Panorama Resources (PRA)

[Track]

Mar 01, 2011 14:55 ETPanorama Resources Ltd. and Ethiopian Potash Corp. Announce Results of Shareholder Meetings

VANCOUVER, BRITISH COLUMBIA and TORONTO, ONTARIO--(Marketwire - March 1, 2011) - Panorama Resources Ltd. ("Panorama") (TSX VENTURE:PRA) and Ethiopian Potash Corp. ("EPC") are pleased to announce that in connection with the previously announced amalgamation of Panorama and EPC and related transactions (the "Amalgamation"), approval for the Amalgamation has been obtained from the shareholders of both corporations.

In particular, the shareholders of Panorama have approved the Amalgamation, in addition to the following matters to take effect in connection with or upon the completion of the Amalgamation, as set out in greater detail in the management information circular of Panorama dated as of January 28, 2011:

the election of David Wahl, Wally Rudensky, Paul DesLauriers, Sanjay Joshi and George Roach as directors;
the appointment of Grant Thornton LLP as the auditor of the Corporation for the ensuing year;
the adoption of the Corporation's current stock option plan;
the approval of the continuance of Panorama from under the Business Corporations Act (British Columbia) to under the Business Corporations Act (Ontario) (the "Continuance"); and
the change of name of the resulting issuer to "Ethiopian Potash Corp."
Completion of the Amalgamation remains subject to a number of conditions including, but not limited to, regulatory approvals, including the approval of the TSX Venture Exchange.

Forward Looking Statements

Certain information set forth in this press release, including the completion of the Amalgamation, contains forward looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward looking statements. By their nature, forward looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including the receipt of third party approvals, including shareholder and regulatory approvals, satisfaction or waiver of the conditions precedent to closing of the Amalgamation, impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. Except as required by applicable securities laws, Panorama disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Completion of the transaction is subject to a number of conditions, including TSX Venture Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Panorama Resources Ltd.
Suite 2150-885 West Georgia Street
Vancouver, British Columbia, Canada, V6C 3E8
[phone]
[phone] (FAX)
or
Ethiopian Potash Corp.
200 Bay Street, Suite 3800, Royal Bank Plaza, South Tower
Toronto, Ontario, Canada, M5J 2Z4
[phone]
[phone] (FAX)