VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) -- Western Resources Corp. (TSX: WRX) (“Western” or the “Company”) announces that, following a decision of the Company’s Board on May 17th, 2024, Western Potash Corp., the Company’s wholly-owned subsidiary, has temporarily suspended operations at its Milestone Phase 1 Project (“Project”) site so that the Company can focus its efforts on discussions in respect of additional Project financing.
The Project is approximately 93% complete in the existing plan. Construction of the process plant has been completed and most of the equipment has been dry-commissioned. Management expects that two new horizontal caverns will be added which the Company and Western Potash Corp. believe will bring the Project to initial production stage. Western Potash’s mining team, which is developing a new mining plan, is actively working to optimize that plan, which will allow work on the new caverns to begin soon after financing is secured.
Western Potash Corp.’s CEO and President, Bill Xue, said “It’s unfortunate that the Project’s startup has been further delayed but we believe that this suspension is necessary, prudent and in the best interests of the Company and Western Potash Corp. We remain committed to completing this exciting project, which is nearing initial production stage. We are optimistic that despite our current challenges, and those we have faced in the past that were met and overcome, our efforts here to secure business and financial partners, who will work together with the Company to complete the Project, will be successful”.
For more information on the Project, please refer to: www.westernpotash.com, Tel: 306-924-9378.
Cautions Regarding Forward-Looking Statements
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 filing and results of the Technical Report. 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 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 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 information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
