TSX-V: EPO
VANCOUVER, July 9, 2018 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company") (TSX-V: EPO) is pleased to announce
the appointment of Mr. Richard
Lively to the position of Chief Operating Officer. "Since
joining Encanto, Richard Lively has
shown great ingenuity to bring the Muskowekwan Potash Project
forward", commented CEO Stavros
Daskos.
Mr. Lively will continue working towards analyzing the potential
of lowering Capex, creating efficiency in Opex with a goal of
reducing the construction costs and strategically optimizing
transportation costs, and maintaining reasonable engineering costs.
Under Mr. Lively's guidance, Encanto will initialize the
engineering plan immediately, and move the project towards the
construction stage.
Encanto will imminently engage an engineering firm to perform a
value engineering analysis in efforts to lower the project's total
Capex. To move the project to detailed design and engineering,
Encanto will use the summer months to complete the value
analysis. Encanto also expects to have a finalized EIS gap
analysis by end of summer 2018, laying out the next 12 months of
EIS work to finalize the study.
With 3 plus decades of experience, Mr. Lively will help Encanto
create an efficient project design, in the Company's endeavour to
deliver value-maximized potash for the 20 years of production
needed to supply the off-take with NACOF. With this added
experience, Encanto is positioned to manage in-house key
development engineering costs for the immediate project steps such
as addressing EIS deficiencies. Mr. Lively states, "By
managing project design and staying in control, we can avoid costly
overruns, duplication, delays, and high engineering costs. I
believe in the model of having vendors and engineering firms
compete and offer fair fees to come in line with Encanto's
budget."
"With both the engineering and environmental analysis to be
completed this summer, we are working towards a construction start
in November 2019. Our new COO has
joined the Encanto team to see this plan forward. By optimizing the
design, we will have a stellar operation and can compete in the
near future as well as long term in this tight potash market",
states Mr. Daskos.
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:
Gary
Deathe
Director of Corporate Development
Toronto, Tel: 905-510-3079
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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
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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
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ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE
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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.
SOURCE Encanto Potash Corp.