Ethiopian Potash Appoints New Director
TORONTO, ONTARIO -- (Marketwire) -- 06/02/11 -- Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE: FED)(TSX VENTURE: FED.WT) is pleased to announce today the appointment of Robert J. Metcalfe as a director of the Company and the simultaneous resignation of Wally Rudensky from the board of directors.
Commenting on the Board changes, Board Chairman, George Roach noted the Company's appreciation and thanks to Wally Rudensky. He commented further that this change was in line with the Company's declared policy of progressing from a transitional phase that had dealt with the successful listing of the company to a fully operational phase designed to increase shareholder value through intensive exploration and resource development. In this regard, he noted that the company's drilling rigs are in the process of being commissioned and are expected to be "turning" within the week.
Robert Metcalfe has been counsel at Metcalfe, Blainey & Burns LLP since 2001, and, prior to that, he was a senior partner with the law firm Lang Michener LLP for 20 years. Mr. Metcalfe currently serves as director and Chairman of Medoro Resources Ltd. (gold), and is a director of natural resources companies Alange Energy Corp. (oil and gas), Xinergy Corp. (coal), Axmin Inc. (gold), the intellectual property company ION Inc. of England and the clean-technology corporation Evandtec Inc. He is the former President and Chief Executive Officer of Armadale Properties (office building construction, finance and land development), and has served as a director of numerous natural resource corporations, including Central Patricia Gold Mines Limited, Iron Bay Trust Inc., Faraday Resources (Uranium) Ltd. and Chimo Gold Mines Inc. Mr. Metcalfe has also served as a director of Canada Lands Company Limited, the largest real estate corporation in Canada, and CN Tower Limited, the tallest communications structure in the world. Mr. Metcalfe brings to the board of directors his extensive experience serving on the board of numerous natural resources corporations.
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.
The Danakil Depression in northern Ethiopia contains one of the largest undeveloped potash resources in the world. This resource is significant because it is a relatively flat lying and occurs close to surface in comparison to the potash deposits in Saskatchewan which occur at depths greater than one kilometre. EPC has two contiguous development concessions cover 481 sq km in the heart of the Danakil Depression.
The Company has filed a NI 43-101 report prepared by Ercosplan, the acknowledged authority on the Danakil Depression, which identifies a NI 43-101 compliant inferred resource of 128 million tonnes grading 21% KCL. Ercosplan recommends a 15,000 metre diamond drilling program to further define and expand the known resource; this program is scheduled to start before the end of this month and will provide the basis for a scoping study and subsequent feasibility scheduled to commence in Q-4 of this year, a major milestone on EPC's path to production.
On behalf of the Board of Directors
David Wahl, President and CEO
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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Ethiopian Potash Corp.
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Ethiopian Potash Corp.
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