Allana Reports the Start of the Tadjoura Port Project by Government of the Republic of Djibouti
TORONTO, ONTARIO -- (Marketwire) -- 02/22/12 -- Allana Potash Corp. (TSX: AAA)(OTCQX: ALLRF) ('Allana' or the 'Company') is pleased to announce that the Government of the Republic of Djibouti Ministere de l'Equipment et des Transport, through the Djibouti Port and Free Zone Authority ('Port Authority'), has begun the pre-qualification process to select contractors for the construction of the new port at Tadjoura, Djibouti.
As released by the Djibouti Government, under financing to be secured from the Arab Fund for Economic and Social Development and the Saudi Fund for Development, the Djibouti Government-owned Port Authority will build and operate marine civil facilities and common services to be constructed with an initial 30 hectare yard and a 435 metre quay. Allana will continue to work with the Djibouti authorities to integrate the required potash storage and handling facilities into the new port plans. Further information on the Tadjoura Port Project can be found on the Port Authority's project website www.tadjoura-port.webs.com.
Farhad Abasov, President and CEO, commented: 'Allana is encouraged by the admirable progress made by the Djibouti Government in the ongoing development of the country's transportation infrastructure. Allana understands that both the Djibouti and Ethiopian Governments are looking to the strategic Danakhil potash resource as one of the catalysts for the development of road, port and rail facilities critical to the continued economic growth within the region and we are pleased to have the opportunity to participate in supporting these developments.'
Highway construction by government contractors is actively proceeding to connect the Dallol potash region with industrial quality, paved roads both to the Company's project development staging facilities in Mekele and to the southern highway to both the existing and new ports in Djibouti, which would be available with sufficient capacity to serve the project. Discussions are also progressing with government departments and private sector operators regarding rail facilities linking road and port infrastructure. The Company continues to expect that the infrastructure required for the Company's Dallol potash project to reach full operation will be in place concurrently with or in advance of the Company's projected construction period.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia. Allana has secured financial support from two significant strategic investors: IFC, a member of World Bank Group, and Liberty Metals and Mining, a member of Liberty Mutual Group. Allana has Measured and Indicated Sylvinite Resources of 97.8 Million Tonnes of 30.0% KCl; Inferred Sylvinite Resource of 108.3 Million tonnes grading 31.3% KCl; Measured and Indicated Kainitite Resources of 284.2 Million tonnes at 19.8% KCl, Inferred Kainitite Resource of 271.2 Million Tonnes of 20.3% KCl; Measured and Indicated Upper Carnallitite Resources of 78.5 Million Tonnes grading 18.4% KCl, Inferred Upper Carnallitite Resource of 85.6 Million Tonnes of 17.1% KCl; Measured and Indicated Lower Carnallitite Resources of 212.6 Million Tonnes of 12.0% KCl, Inferred Lower Carnallitite Resource of 130.7 Million Tonnes grading 11.7% KCl. The foregoing mineral resource estimates are as at June 13, 2011 and are set out in the Company's NI 43-101 compliant Technical Report entitled 'Resource Report for the Danakhil Potash Deposit, Afar State/Ethiopia' dated June 24, 2011 filed on SEDAR. Allana has approximately 222,607,557 million shares outstanding and trades on the Toronto Stock Exchange under the symbol 'AAA'.
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes 'forward-looking information' under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect and estimated timeline of the development of the port facility and local infrastructure, the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting, ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims; Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
Contacts:
Investor Cubed
Neil Simon
647 258 3310
info@investor3.ca