The license renewal request was filed on May 24, 2013 to the Ministry of Mines, Ethiopia. Planned activities for June include the selection of the Pre-Feasibility consultant and QA/QC lab for the project, commencement of drilling, commencement of water resource assessment, transport options and port options.
Plinian has engaged two senior geologists, who are established in Addis Ababa, Ethiopia and at the camp site in the Danakil Depression, along with a complement of ten Ethiopian staff.
APPOINTMENT OF INDEPENDENT STUDY MANAGER
Completion of the Pre-Feasibility Study relating to the Danakil Project will require oversight of an Independent Study Manager. The search has been narrowed to two groups. Both groups have extensive experience with In-Situ Leaching ('ISL') of potassium salt deposits. Once appointed, the Independent Study Manager will complete the resource statements, in-situ leach design, processing flow sheet and plant design. Plinian's senior engineer will complete the infrastructure inputs, namely water, power, road/rail transportation solutions and port handling requirements. It is anticipated that the Company will benefit enormously in cost and time from the prior feasibility study work completed by its neighbours.
PHASE I PROJECT - RESOURCE ESTIMATION
The key objectives of phase 1 of the Danakil Project is to: (i) prove to an indicated resource category of sufficient tonnage and grade to trigger the progression of the project. The drill programme currently being implemented is targeting; (i) a completed economic Scoping Study by the Fall 2013 and (ii) a completed Pre-Feasibility Study ("PFS") by mid 2014.
To view the graph associated with this release, please visit the following link: http://media3.marketwire.com/docs/n626fed1.pdf.
In order to increase shareholder participation at the June 30, 2013 meeting, the Company has retained CSTPhoenix Advisors ("Phoenix") in connection with the solicitation of proxies at a cost of $23,000 and reimbursement of disbursements related to the solicitation. The expenses of soliciting proxies, including the cost of preparing, assembling and mailing the Management Information Circular and proxy material to shareholders, will be borne by the Company.
If you have any questions about this letter, the Management Information Circular or how to vote, please contact Phoenix by telephone 1-800-239-6813 or e-mail at firstname.lastname@example.org.
ABOUT ETHIOPIAN POTASH CORP.
Ethiopian Potash Corp. (TSX VENTURE: FED) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
Mr. Bruce Cumming B.Sc.Hons (Geol.), Pr.Sci Nat, an independent "qualified person" as defined in Canadian National Instrument 43-101, has prepared or supervised the preparation of the information that forms the basis for the written disclosure in this press release related to the Danakil Project. A copy of the Preliminary Resource Assessment Study - Danakil Potash Deposit, Afar State / Ethiopia is available on SEDAR at www.sedar.com.";
On behalf of the Board of Directors
George Roach, CEO & Director
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur (including, but not limited to, matters relating to the contemplated transactions and the Danakil Project) are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, the failure to satisfy all conditions precedent within the requisite time, including (without limitation) the entering into of all necessary definitive agreements, obtaining the requisite third-party consents and regulatory and shareholder approvals, and changes in general economic conditions or conditions in the financial markets. Such forward-looking information is based on a number of assumptions, including but not limited to, there being no material changes to the terms of any proposed transaction, and no significant decline in existing general business and economic conditions. There can be no assurance that the Company will be successful in completing the contemplated transactions. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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.
Ethiopian Potash Corp.
Chief Executive Officer and Director
+44 779 626 3999
Ethiopian Potash Corp.
Chief Financial Officer and Director
416 907 5644
Most Popular Stories
- Boehner Lashes Out Against Ted Cruz, Far Right
- TFA Recruiting DACA Recipients
- Hawaii Official Who Release Obama Certificate Only Victim of Plane Crash
- Cheap Gas Drives Down U.S. Wholesale Prices Again
- Holiday Shopping Off to a Slow Start This Season
- Ford Plans New Cars, Jobs in 2014
- Gold, Silver Slide on Prospects of Fed Exit
- 'Rape Insurance' Bill Passes in Michigan
- Producer Price Index Dropped in November
- Beyonce Releases New Album With No Marketing