Agriminco Corp. (ETPHF)

[SilverKnightLV]

Mackie Research Capital initiates coverage on Ethiopian Potash Corp.

Ethiopian Potash Corp is pleased to announce the commencement of coverage by Mackie Research Capital on the company. Please find below an excerpt from the introduction and conclusion of the report. Investors can contact Mackie Research Capital for a copy of the full report.

"We initiate on FED with a SPECULATIVE BUY recommendation and a 12-month target price of $1.60 per share. We view EPC as a value play on potash development in Ethiopia."

"In our view, EPC is an attractively priced company with exposure to the Danakil Depression. While the company is at an earlier stage of development than Allana Potash and South Boulder Mines, we believe that ultimately its resource base is likely to look very similar to that of Allana Potash, although the mineralization is likely to be at a shallower depth in our view. For those seeking exposure to the Danakil, we believe the higher risk and earlier-stage nature of EPC are more than compensated for by the company’s valuation (currently at approximately one-third that of Allana and South Boulder Mines). As the project is de-risked, the valuation gap should close."