Mr. Brian Ostroff reports

ARIANNE ENGAGES ENDEAVOUR FINANCIAL AS PROJECT FINANCE ADVISOR

Arianne Phosphate Inc. has engaged Endeavour Financial to act as its project finance adviser. Endeavour's role will be to work with management in reviewing various financing strategies and assist in discussions with potential lenders and partners.

"The engagement of Endeavour is very timely," said Brian Ostroff, chief executive officer of Arianne Phosphate. "Since receiving our permit we have been in discussions with and received indications of interest by potential financers and partners. Endeavour's experience and successful track record in securing project financing is well placed as we look to successfully conclude on a financing package that will move our Lac a Paul project into the construction phase."

Endeavour Financial is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector. Endeavour Financial has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of its award-winning team. Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour Financial has established itself as a leading financial adviser in the natural resources sector. Specific to the mining sector, in the last 10 years, the firm has closed in excess of $4-billion (U.S.) of development financings for single-asset emerging producers

In conjunction with this engagement, Arianne has granted to Endeavour 200,000 options exercisable at 98 cents for a period of three years, expiring June 28, 2019. These options vest upon either the closing of a project financing or as the result of an alternative transaction that may, amongst other things, result in a change of control.

Qualified person

Jean-Sebastien David, PGeo, qualified person as defined by National Instrument 43-101, has approved this release. Mr. David is also the company's chief operating officer.