OKOTOKS, AB, Feb. 3 /CNW/ - Robin L. Phinney ("Phinney") acquired ownership and control of 1,100 common shares of Karnalyte Resources Inc. ("Karnalyte"), on December 14, 2010, pursuant to the initial public offering ("IPO") of Karnalyte by way of long form prospectus.  Details of the acquisitions are available on SEDI, as required.

As at February 1, 2011, Phinney owns or controls 3,944,400 common shares of Karnalyte ("Common Shares"), representing approximately 19.6% of Karnalyte's issued and outstanding Common Shares.  Of the 3,944,400 Common Shares owned or controlled, 694,400 Common Shares are held personally by Phinney and 3,250,000 Common Shares are held by 1385659 Alberta Ltd. ("1385659"), a private company controlled by Phinney.  Phinney is also the holder of the following stock options ("Options") of Karnalyte: (i) 117,000 options to purchase Common Shares on or before December 20, 2015 at a price of $8.60 per share; (ii) 150,000 options to purchase Common Shares on or before February 4, 2012 at a price of $5.00 per share; and (iii) 126,000 options to purchase Common Shares on or before December 31, 2012 at a price of $5.00 per share.  If the Options were exercised and converted into Common Shares effective February 2, 2011, Phinney would own 4,337,400 Common Shares, representing approximately 21.6% of Karnalyte's issued and outstanding Common Shares.

The acquisition made by Phinney from treasury pursuant to the IPO was at the IPO price of $8.60 per share.

This acquisition by Phinney was made for investment purposes and Phinney and/or 1385659, may from time to time increase or decrease their holdings in Karnalyte depending on market conditions or any other relevant factor.  This new release is being issued pursuant to securities legislation in each province of Canada and will be filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") with the report required under National Instrument 62-103.  The issuance of this news release is not an admission that Phinney is a joint actor with any other entity.

SOURCE Robin Phinney

For further information:

The address of Phinney is 104 - 26 Crystalridge Drive, Okotoks, Alberta, T1S 2C3.

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Robin Phinney

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