Trading Symbol: TSXV EPO.V
VANCOUVER , Oct. 7 /CNW/ - Encanto Potash Corp. ("Encanto" or the "Company") is pleased to announce it has commenced a 2D seismic program on the Muskowekwan First Nations lands which are located approximately 100 kilometres north of Regina, Saskatchewan.
The Muskowekwan lands consist of 43,000 acres of gentle rolling plains. To date six oil and gas wells surround the Muskowekwan Exploration Participation Agreement ("EPA") lands and have shown at least three potash beds are present in each of these wells.
"We are pleased and excited to see Encanto commence potash exploration on our Muskowekwan First Nations lands," says Muskowekwan Chief Reg Bellerose. "The economic potential and benefits resulting from a potash mine has our entire community excited. The exploration agreements the Muskowekwan have with Encanto and the planned exploration program fully respect our treaty rights and stewardship of our land. We look forward to working with Encanto and moving this project forward."
This is the seventh EPA that Encanto has signed with First Nations in Saskatchewan, totaling approximately 187,000 acres (75,675 hectares). This does not include the Spar Property that has recently been purchased from Lion Energy Corp. (formerly Raytec Metals Corp.).
As soon as this seismic survey is complete at the Muskowekwan lands, Encanto will begin another 2D seismic program at the nearby Daystar First Nations lands. Encanto has a fall 2009 budget of $6,500,000 of flow-through money required to be spent by December 31, 2009 . These flow through funds have been earmarked to include 2D and 3D seismic testing, as well as drilling several holes in the respective areas.
Encanto Chief Executive Officer James Walchuck states, "The Muskowekwan lands are in the heart of some of the best potash lands in the world and we are very excited to begin our 2D seismic work."
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.
ON BEHALF OF THE BOARD OF DIRECTORS "James Walchuck" Per: ------------------ James Walchuck 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.
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