EPC Continues to Intersect Potash Horizons and Increase Rate of Drilling on its 481km2 Danakil Project, Ethiopia
TORONTO, ONTARIO -- (Marketwire) -- 09/22/11 -- Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is pleased to announce that it has now completed nine (9) holes, and is currently drilling the tenth hole (10) of its ongoing exploration/development program.
While the Company is discouraged at the slow assay turnaround time for its initial core samples, EPC continues to be encouraged by the fact that it is clear from visual inspection that all of the holes have intersected the regional Danakil Potash Formation, and all holes intersected potash mineralization.
The holes were drilled along the western edge of the Danakil and targeted the on-strike continuation of the Musley potash deposit situated approximately 10 kilometers south of EPC's SW discovery area. The potash horizons encountered are within 200m of the surface and present several possible mining scenarios.
Following completion of the summer field program, the Company is in the process of constructing drill-site access and seismic roads on the floor of the Danakil as we enter the dry season. One of the roads will be extended across the Danakil to provide access to the eastern portion of the property, and the potash discoveries at Colluli. Based on historic and recent drill results on the adjacent property the Company expects to intersect potash mineralization in drill holes at depths from near surface to approximately 100 meters depth.
Mr. Wahl President and CEO of EPC stated; "The Company has worked through the normal startup challenges which occur in remote camps, and is pleased that efficiencies are improving across the board.
"We are also very happy with EPC's go-forward plan for road access, new and expanded drilling program, seismic survey and concurrent drilling of the South West and Eastern target areas of our concession, as shown in the map linked below.
"We look forward to having a steady stream of news to disseminate in the Autumn, and as previously stated in our press release dated August 22nd 2011, EPC will release assays upon receipt."
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralization potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
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.
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