Trading Symbol: TSXV EPO.V
VANCOUVER, Oct. 30 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Company") is pleased to announce the granting of an INAC (Indian Northern Affairs Canada) drill permit for the Ochapowace First Nations lands, in Saskatchewan.
Barlon Engineering and Nabors Drilling of Calgary have been retained to conduct the drill program. This initial program will be comprised of a 1,350 metre hole. The purpose of the program is to evaluate the potential of the property to host economic grades of potash, as well as to calibrate the information received from the 2D and 3D seismic programs.
The Ochapowace First Nations lands are surrounded by several oil and gas boreholes that indicate there are 3 potash beds present on the property, and with significant widths.
Encanto has an agreement with the Ochapowace First Nations that gives them a 3% Gross Over Riding Royalty (GORR) upon production of any potash deposit that gets developed with Encanto on their lands.
Encanto CEO James Walchuck says "With this drill program, Encanto hopes to prove our theory that the potash found in surrounding oil wells goes completely through Ochapowace lands. Results from this program should be available in five to six weeks and will hopefully indicate potentially economic grades on the property."
The 2D seismic program continues on the Muskowekwan and Daystar First Nations land and is nearing completion. These are the fourth and fifth First Nations lands on which Encanto will have completed 2D seismic surveys.
Encanto is also pleased to announce the appointment of Gordon Keep as the independent Chairman of the Board. Mr. Keep is Executive Vice-President of Fiore Financial Corporation and has extensive business experience in investment banking, and creating public natural resource companies.
Encanto Potash Corp. is a TSX Venture Exchange-listed Canadian resource company engaged in the exploration and development of potash properties in the Province of Saskatchewan, Canada - the largest producing region for potash in the world.
To find out more about Encanto Potash Corp., please visit the company website at www.encantopotash.com or review the documents filed on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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.
THE FOREGOING INFORMATION MAY CONTAIN FORWARD-LOOKING INFORMATION RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY. FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE, AMONG OTHERS, THE ACTUAL RESULTS OF EXPLORATION ACTIVITIES, CHANGES IN WORLD COMMODITY MARKETS OR EQUITY MARKETS, THE RISKS OF THE MINING INDUSTRY INCLUDING, WITHOUT LIMITATION, THOSE ASSOCIATED WITH THE ENVIRONMENT, DELAYS IN OBTAINING GOVERNMENTAL APPROVALS, PERMITS OR FINANCING OR IN THE COMPLETION OF DEVELOPMENT OR CONSTRUCTION ACTIVITIES, TITLE DISPUTES, CHANGE IN GOVERNMENT AND CHANGES TO REGULATIONS AFFECTING THE MINING INDUSTRY, AND OTHER RISKS AND UNCERTAINTIES DETAILED FROM TIME TO TIME IN THE COMPANY'S FILINGS WITH THE CANADIAN SECURITIES ADMINISTRATORS (AVAILABLE AT WWW.SEDAR.COM). FORWARD-LOOKING STATEMENTS ARE MADE BASED ON VARIOUS ASSUMPTIONS AND ON MANAGEMENT'S BELIEFS, ESTIMATES AND OPINIONS ON THE DATE THE STATEMENTS ARE MADE. SHOULD ONE OR MORE OF THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING INFORMATION CONTAINED HEREIN. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
SOURCE Encanto Potash Corp.
For further information: For further information: James Walchuck, President and CEO, Tel: (604) 683-2402; Keith Schaefer, Vanguard Shareholder Solutions, Tel: (604) 608-0824, Toll Free: 1-866-918-0824