CALGARY, Nov. 4, 2011 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or
the "Corporation") (TSX: KRN) today announced that it has appointed Mr.
Sean M. Durfy to serve as Director of the Corporation.
"Mr. Durfy brings a substantial set of skills and experience to
Karnalyte's Board. Mr. Durfy has a proven track record of
commercializing both small and large businesses and has a very strong
sales and marketing background," said Robin Phinney, President and CEO
of Karnalyte. "We believe that Mr. Durfy will provide invaluable
guidance as Karnalyte prepares to construct its potash mining facility
and bring its high-quality potash product to market."
Mr. Durfy was the President, CEO and director of WestJet Airlines from
2006 through 2010, and Executive Vice President of Marketing, Sales and
Airports for WestJet from 2004 through 2006. Prior to joining WestJet,
Mr. Durfy was the President of ENMAX Energy Corporation from 2001
through 2004, and Vice President of Unregulated Business from 1999
through 2001. Mr. Durfy currently serves as a Board Member and Chair of
Compensation and Governance Committee for Touchstone Exploration Inc.
and a Board Member of Northland Power Inc. Mr. Durfy has a Bachelor of
Commerce Degree in Finance and Marketing from Dalhousie University.
Management of the Corporation expects to appoint an additional director
by the end of November.
About Karnalyte Resources Inc.
Karnalyte is engaged in the business of exploration and development of
high quality agricultural and industrial potash and magnesium
products. Karnalyte intends to develop and extract a carnallite -
sylvite mineral deposit through a known solution mining process at
competitive costs and with minimal environmental impact. Using a
staged approached to potash plant construction, the Corporation plans
to operate a solution mining facility that will initially produce
625,000 tonnes of potash per year, increasing to 2.125 million tonnes
of potash per year. Karnalyte owns a 100% interest in Subsurface Permit
KP 360A and Subsurface Mineral Lease KLSA-010 located near Wynyard,
Saskatchewan, comprising a total of 85,126 acres.
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning the
appointment of an additional director. The forward-looking statements
contained in this document are based on certain key expectations and
assumptions made by Karnalyte, including with respect to the
Corporation's future plans. Although Karnalyte believes that the
expectations and assumptions on which the forward-looking statements
are based are reasonable, undue reliance should not be placed on the
forward-looking statements because Karnalyte can give no assurance that
they will prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, the failure to obtain
necessary regulatory approvals, risks associated with the mining
industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the
uncertainty of estimates and projections relating to production, costs
and expenses, and health, safety and environmental risks), commodity
price and exchange rate fluctuations. The forward-looking statements
contained in this document are made as of the date hereof and Karnalyte
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Karnalyte Resources Inc.
For further information:
Robin Phinney, President & Chief Executive Officer
Ron Love, Chief Financial Officer & Vice-President Finance
Julius Brinkman, Vice-President Corporate Development
Telephone: (403) 995-6560