AGM Results
Allana Potash Corp.
TSX :
AAA
OTCQX : ALLRF
December 13, 2011 08:00 ET
Allana Potash Announces Results of Its Annual and Special Meeting and Provides Operation Update
TORONTO, ONTARIO--(Marketwire - Dec. 13, 2011) -Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce at its annual and special meeting of shareholders held Tuesday, December 6, 2011 that shareholders of the Company re-appointed the officers and directors of the Company with 90% of votes in favour. In addition, among other things, shareholders voted to approve the rolling 10% stock option plan of the Company, the share bonus plan and the shareholder's rights plan, all as more particularly set out in the Management Information Circular of the Company filed on SEDAR.
Farhad Abasov, President and CEO, commented: "Allana continues to be encouraged by overwhelming support of its shareholders, demonstrated not only by their attendance at the AGM, but by the high voter turnout and number of votes in favour of the matters put before them this year."
With the successful completion of the positive Preliminary Economic Assessment ("PEA"), Allana is expediting additional studies on the project for its Feasibility Study. Such studies include geotechnical drilling for rock mechanic testwork, pilot solution mining cavern testwork and evaporation pond testwork on the salt plain. Currently, large bore drilling equipment is being mobilized to site to conduct drilling for water resources and to facilitate the solution mining cavern work. One drill rig is occupied with geotechnical drilling, while the second rig continues with in-fill drilling and resource expansion drilling. The Company is also pleased to announce that its planned camp expansion is on schedule and is expected to increase capacity to 150 people to accommodate additional drill personnel and environmental staff. In addition, recent meetings between the Company and the Governments of Ethiopia and Djibouti have advanced dialogue on infrastructure needs for the operation and to date have been favourable.
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. Allana has secured financial support from two significant strategic investors: IFC, a member of World Bank Group, and Liberty Metals and Mining, a member of Liberty Mutual Group. Allana has Measured and Indicated Sylvinite Resources of 97.8 Million Tonnes of 30.0% KCl; Inferred Sylvinite Resource of 108.3 Million tonnes grading 31.3% KCl; Measured + Indicated Kainitite Resources of 284.2 Million tonnes at 19.8% KCl, Inferred Kainitite Resource of 271.2 Million Tonnes of 20.3% KCl; Measured and Indicated Upper Carnallitite Resources of 78.5 Million Tonnes grading 18.4% KCl, Inferred Upper Carnallitite Resource of 85.6 Million Tonnes of 17.1% KCl; Measured+Indicated Lower Carnallitite Resources of 212.6 Million Tonnes of 12.0% KCl, Inferred Lower Carnallitite Resource of 130.7 Million Tonnes grading 11.7% KCl. Allana has approximately 197.6 million shares outstanding and trades on the Toronto Stock Exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this release.
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 effect and estimated timeline of the drilling and assay results on the Company, the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; statements made with respect to the timing of the feasibility study and current development of the property, statements made with respect to infrastructure developments, 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.