VANCOUVER, Dec. 21, 2017 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company"), an emerging potash development,
mining and operating company advancing the Muskowekwan property in
Saskatchewan, in partnership with
the Muskowekwan First Nation, is pleased to announce that the
Chairman of Enso Group, Vinay Maloo,
and the former Chairman of Rashtriya Chemicals and Fertilizers
Limited, R.G. Rajan, have been elected as new directors of the
Company at Encanto's annual general meeting of shareholders held on
December 20, 2017 (the "Meeting"). In
addition, the directors of Encanto have appointed Mr. Maloo as
Chairman of the Board.
Vinay Maloo is the Founder and
Chairman of Enso Group, a diversified group, primarily focused on
natural resources. It was Mr. Maloo's vision and leadership which
helped Enso to transform from a modest start up to a well-balanced
group with assets in varied businesses like Oil & Gas
Exploration and Production, Mining, Healthcare, Infrastructure
Development, and Real Estate. Vinay
Maloo is a Commerce Graduate (Honours) from St. Xavier
College, Kolkata - India.
R.G. Rajan has 37 years of work experience with various Indian
companies, of which around 10 years are with engineering
consultancy companies, 21 years with a Gas and Petrochemical Major
and 6 years in the fertilizer sector. R.G. Rajan has headed a
public sector fertilizer major in India with business interests in Production
and Marketing of Fertilizers and Chemicals. His experience and
expansive industry network developed while heading RCF will be an
asset in Encanto's business as it develops the property and trading
company. R.G. Rajan has a Bachelor's degree in Chemical Engineering
and Masters in Business Administration.
AGM Results
Encanto further reports that all matters proposed at the Meeting
were approved by the Company's shareholders. Each of the following
eight nominees were elected as directors: Stavros Daskos, Aref
Kanafani, Hamad M. Al-Wazzan,
Chief Reginald Bellerose,
Joe Varner, Didier Drogba,
Vinay Maloo, and R.G. Rajan.
Additionally, the Company's shareholders also approved the
re-appointment of BDO Canada LLP, Chartered Professional
Accountants, as the auditor of the Company, and re-approved the
Company's Stock Option Plan.
About Encanto Potash Corp
Encanto Potash Corp. is a TSX Venture Exchange listed and traded
Canadian Resource Company engaged in the development of potash
properties in the Province of Saskatchewan, Canada, the largest producing
potash region in the world. Through a joint venture agreement with
Muskowekwan Resources Ltd, Encanto has secured a project land
package which totals approximately 61,000 largely contiguous acres.
Pre-Feasibility Study dated February 28,
2013 titled "Encanto Potash Corp. Technical Report
Summarizing the Preliminary Feasibility Study for the Muskowekwan
First Nations Home Reserve Project in South Eastern Saskatchewan,
Canada" confirms the Proven and Probable KCI Reserves totaling 162
Mt grading 28% KCl (average) which supports primary and secondary
mining for over 50 years at an assumed annual rate extraction rate
of 2.8 Mt of MOP. The PEA dated May 24,
2017 titled " NI 43-101 Technical Report on a Preliminary
Economic Assessment and Preliminary Feasibility Study of the
Muskowekwan Potash Project, South-Eastern Saskatchewan, Canada"
summarizes an alternative development option that supports primary
and secondary mining of the Mineral Resources for 48 years at an
annual extraction rate of 3.4 Mt of MOP. On December 30, 2016, Encanto signed a 20-year
off-take agreement with the National Federation of Farmers'
Procurement, Processing, and Retailing Cooperatives of India Ltd.,
(NACOF) registered under the Ministry of Agriculture, Government of
India to supply 5 million metric
tons a year of potash.
