CALGARY, Sept. 24, 2014 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TSX: KRN), announces that effective immediately Mr. Bruce Townsend, Chairman of the Board, has replaced Mr. Thomas Drolet as President and Chief Executive Officer of Karnalyte. The Board of Directors of Karnalyte thank Mr. Thomas Drolet for his efforts as President and Chief Executive Officer of the Corporation.
Mr. Townsend's appointment is on an interim basis and Karnalyte has begun a search for a President and Chief Executive Officer which is expected to be concluded in the next two months. Mr. Townsend will work closely with the Corporations' management team during the transition while a formal search for a permanent successor is completed.
Karnalyte also announces that Mr. Drolet has resigned from the Board of Directors and Mr. Jay Sujir of Vancouver has been appointed as a director of the Corporation effective immediately. Mr. Sujir is a corporate, securities and natural resources lawyer with extensive experience in advising and assisting public companies in Canada. He has been a Partner of Anfield Sujir Kennedy & Durno LLP since 1991 and is a member of the Law Society of British Columbia, the Canadian Bar Association, and of the British Columbia Advisory Committee of the TSX Venture Exchange.
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 impacts. Once financing is obtained 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.
Forward-Looking and Cautionary Statements
Some of the statements in this announcement may be forward-looking including statements relating to future business plans of Karnalyte, including the appointment of a permanent President and CEO. When used in this announcement, the words, "estimate", "approximate", potential and similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements regarding the intent, belief and current expectations of Karnalyte Resources Inc. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcome to differ materially from those suggested by any such statements. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Karnalyte's control. Please refer to Karnalyte's Annual Information Form for the year ended December 31, 2013 and dated March 26, 2014 and available for viewing at www.sedar.com, for a list of risk factors. Karnalyte's actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Karnalyte will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Karnalyte or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release.
SOURCE: Karnalyte Resources Inc.
For further information: Ron Love, Executive Vice-President Finance & Chief Financial Officer, Telephone: (403) 995-6560, E-mail: [email protected], Website: www.karnalyte.com