LEO News Release this Morning...So now the results are expected "sometime in February 2010" and not "middle of January 2010" ???
EPO is failing at hitting their deadlines. And at communication.
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Lion Energy exercises potash optionVANCOUVER, Jan. 26, 2010 (Canada NewsWire via COMTEX News Network) --
TSX.V - LEO
TheCompany is pleased to announce that, effective December 31, 2009, theCompany exercised its rights under a July 24, 2009 option agreementwith Encanto Potash Corp. ("Encanto"), a junior potash explorationcompany, and acquired a 51% interest in and to all properties held byEncanto. To earn this interest, the Company incurred $6.5 million inproperty expenditures advancing Encanto's potash properties throughboth seismic and drilling programs. Assay results from two drill holesare expected sometime in February 2010.
Under the terms of theoption agreement, Encanto has the right to repurchase the 51% interestfrom the Company in exchange for the issuance of 26 million Encantoshares to the Company. Notice of its intention to repurchase the 51%interest must be received by the Company from Encanto by not later thanMarch 14, 2010, failing which the Company and Encanto will proceed toenter into a joint venture arrangement with respect to the properties.
About the Company:
TheCompany is a well-financed, Canadian exploration company with a visionto develop a significant presence in the developing oil and gasindustry. The Company signed an agreement with Africa Oil Corp. thatgrants the Company the right to earn an interest in five petroleumblocks located in the Republic of Kenya and in Puntland, Somalia. TheCompany further holds 14.76% interest in Encanto Potash Corp., a juniorpotash exploration company and a 20% interest in Sulphur SolutionsInc., an emerging fertilizer company developing state-of-the-artpatented technology for the production of micronized sulphurfertilizer.
<< On behalf of the Board, LION ENERGY CORP. "Brian Thurston" President and CEO >>