Karnalyte Resources Inc T.KRN

Alternate Symbol(s): KRLTF

Karnalyte Resources Inc. is a Canada-based development stage company. The Company is engaged in the exploration and development of its property and possible construction of a production facility and development of a potash mine. The property is situated in Saskatchewan, south of Wynyard and contains a dominant zone of potash and magnesium minerals. Its Wynyard Potash Project is a Carnallite/Sylvinite solution mining project in central Saskatchewan. It has a 100% interest in KLSA 010, KL 247A, and KL 246 mineral leases comprising approximately 367 square kilometers (km2) (90,766 acres) of mineral rights. It also owns around 4,100 acres of surface land. The project is located approximately 190 km east of Saskatoon, SK, or 176 km north of Regina, SK. It is also exploring the development of the Proteos Nitrogen Project. The Proteos Nitrogen Project is an advanced stage development project consisting of a proposed small-scale nitrogen fertilizer plant to be located in Central Saskatchewan.

TSX:KRN - Post by User

Karnalyte Resources Inc

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Comment by netgenxon Dec 15, 2011 1:37am

364 Views

Post# 19324098

krl, et all: "Not sure I understand"

covered short today at $9.80

NOW do you understand?

with 4 million shares unsold and a drop dead date of Dec.16th, this was never going to fly.
alas with today's performance, there may well be more tax-loss selling in the next week
$10.50 should have provided support

could see $8.25-8.50; I'll likely be on the buy side if we get there as January might bring bargin hunters back.
I don't see $17 again for a loooong time though.
If they needed to raise THAT much cash and failed, it's going to be real difficult to try again any time soon.

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