For further information please contact:
Jeffrey Brown at
Jeffrey@encantopotash.com
THIS DOCUMENT MAY CONTAIN "FORWARD-LOOKING INFORMATION" WITHIN
THE MEANING OF CANADIAN SECURITIES LEGISLATION AND "FORWARD-LOOKING
STATEMENTS" WITHIN THE MEANING OF THE
UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. THIS INFORMATION AND THESE STATEMENTS, REFERRED TO HEREIN AS
"FORWARD-LOOKING STATEMENTS" ARE MADE AS OF THE DATE OF THIS
DOCUMENT. GENERALLY, THESE FORWARD-LOOKING STATEMENTS CAN BE
IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS
"EXPECTS", "ANTICIPATES", "PLANS", "PROJECTS", "ESTIMATES",
OR VARIATIONS THEREOF OR STATING THAT CERTAIN ACTIONS, EVENTS OR
RESULTS "MAY", "COULD", "WOULD", OR "MIGHT" BE TAKEN, OCCUR OR BE
ACHIEVED. FORWARD-LOOKING STATEMENTS, WHILE BASED ON MANAGEMENT'S
BEST ESTIMATES AND ASSUMPTIONS, ARE SUBJECT TO RISKS AND
UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS TO BE MATERIALLY
DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING
STATEMENTS, INCLUDING BUT NOT LIMITED TO: RISKS RELATING TO
VARIATIONS IN THE MINERAL CONTENT WITHIN THE MATERIAL IDENTIFIED AS
MINERAL RESOURCES FROM THAT PREDICTED; VARIATIONS IN RATES OF
RECOVERY AND EXTRACTION; THE GEOTECHNICAL CHARACTERISTICS OF THE
ROCK MINED OR THROUGH WHICH INFRASTRUCTURE IS BUILT DIFFERING FROM
THAT PREDICTED, DEVELOPMENTS IN WORLD METALS MARKETS; RISKS
RELATING TO FLUCTUATIONS IN THE CANADIAN DOLLAR RELATIVE TO THE US
DOLLAR; INCREASES IN THE ESTIMATED CAPITAL AND OPERATING COSTS OR
UNANTICIPATED COSTS; DIFFICULTIES ATTRACTING THE NECESSARY WORK
FORCE; INCREASES IN FINANCING COSTS OR ADVERSE CHANGES TO THE TERMS
OF AVAILABLE FINANCING, IF ANY; TAX RATES OR ROYALTIES BEING
GREATER THAN ASSUMED; CHANGES IN DEVELOPMENT OR MINING PLANS DUE TO
CHANGES IN LOGISTICAL, TECHNICAL OR OTHER FACTORS; CHANGES IN
PROJECT PARAMETERS AS PLANS CONTINUE TO BE REFINED; RISKS RELATING
TO RECEIPT OF REGULATORY APPROVALS; DELAYS IN STAKEHOLDER
NEGOTIATIONS; CHANGES IN REGULATIONS APPLYING TO THE DEVELOPMENT,
OPERATION, AND CLOSURE OF MINING OPERATIONS FROM WHAT CURRENTLY
EXISTS; THE EFFECTS OF COMPETITION IN THE MARKETS IN WHICH ENCANTO
OPERATES; AND OPERATIONAL AND INFRASTRUCTURE RISKS. ALTHOUGH
MANAGEMENT HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN
FORWARD-LOOKING STATEMENTS, 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. ENCANTO
DISCLAIMS ANY OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS
CONTAINED HEREIN OR TO PUBLICLY ANNOUNCE THE RESULT OF ANY
REVISIONS TO ANY SUCH STATEMENTS TO REFLECT FUTURE RESULTS, EXCEPT
AS REQUIRED BY APPLICABLE SECURITIES LAW. PLEASE REFER TO ENCANTO'S
MOST RECENT FILINGS UNDER ITS PROFILE AT WWW.SEDAR.COM FOR FURTHER
INFORMATION RESPECTING THE RISKS AFFECTING ENCANTO AND ITS
BUSINESS.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
SOURCE Encanto Potash Corp.