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Sep 28, 2010 07:30 ET
Allana Potash Appoints Former Senior VP of Potash Corp to Board
TORONTO, ONTARIO--(Marketwire - Sept. 27, 2010) - Allana Potash Corp. (TSX VENTURE:AAA)("Allana" or the "Company") is pleased to announce that Mr. Richard J.Lacroix, P. Eng. has been appointed to the Company's Board ofDirectors. Mr. Lacroix, now retired, is the former Sr. Vice-President,Technical Services for Potash Corporation of Saskatchewan and spentalmost 30 years with Potash Corp.
Mr. Lacroix has had along and prominent career in the potash business with Potash Corp.,joining the company in 1977 as Project Manager of the company'sRocanville expansion. Mr. Lacroix rose steadily through managementpositions in Potash Corp. and became Sr. Vice President of TechnicalServices in 1987 and headed the team responsible for the corporation'sResearch and Development work and major capital expansions. In 1991,Mr. Lacroix became Executive Vice President of PCS Sales, responsiblefor Canadian Potash Sales, Industrial Sales, and Transportation &Distribution.
During this period, Mr. Lacroix alsoserved as a board member for Canpotex and as Chairman for Canpotex BulkTerminals Ltd. Mr. Lacroix resumed his role as Vice President TechnicalServices in 2001, overseeing research and development as well asmanaging major expansions at Rocanville, Lanigan and Allan divisions.
Mr. Lacroix obtained his Bachelor of Science in Electrical Engineering from the University of Saskatchewan.
FarhadAbasov, Allana's President and CEO, stated: "We are very pleased towelcome Richard Lacroix to Allana's Board. Having worked as a SeniorVice President of the largest potash company in the world, Rick bringscritical experience in the areas of potash project development, sales,marketing and logistics. After several successful drill holes Allana isgearing up to confirm its resource in several months. This will allowus to transition to a development stage with bankable feasibility studyand construction. Rick's contribution to Allana at the development andproduction stage, as well as during negotiations with potentialpartners, will be invaluable."
In conjunction with hisappointment, Allana has granted Mr. Lacroix 100,000 stock optionspursuant to the stock option plan of the Company. The options will beexercisable for
.43 per option and shall expire on September 27,2015. Such options shall vest immediately subject to the applicableregulatory hold period. The grant of options remains subject to receiptof all required regulatory approvals.
Mr. Lacroixreplaces Mr. Rene Bharti, who has tendered his resignation as aDirector. The Board would like to thank Rene for his contribution andwish him well in his future endeavours.
About Allana Potash Corp.
Allanais a publicly traded corporation with a focus on the acquisition anddevelopment of potash assets internationally with its major focus on apreviously explored potash property in Ethiopia with NI43-101-compliant Inferred Mineral Resource of over 100 million tonnesof potash mineralization (Sylvite and Kainite) with a composite gradeof 20.8 % KCl (see News Release Sept. 17, 2008). Allana hasapproximately 118.5 million shares outstanding and trades on theTSX-Venture Exchange under the symbol "AAA".