Allana Potash fka AAA

[CdnGuy]

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."