CALGARY, Oct. 31, 2013 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or
the "Corporation") (TSX: KRN) today confirmed that it is not aware of
any material undisclosed information that may be contributing to the
recent decrease in market price and level of trading activity of its
Karnalyte remains committed to advancing the Wynyard Carnallite Project
towards construction, commissioning and production. The Corporation
continues to assess the implications of the recent developments in the
global potash market environment and evaluate various strategic
alternatives. Karnalyte will notify the market via press release should
it make changes to its corporate strategy.
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 impacts. 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
Corporation's future operations. 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 operations. 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, the availability of capital, 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. Readers are
cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect
Karnalyte's operations and financial results are included in documents
on file with Canadian Securities regulatory authorities and maybe
accessed through the SEDAR website (www.sedar.com). 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, Executive Vice-President Finance & Chief Financial Officer
Telephone: (403) 995-6560