TSXV: EPO
VANCOUVER, March 29, 2017 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company") (TSXV: EPO) announces that an Order in
Council P.C. 2017-258 was issued on March
24, 2017 by the Governor in Council, ending a multi-year
process that has culminated in the successful conclusion of the
First Nations Commercial and Industrial Development Act ("FNCIDA")
process and the delivery of the Muskowekwan First Nation Solution
Potash Mining Regulations into law.
The process enables the Muskowekwan First Nation, who had
decided to pursue a large scale commercial or industrial on-reserve
project (in this case, a large scale potash mine partnered with
Encanto Potash) to request the Government of Canada to develop regulations applying to this
specific project on a specific piece of reserve land. FNCIDA works
by essentially reproducing the provincial rules and regulations
that apply to similar large-scale commercial or industrial projects
off reserves and applying them to a specific on-reserve project.
This approach, called incorporation by reference, ensures that both
on and off-reserve projects are subject to similar regulatory
regimes levelling the playing field. It offers protection for
Muskowekwan people, lands and environment and increases certainty
for investors, developers and the public while minimizing
costs.
In accordance with the FNCIDA Act, an agreement has been
concluded between the Federal Minister of Indian Affairs and
Northern Development, the Honourable Carolyn Bennett, the Province
of Saskatchewan and the Council of
the Muskowekwan First Nation for the administration and enforcement
of the Regulations by Provincial officials and bodies. Encanto is
now in receipt of these regulations, duly signed by the Clerk of
the Privy Council, whose office (PCO) is the hub of non-partisan,
public service support to the Prime Minister and Cabinet and its
decision making structures.
Muskowekwan First Nation Chief Reginald
Bellerose commented: "I'm thankful to past and present MFN
Council; Indigenous and Northern Affairs Canada; Department of
Justice; Osler, Hoskin &
Harcourt LLP; Province of Saskatchewan and Encanto Potash for their
efforts and joint collaboration to get these regulations finalized.
There were many hands at all levels of government demonstrating an
unprecedented level of cooperation and support between themselves
and our own Nation. It took some time, but all involved wanted to
ensure that we got this precedent setting process entirely
right."
Encanto President, Stavros Daskos
commented: "I'd like to personally thank Chief Bellerose and his
team for their dedicated and tireless efforts in bringing this
process to a successful conclusion. This was entirely a government
(First Nation) to government (Canadian Federal Government) to
government (Province of Saskatchewan) transaction which resulted in a
historic agreement between all parties. This represents a critical
piece in a Pro First Nations Federal Government, to ensure a
favourable investment climate for the development of the first
potash mine on First Nation's land."
ABOUT ENCANTO:
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. on our flagship property, Encanto has a
project land package which totals approximately 61,000 largely
contiguous acres. A 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 MMt grading 28% (average) which supports primary and
secondary mining for over 50 years at an assumed annual rate
extraction rate of 2.8 million tonnes.
The technical content of this news release has been reviewed and
approved by James Walchuck, a
qualified person as defined by NI 43-101.
For additional information about Encanto Potash Corp., please
visit the Company's website at www.encantopotash.com or review the
Company's documents filed on www.sedar.com.
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.
THE FOREGOING INFORMATION MAY CONTAIN FORWARD-LOOKING
INFORMATION RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY.
FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR
FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE,
AMONG OTHERS, THE SATISFACTION OF ANY APPLICABLE CONDITIONS IN
RESPECT OF THE MMTC MOU AND THE OFFTAKE AGREEMENT INCLUDING THOSE
IN RELATION TO PROJECT TIMELINES, THE ASSUMPTIONS AND ESTIMATES IN
THE COMPANY'S PRE-FEASIBILITY STUDY OF THE MUSKOWEKWAN PROJECT (THE
"PFS") PROVING TO BE ACCURATE OVER TIME INCLUDING APPLICABLE
RESOURCE ESTIMATES, THE POTENTIAL FOR DELAYS AND INCREASES TO
PROJECT COSTS AS A RESULT OF POTENTIAL CHANGES IN PLANNED
PRODUCTION RATES, CHANGES IN WORLD COMMODITY MARKETS OR EQUITY
MARKETS, THE ADEQUACY OF THE COMPANY'S FINANCIAL RESOURCES AND THE
AVAILABILITY OF ADDITIONAL FINANCING ON REASONABLE TERMS OR AT ALL,
THE RISKS OF THE MINING INDUSTRY INCLUDING, WITHOUT LIMITATION,
THOSE ASSOCIATED WITH THE ENVIRONMENT, DELAYS IN OBTAINING
GOVERNMENTAL APPROVALS, PERMITS OR FINANCING OR IN THE COMPLETION
OF DEVELOPMENT OR CONSTRUCTION ACTIVITIES, TITLE DISPUTES, CHANGE
IN GOVERNMENT AND CHANGES TO REGULATIONS AFFECTING THE MINING
INDUSTRY, AND OTHER RISKS AND UNCERTAINTIES DETAILED FROM TIME TO
TIME IN THE COMPANY'S FILINGS WITH THE CANADIAN SECURITIES
ADMINISTRATORS (AVAILABLE AT WWW.SEDAR.COM). FORWARD-LOOKING
STATEMENTS ARE MADE BASED ON VARIOUS ASSUMPTIONS AND ON
MANAGEMENT'S BELIEFS, ESTIMATES AND OPINIONS ON THE DATE THE
STATEMENTS ARE MADE. SHOULD ONE OR MORE OF THESE RISKS AND
UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE
INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING INFORMATION CONTAINED HEREIN. READERS ARE
CAUTIONED THAT CURRENT MARKET PRICES FOR THE COMPANY'S PROPOSED
PRODUCTS ARE MATERIALLY DIFFERENT THAN THE ESTIMATES USED IN THE
PFS AND CHANGES TO THE PROPOSED PRODUCTION RATE WOULD BE EXPECTED
TO CAUSE MATERIAL CHANGES TO THE REQUIRED CAPITAL COSTS OF THE
PROJECT. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES
AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS
REQUIRED BY APPLICABLE LAW.
SOURCE Encanto Potash Corp.