Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) is pleased to announce the issue of its Mining Licence for the Danakhil Potash Project by the Ethiopian Ministry of Mines, after receiving approval of the Ethiopian Council of Ministers.
“Allana is proud to have achieved this major milestone in the development of the Project and very much appreciates the extensive work done by Ethiopian government staff and Allana’s consultants and employees in reaching this goal”, said Allana President and CEO, Farhad Abasov, further noting that, “Allana is now positioned as one of the leading mining companies in Ethiopia and is committed to working with the Ethiopian government, our communities, investors, lenders and contractors to deliver on the significant potential of Ethiopia’s potash resources.”
Allana’s Mining Licence was issued after a detailed review by the Ministry of Mines and other Ethiopian government departments of the Project’s Feasibility Study and Environmental, Social and Health Impacts Assessment which was approved in May 2013 by the Ethiopian Environmental Protection Authority and Ministry of Mines.
With the receipt of the Mining Licence, Allana now has the required regulatory approvals to complete the development phase of the Project and move directly to contracting, construction and operations. Allana is continuing to work with various parties in completing final development aspects including the contracting, financing and infrastructure for the Project, and expects to provide updates on these initiatives in the near future.
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 estimated measured and indicated Sylvinitemineral resources of 327.4 million tonnes of 28.3% KCl; and an estimated inferred Sylvinite mineral resource of 90.8 million tonnes grading 27.8% KCl, In addition, the Danakhil Project hosts estimated measured and indicated Kainitite mineral resources of 1,150.5 million tonnes at 19.4% KCl, an estimated inferred Kainitite mineral resource of 481.8 million tonnes of 19.8%KCl; estimated measured and indicated Upper Carnallitite mineral resources of 411.3 million tonnes grading 17.3% KCl, estimated inferred Upper Carnallitite mineral resources of 175.5 million tonnes of 16.5% KCl; estimated measured and indicated Lower Carnallitite mineral resources of 557.2 million tonnes of 9.2%KCl, and estimated inferred Lower Carnallitite mineral resources of 369.3 million tonnes grading 7.7% KCl. The foregoing mineral resource estimates are as at April 17, 2013.
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We acknowledge the [financial] support of the Government of Canada.