CALGARY, Dec. 12, 2012 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or
the "Corporation") (TSX: KRN) today announced that the Saskatchewan
Ministry of Environment ("MOE") is in the process of scheduling a
public review period to consider Karnalyte's Wynyard Carnallite Project
(the "Project") Environmental Impact Statement ("EIS").
"The Saskatchewan Ministry of Environment has completed its technical
review of the Project's Environmental Impact Statement and is
proceeding to the public review stage of the approval process," said
Robin Phinney, President and CEO of Karnalyte. "The public review of
the EIS is the next step in the process to obtain Project approval so
this is an important development for the Corporation."
Karnalyte submitted a revised EIS to the Saskatchewan MOE on September
25, 2012. Once the MOE sets the date for the start of the public review
period, the notice will appear in newspapers and on the MOE website.
The EIS and technical review comments will be available for public
review for a period of 30 days.
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
Corporation's future operations, including the approval of the Wynyard
Carnallite Project by the Saskatchewan Ministry of Environment and
plant construction. 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, 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, Chief Financial Officer & Executive Vice-President
Telephone: (403) 995-6560