SASKATOON, Saskatchewan -- (Business Wire)
Gensource Potash Corp. (“Gensource” or the “Company”) (TSX.V:
GSP) is pleased to announce that both the Company and its Joint
Venture Partner, Essel Group ME (“EGME”), have appointed individuals to
directorship positions in Vanguard Potash Corporation (“Vanguard”).
The directors of Vanguard are:
-
From EGME:
-
Mr. Gagan Goel, Chairman Managing Director, Essel Group ME
-
Mr. Punkaj Gupta, Joint Managing Director and Group CEO, Essel
Group ME, and
-
Mr. Manoj Kumar Palaria, AGM-Finance, Essel Group ME.
-
From Gensource:
-
Mr. Dwayne Dahl, Director, Gensource Potash Corp., and
-
Mr. Mike Ferguson, President & CEO and Director, Gensource Potash
Corp.
Pursuant to the executed definitive Shareholder Agreement (the
“Agreement”) for Vanguard, announced April 4, 2017, the parties to the
agreement (being Gensource and EGME) are entitled to appoint a total of
5 directors of Vanguard: two nominated by Gensource and three nominated
by EGME.
Further, with the appointment of directors now complete, the Agreement
allows for the directors to complete the appointment of the management
team and begin the detailed planning to complete the development,
financing and construction of the Vanguard One project.
As a reminder, EGME and Gensource announced an MOU to create a joint
venture company on November 29, 2016 and subsequently announced the
execution of the definitive shareholder agreement on April 4, 2017.
The Vanguard joint venture company has been created to be the vehicle
that will own, construct and operate the Vanguard One project to be
located on a portion of Gensource’s KL 245 subsurface mineral lease.
Pursuant to the Agreement , the parties will use their best efforts to
subsequently expand the Vanguard One project from its initial 250,000
t/year production to a target production rate of 1.0 M t/year. Vanguard
will be furnished with the lease, engineering and geology completed to
the end of 2016, project development expertise and unique mining and
processing technology by Gensource, while EGME will provide Vanguard
with marketing for the potash produced, international logistics
expertise and capital financing. On this basis, Vanguard has a clear
path forward to implement a first-of-its-kind selective solution mining
project that has major economic advantages and, most significantly,
massively reduced environmental and community footprint as compared to
conventional potash production.
As a reminder, Gensource is in the detailed development phase of the
Vanguard One project. The feasibility study, expected to conclude in
second quarter 2017, will determine the technical and economic viability
of the project.
About Essel Group ME
EGME is a diversified conglomerate operating primarily in the Europe,
Middle East, Africa and Asia pacific region.
EGME is part of Essel Group, the Indian multinational conglomerate
operating in a broad spectrum of industries including media, packaging,
infrastructure and technology. Building on Essel Group’s 90-year history
of developing and promoting businesses, EGME is leading the Group’s
regional expansion and currently operates subsidiary businesses in the
natural resources, energy, industrial supply and logistics, education
and financial services sectors. For further information, please visit www.esselgroupme.com
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on
developing the next potash production facility in that province.
Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a
management and technical team with direct and specific expertise and
experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components -
vertical integration with the market to ensure that all production
capacity built is directed to a specific market, eliminating market-side
risk; and, technical innovation which will allow for a small and
economic potash production facility, the output of which can then be
directed to a single, specific market.
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.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and
Gensource cautions readers that forward looking information is based on
certain assumptions and risk factors that could cause actual results to
differ materially from the expectations of Gensource included in this
news release. This news release includes certain "forward-looking
statements”, which often, but not always, can be identified by the use
of words such as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". These statements are based
on information currently available to Gensource and Gensource provides
no assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements with respect
to Gensource’s future plans, objectives or goals, to the effect that
Gensource or management expects a stated condition or result to occur,
including funding and development pursuant to the definitive joint
venture agreement with the EGME, the expected timing for release of a
reserve estimate and a feasibility study and whether or not the study
will conclude that mineral production is feasible on a technical or
economic basis, and the establishment of vertical integration
partnerships and the sourcing of end use potash purchasers. Since
forward-looking statements are based on assumptions and address future
events and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results relating to, among other things,
funding and development pursuant to a definitive joint venture agreement
with the EGME, results of exploration, the economics of processing
methods, project development, reclamation and capital costs of
Gensource’s mineral properties, the ability to complete a feasibility
which supports the technical and economic viability of mineral
production, Gensource’s financial condition and prospects, the ability
to establish viable vertical integration partnerships and the sourcing
of end use potash purchasers, could differ materially from those
currently anticipated in such statements for many reasons such as:
failure to obtain funding and undertake development pursuant to thedefinitive
joint venture agreement with the EGME; an inability to finance and/or
complete an update of the resource estimate to a reserve estimate, and a
feasibility study which supports the technical and economic viability of
mineral production; changes in general economic conditions and
conditions in the financial markets; the ability to find distributors
and source off-take agreements; changes in demand and prices for potash;
litigation, legislative, environmental and other judicial, regulatory,
political and competitive developments; technological and operational
difficulties encountered in connection with Gensource’s activities; and
other matters discussed in this news release and in filings made with
securities regulators. This list is not exhaustive of the factors that
may affect any of Gensource’s forward-looking statements. These and
other factors should be considered carefully and readers should not
place undue reliance on Gensource’s forward-looking statements.
Gensource does not undertake to update any forward-looking statement
that may be made from time to time by Gensource or on its behalf, except
in accordance with applicable securities laws.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425006332/en/
Contacts:
For further information please contact:
Gensource Potash Corp.:
Mike
Ferguson, 306-974-6414
President & CEO
mike@gensource.ca
Source: Gensource Potash Corp.
© 2024 Canjex Publishing Ltd. All rights reserved.