m)* KCL (%) ZONE
DK-11-17 73.20 75.20 2.00 19.38 Sylvinite
Including 74.20 75.20 1.00 31.03 Sylvinite
77.70 85.20 7.50 17.68 Kainitite
*Drilled width
Exploration drilling is continuing in the far eastern part of the property at Holes DK-11-20 and DK-11-21 to test for potash mineralization in this unexplored region of the property. Samples from DK-11-12, 14, 15, 18 and 19 are undergoing analysis or are en route to the laboratory in Saskatoon, Canada.
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 with Inferred Mineral Resources of 73.9 million tonnes of kainitite mineralization grading 61.7 % kainite and 31.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl (see News Release dated Sept. 17, 2008). Allana has approximately 178.1 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°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).
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.
To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/AAA505fig1.pdf
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
Dundee Update on News Release
http://research.dundeesecurities.com/Research/AAA042611.pdf
Dundee Update on News Release
http://research.dundeesecurities.com/Research/AAA041111.pdf
News Release - 47.8% KCL Over 1m
Apr 11, 2011 09:43 ET
Allana Potash Continues to Intersect High Grade Potash at Shallow Depths With 47.81 % KCL Over One Metre
TORONTO, ONTARIO--(Marketwire - April 11, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that drill hole DK-11-13 intersected significant potash mineralization including one metre of 47.81% KCl. Hole DK-11-13 intersected two robust potash zones which appear to correlate with the Sylvinite Zone and Kainitite Zone. The Sylvinite Zone returned 2.8 metres of sylvinite which graded 45.86 % KCl and includes a one metre interval that returned 47.81% KCl. Further down the hole, 8.7 metres of kainitite was intersected which returned 22.91% KCl.
Farhad Abasov, President and CEO, commented: "We are very pleased with the very strong drill results from Hole 13 which again, similar to holes 9 and 10, extends the potash mineralization from the Musley Deposit an additional 1200 metres to the east. Particularly encouraging is the high grade encountered in this hole, 47.81 % KCl over one metre within a robust zone of sylvinite measuring approximately 2.8 metres. These grades are impressive, surpassing the significant grades intersected in Hole 11 and representing the highest grades intersected to date. Management intends to incorporate Hole 13 data in the Company's upcoming National Instrument 43-101 technical report."
Hole 13 was collared approximately 1200 metres northeast from Hole 10 and was drilled vertically (see attached figure). Hole 13 intersected two prominent zones (Sylvinite and Kainitite) of potash mineralization including one metre of 47.81% KCl in the core of the Sylvinite Zone within a wider intersection of 2.8 metres which returned 45.86% KCl. A strong Kainitite Zone was also intersected in this drill hole and returned 8.7 metres of 22.91% KCl. These drill results, combined with those of holes 9 and 10, continue to support the extension of the Musley Deposit approximately 1200 metres east of the historic drilling and management believes shows significant potential to increase the potash resource. Samples are currently being selected for XRD analysis to determine mineralogy. True widths of the potash zones are estimated to be very similar to drilled widths due to the flat-lying nature of the potash horizons. The zones of potash mineralization are outlined in the following table:
HOLE ID FROM (m) TO (m) WIDTH (m)* KCL (%) ZONE
DK-11-13 224.40 227.20 2.80 45.86 Sylvinite
Including 224.40 225.40 1.00 47.81 Sylvinite
342.00 350.70 8.70 22.91 Kainitite
*Drilled width
Exploration drilling is continuing in the southwestern part of the property at Holes DK-11-12 and DK-11-19 to further delineate the extent of the potash mineralization. Samples from DK-11-14, 15, 16, 17 and 18 are en route to the laboratory in Saskatoon, Canada.
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 with Inferred Mineral Resources of 73.9 million tonnes of kainitite mineralization grading 61.7 % kainite and 31.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl (see News Release dated Sept. 17, 2008). Allana has approximately 178 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 degreesC 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).
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.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/AAA411fig1.pdf
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
News - Liberty Metals & Mining Exercises Participation Rights
TORONTO, ONTARIO--(Marketwire - April 1, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or "the Company"), is pleased to announce that Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Liberty Mutual Group and the Company's largest shareholder, has elected to exercise its participation rights in connection with the Company's previously announced strategic investment from International Finance Corporation ("IFC") for proceeds of $10,000,000 (the "IFC Investment")(See Allana news release dated March 24, 2011).
In order to maintain its 15.97% ownership in the Company, LMM has agreed to purchase up to 1,187,820 Units (the "Units") of the Company on a non-brokered basis at a purchase price of $1.60 per Unit for total gross proceeds $1,900,512. Each Unit shall consist of one common share in the capital of the Company and one-half of one common share purchase warrant, with each whole warrant exercisable for $2.08 for a period of three years from the date of the issue (the "Financing").
The Company plans to use the net proceeds from the Offering to fund a drilling program and feasibility study for the Company's main asset, its Ethiopian potash property in the Danakhil evaporite basin, and for general corporate purposes.
Closing of the Financing is anticipated to occur concurrently with the IFC Investment on or about May 1, 2011 (the "Closing Date") and is subject to the receipt of all required approvals, including without limitation approval of the TSX Venture Exchange. The Common Shares and the Common Shares issuable upon the exercise of the Warrants will be subject to a statutory hold period for four months and one day following the Closing Date.
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 with Inferred Mineral Resources of 73.9 million tonnes of kainitite mineralization grading 61.7 % kainite and 31.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl (see News Release dated Sept. 17, 2008). Allana has approximately 177.7 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
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 terms and use of proceeds of the Financing, the ability of the Company to complete the Financing and the impact of the Financing on the Company. 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 information is 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 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 information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information that is included herein, except in accordance with applicable securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.
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.
Dundee Update - NI 43-101 update now expected late May
Dundee says it's not a concern that the report's been delayed. Delay is "a result of more activity in the potash industry,
which has increased the need for resource valuations and consequently
increased the demand for technical reports like the ones provided by
ERCOSPLAN. Also, it will allow Allana to complete the analysis on the
additional drill holes in the south of their concessions below the Musley
and Crescent deposits."
That's alright. I can wait another few weeks if it means they can include a few more holes.
http://research.dundeesecurities.com/Research/AAA032211.pdf
Dundee Update for 2D Seismic Results
Yet another update from Dundee.
http://research.dundeesecurities.com/Research/AAA031511.pdf