Encanto Potash Corp. updates the Treaty Land Entitlement designation process
posted on
Dec 08, 2011 09:22AM
The project contains 162.0 million tonnes of recoverable KCI Proven and Probable Reserves. It also contains a recoverable Indicated KCI resource of 31.3 million tonnes and an Inferred KCI resource of 158.7 million tonnes.
cnw
Trading Symbol: TSXV EPO.V
VANCOUVER, Dec. 8, 2011 /CNW/ - Encanto Potash Corp. ("Encanto" or the
"Company") (TSXV: EPO) or (OTCQX: ENCTF) is pleased to provide an
update on the Treaty Land Entitlement (TLE) designation process.
The Company, along with its partners, The Muskowekwan First Nation
(MFN), wish to announce the initiation of a second designation vote.
"The process to review discrepancies in the voting list, which we felt
had merit, may have taken a considerable time to bring to a resolution
rather than the option of conducting a second vote. Accordingly, we
have been advised that the Muskowekwan Chief and Council have passed
and tabled the necessary resolution to Aboriginal Affairs and Northern
Development Canada ("AANDC") which allows them to conduct a second vote
which is expected to occur in February 2012. This second vote, as per
AANDC regulations will require a simple majority of those voting to be
in favour of the mineral designation in order to succeed. In light of
the overwhelming positive support from the Muskowekwan band membership
in the first vote held on November 26, 2011, we see this as a very
positive and expedient decision made by the leadership." stated Encanto
President and CEO, Jim Walchuck.
The Muskowekwan Chief and Council will notify Encanto promptly when they
receive a confirmed date from AANDC. This second vote will be held on
the Home Reserve.
AANDC will attend the voting site on the MFN Home Reserve as well as
receive any ballots delivered by mail. In order for the designation
vote to pass, this second and final vote requires a simple majority of
those voting to be in favour. As noted in the Encanto news release of
November 28, 2011, approximately 80% of the overall votes in the prior
designation vote held on November 26, 2011 were cast in favour of
designating the property mineral rights.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange and OTCQX listed Canadian
resource company engaged in the exploration and development of potash
properties in the Province of Saskatchewan, Canada, the largest
producing region for potash in the world. Encanto's flagship
Muskowekwan First Nation property has a recent NI 43-101 resource
estimate containing 79.1 million tonnes of KCI grading 29.4% in the
Indicated resources category along with 60.5 million tonnes grading
29.7% in the Inferred resource category. These resources, based on the
solution mining method, may be increased substantially with the
addition of the Treaty Land Entitlement acreage. A Preliminary Economic
Assessment (PEA), based solely on the Indicated Resource estimate, was
released in August of 2011 and a further release of an expanded NI
43-101 compliant resource estimate is scheduled in 2012.
The technical content of this news release has been reviewed by Ross
Moulton, VP of Exploration for Encanto, a qualified person as defined
by NI 43-101.
For additional information about Encanto Potash Corp., please visit the
Company's website at http://www.sedar.com/">www.sedar.com.