Ethiopian Potash Grants Stock Options

TORONTO, ONTARIO -- (Marketwire) -- 06/23/11 -- Ethiopian Potash Corp. ("EPC" or the "Company")(TSX VENTURE: FED)(TSX VENTURE: FED.WT)(OTCQX: ETPHF) today announced the grant of 1,587,162 incentive stock options to certain directors and officers of the Company, subject to all necessary approvals. The options are exercisable for five years at an exercise price equal to yesterday's closing price of the Company's shares on the TSX Venture Exchange, being $0.88.

About Ethiopian Potash Corp.

Ethiopian Potash Corp. (TSX VENTURE: FED)(TSX VENTURE: FED.WT)(OTCQX: ETPHF) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralisation 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.

On behalf of the Board of Directors

David Wahl, President and CEO

Forward-Looking Information

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.

Contacts:
Adam Chambers
+1 416 907 9422
achambers@gmfbcommunications.ca

Ethiopian Potash Corp.
David Wahl
President & CEO
+1 416 843 7851
dwahl@ethiopianpotash.com

Ethiopian Potash Corp.
George Roach
Chairman
+44 77 9626 3999
groach@ethiopianpotash.com