Encanto Potash Corp and the Department of Indigenous and Northern Affairs Met to Discuss Potential Federal Support for the Project and Muskowekwan First Nations Economic Development
Dec 13, 2017, 09:00 ET
VANCOUVER, Dec. 13, 2017 /CNW/ - Encanto Potash Corp. ("Encanto Potash" or the "Company"), an emerging potash development, mining and operating company advancing the Muskowekwan property in Saskatchewan, in partnership with Muskowekwan First Nations, is pleased to announce the most recent meeting between the Muskowekwan First Nation ("MFN"), Encanto Potash and several federal departments where information was shared about the state of the project and opportunities to move forward collectively. The Government of Canada has indicated that they will facilitate a coordinated federal discussion to allow for more streamlined supports for the project. The objective for Encanto Potash is to build a strong working relationship, starting with a government communication, to identify opportunities for the various departments to become involved in the success of Muskowekwan First Nations and Encanto Potash Corp.
The meeting was arranged to discuss the project's current positioning and the recent financing from Global Emerging Markets, the increased role of the First Nations throughout project development and operations, and the ancillary projects associated with the $4.03 billion CAD Potash mine to be developed on the 61,400 acres of approved MFN land. The ancillary project's include water supply infrastructure , waste water mitigation infrastructure, commercial and port infrastructure, on site community development and sustainable housing and construction of energy facilities to support the mine and on-site development.
During construction and operations, the Encanto Potash project is projected to substantially increase employment and a jobs training program will be developed working with MFN and the federal agencies. Together, the parties discussed potential federal supports for the project as well as Muskowekwan First Nations economic development. The Encanto Potash project team discussed the 20 year, 5 million metric ton per year off-take agreement in place with the National Federation of Farmers Procurement, Processing, and Retailing Cooperatives of India Ltd, a multi-state agency registered under the Ministry of Agriculture. All parties discussed the positive role the project could play in the bilateral trade relationship between the Government of Canada and India.
Chief Reginald Bellerose remarked, "This is a fantastic opportunity for the Government of Canada and our First Nations to work collaboratively on this significant economic project. We are proud of the achievements to date and look forward to the next steps as we further advance the project."
Encanto Potash Senior Management member Jeffrey Brown, "The meeting between the two groups, the exchange of ideas, and the commitment to work together was extremely encouraging. We all recognized there are numerous benefits for all parties, working ultimately to achieve success in building the mine, building economic viability for FN, and enhancing Canadian relations internationally."
About Encanto Potash Corp
Encanto Potash Corp. is a TSX Venture Exchange listed and traded Canadian Resource Company engaged in the development of potash properties in the Province of Saskatchewan, Canada, the largest producing potash region in the world. Through a joint venture agreement with Muskowekwan Resources Ltd, Encanto has secured a project land package which totals approximately 61,000 largely contiguous acres. Pre-Feasibility Study dated February 28, 2013 titled "Encanto Potash Corp. Technical Report Summarizing the Preliminary Feasibility Study for the Muskowekwan First Nations Home Reserve Project in South Eastern Saskatchewan, Canada" confirms the Proven and Probable KCI Reserves totaling 162 Mt grading 28% KCl (average) which supports primary and secondary mining for over 50 years at an assumed annual rate extraction rate of 2.8 Mt of MOP. The PEA dated May 24, 2017 titled " NI 43-101 Technical Report on a Preliminary Economic Assessment and Preliminary Feasibility Study of the Muskowekwan Potash Project, South-Eastern Saskatchewan, Canada" summarizes an alternative development option that supports primary and secondary mining of the Mineral Resources for 48 years at an annual extraction rate of 3.4 Mt of MOP. On December 30, 2016, Encanto signed a 20-year off-take agreement with the National Federation of Farmers' Procurement, Processing, and Retailing Cooperatives of India Ltd., (NACOF) registered under the Ministry of Agriculture, Government of India to supply 5 million metric tons a year of potash.
For further information please contact: Jeffrey Brown at [email protected]
THIS DOCUMENT MAY CONTAIN "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF CANADIAN SECURITIES LEGISLATION AND "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THIS INFORMATION AND THESE STATEMENTS, REFERRED TO HEREIN AS "FORWARD-LOOKING STATEMENTS" ARE MADE AS OF THE DATE OF THIS DOCUMENT. GENERALLY, THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS "EXPECTS", "ANTICIPATES", "PLANS", "PROJECTS", "ESTIMATES", OR VARIATIONS THEREOF OR STATING THAT CERTAIN ACTIONS, EVENTS OR RESULTS "MAY", "COULD", "WOULD", OR "MIGHT" BE TAKEN, OCCUR OR BE ACHIEVED. FORWARD-LOOKING STATEMENTS, WHILE BASED ON MANAGEMENT'S BEST ESTIMATES AND ASSUMPTIONS, ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS, INCLUDING BUT NOT LIMITED TO: RISKS RELATING TO VARIATIONS IN THE MINERAL CONTENT WITHIN THE MATERIAL IDENTIFIED AS MINERAL RESOURCES FROM THAT PREDICTED; VARIATIONS IN RATES OF RECOVERY AND EXTRACTION; THE GEOTECHNICAL CHARACTERISTICS OF THE ROCK MINED OR THROUGH WHICH INFRASTRUCTURE IS BUILT DIFFERING FROM THAT PREDICTED, DEVELOPMENTS IN WORLD METALS MARKETS; RISKS RELATING TO FLUCTUATIONS IN THE CANADIAN DOLLAR RELATIVE TO THE US DOLLAR; INCREASES IN THE ESTIMATED CAPITAL AND OPERATING COSTS OR UNANTICIPATED COSTS; DIFFICULTIES ATTRACTING THE NECESSARY WORK FORCE; INCREASES IN FINANCING COSTS OR ADVERSE CHANGES TO THE TERMS OF AVAILABLE FINANCING, IF ANY; TAX RATES OR ROYALTIES BEING GREATER THAN ASSUMED; CHANGES IN DEVELOPMENT OR MINING PLANS DUE TO CHANGES IN LOGISTICAL, TECHNICAL OR OTHER FACTORS; CHANGES IN PROJECT PARAMETERS AS PLANS CONTINUE TO BE REFINED; RISKS RELATING TO RECEIPT OF REGULATORY APPROVALS; DELAYS IN STAKEHOLDER NEGOTIATIONS; CHANGES IN REGULATIONS APPLYING TO THE DEVELOPMENT, OPERATION, AND CLOSURE OF MINING OPERATIONS FROM WHAT CURRENTLY EXISTS; THE EFFECTS OF COMPETITION IN THE MARKETS IN WHICH ENCANTO OPERATES; AND OPERATIONAL AND INFRASTRUCTURE RISKS. ALTHOUGH MANAGEMENT HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED OR INTENDED. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS. ENCANTO DISCLAIMS ANY OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN OR TO PUBLICLY ANNOUNCE THE RESULT OF ANY REVISIONS TO ANY SUCH STATEMENTS TO REFLECT FUTURE RESULTS, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LAW. PLEASE REFER TO ENCANTO'S MOST RECENT FILINGS UNDER ITS PROFILE AT WWW.SEDAR.COM FOR FURTHER INFORMATION RESPECTING THE RISKS AFFECTING ENCANTO AND ITS BUSINESS.
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.
SOURCE Encanto Potash Corp.
Share this article