NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
Gensource Potash Corporation (“Gensource” or the “Company”)
(TSXV: GSP, AIM: GSP) is pleased to announce the acquisition of an
additional potash permit area, Block 59, through the recent
Government of Saskatchewan public offering of subsurface Mineral
Crown Dispositions S010. Block 59 abuts existing Gensource leases,
is approximately 7,244 hectares and represents a direct addition to
mineral leases KL244 and KL245 in Gensource’s Vanguard Area. Block
59 is located immediately north of KL245 in the Rural Municipality
of Huron No.223, which is the location of Gensource’s Tugaske
potash project (the “Tugaske Project”), the Company’s first modular
potash production project. The total price paid to the Government
of Saskatchewan for Block 59 was $103,305, or $14.26 per hectare of
Crown mineral rights and will be satisfied from existing cash
resources. Management believes that this is a cost-effective
addition to Gensource’s potash asset base. Pursuant to Schedule
Four of the AIM Rules for Companies, it is noted that there are no
profits attributable to Block 59.
Gensource’s President and CEO Mike Ferguson comments, “Gensource
is leading the way to what it believes is the future of the potash
industry and this land addition is an exciting opportunity to
complete further geological and project development work towards a
potential new project. We are already seeing new players following
Gensource’s lead, but the combination of Gensource’s technical
expertise to actually implement a project, innovative business
thinking, and first mover advantage means exciting things ahead for
the Company as we engage with new potential partners for future
projects.”
Further detail
Management believes that Saskatchewan contains the world’s
greatest resource of potash-bearing ores, found in the Prairie
Evaporite Formation. This resource is rich, widespread and
consistent in its grades and thicknesses and is very well
understood, having been discovered in the 1940s. Therefore, no one
needs to “explore” in order to “find” potash in Saskatchewan, as it
is available in abundance. On this basis, Gensource has operated
under a new philosophy that land, or mineral rights, is not the
most important aspect of a potash operation. Access to surface
infrastructure (road, rail, power, gas, water, etc.) necessary to
construct and operate a potash production facility is important.
Furthermore, the technology and the business plan to monetize the
resource in the most efficient manner are the key factors to
becoming a new potash producer.
Gensource is increasing the value proposition by developing an
environmentally sustainable and socially responsible mining
operation that eliminates the most negative impacts of traditional
potash mining: salt tailings and brine ponds. While the Tugaske
Project is Gensource’s first planned potash production module, the
Company has identified additional project opportunities in other
market areas. Gensource’s overall business plan is to develop
several modular projects within its Vanguard Area, each directing
product to clearly defined market areas.
Due to Block 59 being directly adjacent to KL245 and in close
proximity to the resource confirmation wells that Gensource has
drilled over the past several years, the data from those wells will
be applicable to Block 59. This optimizes and leverages Gensource’s
existing investments in geological and geophysical exploration and
analysis, making the process of defining a resource on Block 59
more efficient from both a cost and time perspective. Further,
being a separate mining permit, Block 59 is expected to create a
future project area, separate from the Company’s existing leases
KL244 and KL245, capable of supporting the implementation of even
more potash production modules under Gensource’s business
model.
For any press enquiries please contact us on
gensource@camarco.co.uk
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca Follow us on twitter
@GensourcePotash
About Gensource
Gensource is a fertilizer development company based in
Saskatoon, Saskatchewan and is on track to become the next
fertilizer production company in that province. With a small scale
and environmentally leading approach to potash production,
Gensource believes its technical and business model will be the
future of the industry. Gensource operates under a business plan
that has two key components: (1) vertical integration with the
market to ensure that all production capacity built is directed,
and pre-sold, to a specific market, eliminating market-side risk;
and (2) technical innovation which will allow for a small and
economic potash production facility, that demonstrates
environmental leadership within the industry, producing no salt
tailings, therefore eliminating decommissioning risk, and requiring
no surface brine ponds, thereby removing the single largest and
negative environmental aspect of potash mining.
Neither the 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.
Caution Regarding Forward-Looking
Statement
This news release may contain forward looking information and
Gensource cautions readers that forward- looking information is
based on certain assumptions and risk factors that could cause
actual results to differ materially from the expectations of
Gensource included in this news release. This news release includes
certain “forward-looking statements”, which often, but not always,
can be identified by the use of words such as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. These statements are based on information
currently available to Gensource and Gensource provides no
assurance that actual results will meet management’s
expectations.
Forward looking statements include estimates and statements with
respect to Gensource’s future plans, objectives or goals, to the
effect that Gensource or management expects a stated condition or
result to occur, including any development of additional potash
production modules. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated in
such statements for many reasons such as: failure to complete an
offering of securities; failure to finance the Tugaske Project or
other projects on terms which are economic or at all; failure to
settle a definitive joint venture agreement with a party and
advance and finance the Tugaske Project; changes in general
economic conditions and conditions in the financial markets; the
ability to find and source off-take agreements; changes in demand
and prices for potash; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Gensource’s activities; an inability to predict and
counteract the effects of COVID-19 on the business of Gensource,
including but not limited to the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour
and international travel and supply chains, failure to obtain
required regulatory approvals; and other matters discussed in this
news release and in filings made with securities regulators. This
list is not exhaustive of the factors that may affect any of
Gensource’s forward-looking statements. These and other factors
should be considered carefully, and readers should not place undue
reliance on Gensource’s forward-looking statements. Gensource does
not undertake to update any forward-looking statement that may be
made from time to time by Gensource or on its behalf, except in
accordance with applicable securities laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211220005876/en/
Gensource Potash Corporation Mike Ferguson – President
& CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / Rory Murphy / Charles Hammond +44 (0) 20 7409
3494
Peel Hunt LLP (Broker) Ross Allister / David McKeown /
Georgia Langoulant +44 (0) 20 7418 8900
Camarco (Financial PR) Gordon Poole / Charlotte
Hollinshead / Lily Pettifar +44 (0) 20 3757 4997
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