Allana Potash Files Updated Mineral Resource Estimate Technical Report for Its Danakhil Potash Project
TORONTO, ONTARIO -- (Marketwire) -- 06/14/12 -- Allana Potash Corp. (TSX: AAA)(OTCQX: ALLRF) ("Allana" or the "Company") is pleased to announce that it has filed a National Instrument 43-101 ("NI 43-101") compliant Technical Report dated April 30, 2012 and completed by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergau ("ERCOSPLAN") on SEDAR at www.sedar.com. The Technical Report is with respect to Allana's Updated Resource Estimate completed on the Company's Danakhil Potash deposit, located in the Afar State, Ethiopia, the results of which were announced in a press release of the Company dated April 30, 2012 and filed on the SEDAR profile of the Company at www.sedar.com.
Highlights of the Danakhil Potash deposit resource update include:
-- Total Measured and Indicated Mineral Resources of 1.297 Billion tonnes
from all four potash horizons with an average grade of 19.3% KCl for a
total of 251 Million tonnes of contained KCl.;
-- An additional Inferred Mineral Resource of 588.2 Million tonnes from all
four potash horizons with an average grade of 18.6% KCl for a total of
109 Million tonnes of contained KCl;
-- Total Measured and Indicated Sylvinite Resource of 171.4 Million tonnes
with an average grade of 31% KCl for a total of 53 Million tonnes of
contained KCl.;
-- Total Inferred Sylvinite Resource of 46.6 Million tonnes with an average
grade of 30.3% KCl for a total of 14 Million tonnes of KCl.
Farhad Abasov, President and CEO of Allana commented, "Allana is very pleased to file this NI 43-101 compliant mineral resource update technical report prepared by ERCOSPLAN. This resource estimate represents a significant increase in almost all categories from the 2011 mineral resource estimate and will form the resource base for our ongoing Feasibility Study. Since this resource was calculated, 14 additional exploration holes have been completed and Allana anticipates completing another resource update in Q4 2012."
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia. Allana has secured financial support from two significant strategic investors: IFC, a member of World Bank Group, and Liberty Metals and Mining, a member of Liberty Mutual Group. Allana has measured and indicated Sylvinite resources of 171.36 Million Tonnes of 30.9% KCl; inferred Sylvinite resource of 46.62 million tonnes grading 30.25% KCl; measured and indicated Kainitite resources of 701.55 million tonnes at 20.26% KCl, inferred Kainitite resource of 373.71 million tonnes of 20.35% KCl; measured and indicated Upper Carnallitite resources of 78.5 million tonnes grading 18.4% KCl, inferred Upper Carnallitite resource of 155.53 million tonnes of 16.95% KCl; measured and indicated Lower Carnallitite resources of 269.10 million tonnes of 10.86% KCl, inferred Lower Carnallitite resource of 130.7 million tonnes grading 11.7% KCl. The foregoing mineral resource estimates are as at April 30, 2012. Allana has approximately 228.5 million shares outstanding and trades on the Toronto Stock Exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this release.
Forward-Looking Statement
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 estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; statements made with respect to the timing of the feasibility study and current development of the property, statements made with respect to infrastructure developments, costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting, ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims; Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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, level of activity, performance or achievements 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 statements or 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 statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
Contacts:
Investor Cubed
647 258 3311
info@investor3.ca
