AgriMinco Corp ETPHF

Bizarre

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apparently his last name is profane and I had to edit it to post.

Bizarre junior mining feud confuses investors

Peter KovenFeb 17, 2012 – 9:45 AM ET | Last Updated: Feb 17, 2012 9:50 AM ET

It started with the below press release.

Then the company, a junior miner called Ethiopian Potash Corp., responded with this one.

It is highly irregular for an individual to issue his own press release through Canada Newswire when departing a company, as Bruce Cu**ing did this week. Most ominously, he said that he is involved with a separate firm (G&B Central African Resources Ltd.) that owns potash permits in Ethiopia and gave Ethiopian Potash an option to acquire an interest in them. That raises questions about title on the company’s assets.

Ethiopian Potash referred to Mr. Cu**ing’s whole statement as a “non-material event,” but it has caused some obvious confusion for investors, who are left wondering about the miner’s relationship with G&B.

A quick check of G&B’s website reveals nothing — the site promises that it will go live in September 2008. It seems that deadline was missed.

So what is really going on here? Dundee Capital Markets analyst Richard Kelertas is not sure, but he said that it is indicative of Ethiopian Potash’s “highly disordered internal state.”

“The issuance of an unauthorized press release demonstrates a lack of control which we believe the company cannot afford at this stage in the game,” Mr. Kelertas wrote in a note.

“Furthermore, we are concerned about the sketchy details available regarding the company’s association with G&B. The lack of clarity and information on G&B and its obligations in terms of potash permits to [Ethiopian Potash] adds another negative dimension to the [company's] project and further supports our negative stance on the company.”

Mr. Kelertas maintained a sell rating on Ethiopian Potash shares. He recommends that investors move into Allana Potash Corp. instead, a rival potash play in Ethiopia that he believes has better prospects.

Ethiopian Potash Corp. VP Exploration resigns

TORONTO, Feb. 13, 2012 /CNW/ - Mr. Bruce Cu**ing advises that he resigned from his position as VP Exploration of Ethiopian Potash Corp. (TSXV: FED) on January 29, 2012 with immediate effect as of such date. Mr. Cu**ing initially resigned from Ethiopian Potash Corp. on August 19, 2011, however, this resignation was not formally accepted by the Board of Ethiopian Potash Corp. until January 29, 2012. In connection with the resignation Ethiopian Potash Corp. undertook to remove Mr. Cu**ing name from its website by not later than February 3, 2012. Mr Cu**ing remains a director of G&B Central African Resources Ltd. G&B Central African Resources Ltd. owns the potash permits in Ethiopia and is the company that granted Ethiopian Potash Corp. the option to acquire an interest in such potash permits.

For further information:

Bruce Cu**ing
[e-mail]
[phone]