Any comments....this was good until I got to Bharti resigning with 12% share ownership....no longer restricted?
Bob, care to ask Farhad....
PRESS RELEASE: Allana Potash Appoints Former Senior VP of Potash Corp to Board [KPZTKHJ]
TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - Allana Potash Corp. (TSX
VENTURE:AAA) ("Allana" or the "Company") is pleased to announce that Mr. Richard
J. Lacroix, P. Eng. has been appointed to the Company's Board of Directors. Mr.
Lacroix, now retired, is the former Sr. Vice-President, Technical Services for
Potash Corporation of Saskatchewan and spent almost 30 years with Potash Corp.
Mr. Lacroix has had a long and prominent career in the potash business with
Potash Corp., joining the company in 1977 as Project Manager of the company's
Rocanville expansion. Mr. Lacroix rose steadily through management positions in
Potash Corp. and became Sr. Vice President of Technical Services in 1987 and
headed the team responsible for the corporation's Research and Development work
and major capital expansions. In 1991, Mr. Lacroix became Executive Vice
President of PCS Sales, responsible for Canadian Potash Sales, Industrial Sales,
and Transportation & Distribution.
During this period, Mr. Lacroix also served as a board member for Canpotex and
as Chairman for Canpotex Bulk Terminals Ltd. Mr. Lacroix resumed his role as
Vice President Technical Services in 2001, overseeing research and development
as well as managing major expansions at Rocanville, Lanigan and Allan divisions.
Mr. Lacroix obtained his Bachelor of Science in Electrical Engineering from
the University of Saskatchewan.
Farhad Abasov, Allana's President and CEO, stated: "We are very pleased to
welcome Richard Lacroix to Allana's Board. Having worked as a Senior Vice
President of the largest potash company in the world, Rick brings critical
experience in the areas of potash project development, sales, marketing and
logistics. After several successful drill holes Allana is gearing up to confirm
its resource in several months. This will allow us to transition to a
development stage with bankable feasibility study and construction. Rick's
contribution to Allana at the development and production stage, as well as
during negotiations with potential partners, will be invaluable."
In conjunction with his appointment, Allana has granted Mr. Lacroix 100,000
stock options pursuant to the stock option plan of the Company. The options will
be exercisable for $0.43 per option and shall expire on September 27, 2015. Such
options shall vest immediately subject to the applicable regulatory hold period.
The grant of options remains subject to receipt of all required regulatory
approvals.
Mr. Lacroix replaces Mr. Rene Bharti, who has tendered his resignation as a
Director. The Board would like to thank Rene for his contribution and wish him
well in his future endeavours.
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 NI 43-101-compliant
Inferred Mineral Resource of over 100 million tonnes of potash mineralization
(Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release
Sept. 17, 2008). Allana has approximately 118.5 million shares outstanding and
trades on the TSX-Venture Exchange under the symbol "AAA".
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 impact of the appointment and
resignation 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
AI
