FIRST MINING DEVELOPMENT IN SASKATCHEWAN ON FIRST NATIONS LAND
MUSKOWEKWAN TO RECEIVE REVENUE STREAM THROUGH PARTICIPATION IN THE
PROJECT
AMEC FOSTER WHEELER ENGINEERS TO PROVIDE
EXPERT SUPPORT
TSXV: EPO
VANCOUVER, March 23, 2017 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company") (TSXV: EPO) is pleased to announce
that Amec Foster Wheeler ("AMEC") has signed a Memorandum of
Understanding ("MOU") with Muskowekwan Resources Ltd. ("MRL"), a
wholly-owned operating company of the Muskowekwan First Nations and
Encanto Potash Corp.
MRL and Encanto have a joint venture agreement to develop the
Muskowekwan Potash Project – the first mining project in
Saskatchewan, Canada, on First
Nations land.
The MOU sets forth the terms of engagement under which Amec
Foster Wheeler aims to provide First Nations members and businesses
with opportunities for employment, training, and mentoring during
each phase of the project, and is part of AMEC's approach to
sustainability that includes integrating social, environmental and
economic conditions into AMEC's values and operations. This
includes establishing and maintaining the social license to operate
and integrating sustainability goals into the early stages of every
project.
Muskowekwan, a Saulteaux (Ojibway) First Nation located
approximately 140 km northeast of Regina, will receive a revenue stream through
its participation in the project, and will be supported by
engineering experts from Amec Foster Wheeler.
Duane Gingrich, Senior Vice
President, North America for Amec
Foster Wheeler's Mining business said:
"The foundation of the Memorandum of Understanding is based on
our strong relationship with the First Nation community. We are
truly honoured to have signed this historic agreement that will
help foster a culture of economic independence, ownership and
entrepreneurship amongst First Nations and local communities."
Muskowekwan Chief and MRL President Reginald Bellerose said:
"We look forward to working with Amec Foster Wheeler on this
significant agreement to advance this opportunity. This agreement
is a good step towards our goal of generating our own source
revenues and providing access to training and employment for our
people."
Encanto Potash Corp., President and CEO Stavros Daskos said:
"Working with Amec Foster Wheeler since their introduction to
Encanto by Chief Bellerose has been an enormous help for the
project. The team is always available, detail oriented and very
devoted to helping us succeed. This relationship is exemplary of
how First Nations business people, engineers, and international
corporations work together on building industry to secure the
future."
ABOUT AMEC FOSTER WHEELER:
Amec Foster Wheeler (www.amecfw.com) designs, delivers and
maintains strategic and complex assets for its customers across the
global energy and related sectors. Employing around 36,000 people
in more than 55 countries and with 2016 revenues of £5.4 billion,
AMEC operates across the oil and gas industry – from production
through to refining, processing and distribution of derivative
products – and in the mining, process & power, pharma,
environment and infrastructure markets. Amec Foster Wheeler offers
full life-cycle services to offshore and onshore oil and gas
projects (conventional and unconventional, upstream, midstream and
downstream) for greenfield, brownfield and asset support projects,
plus leading refining technology.
Amec Foster Wheeler shares are publicly traded on the London
Stock Exchange and its American Depositary Shares are traded on the
New York Stock Exchange. Both trade under the ticker AMFW.
ABOUT ENCANTO:
Encanto Potash Corp. is a TSX Venture Exchange listed and traded
Canadian resource company engaged in the development of potash
properties in the Province of Saskatchewan, Canada, the largest producing
potash region in the world. Through a joint venture agreement with
Muskowekwan Resources Ltd. on our flagship property, Encanto has a
project land package which totals approximately 61,000 largely
contiguous acres. A Pre-Feasibility Study dated February 28, 2013 titled "Encanto Potash Corp.
Technical Report Summarizing the Preliminary Feasibility Study for
the Muskowekwan First Nations Home Reserve Project in South Eastern
Saskatchewan, Canada" confirms the Proven and Probable KCI Reserves
totaling 162 MMt grading 28% (average) which supports primary and
secondary mining for over 50 years at an assumed annual rate
extraction rate of 2.8 million tonnes.
The technical content of this news release has been reviewed and
approved by James Walchuck, a
qualified person as defined by NI 43-101.
For additional information about Encanto Potash Corp., please
visit the Company's website at www.encantopotash.com or review the
Company's documents filed on www.sedar.com.
NEITHER 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.
THE FOREGOING INFORMATION MAY CONTAIN FORWARD-LOOKING
INFORMATION RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY.
FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR
FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE,
AMONG OTHERS, THE SATISFACTION OF ANY APPLICABLE CONDITIONS IN
RESPECT OF THE MMTC MOU AND THE OFFTAKE AGREEMENT INCLUDING THOSE
IN RELATION TO PROJECT TIMELINES, THE ASSUMPTIONS AND ESTIMATES IN
THE COMPANY'S PRE-FEASIBILITY STUDY OF THE MUSKOWEKWAN PROJECT (THE
"PFS") PROVING TO BE ACCURATE OVER TIME INCLUDING APPLICABLE
RESOURCE ESTIMATES, THE POTENTIAL FOR DELAYS AND INCREASES TO
PROJECT COSTS AS A RESULT OF POTENTIAL CHANGES IN PLANNED
PRODUCTION RATES, CHANGES IN WORLD COMMODITY MARKETS OR EQUITY
MARKETS, THE ADEQUACY OF THE COMPANY'S FINANCIAL RESOURCES AND THE
AVAILABILITY OF ADDITIONAL FINANCING ON REASONABLE TERMS OR AT ALL,
THE RISKS OF THE MINING INDUSTRY INCLUDING, WITHOUT LIMITATION,
THOSE ASSOCIATED WITH THE ENVIRONMENT, DELAYS IN OBTAINING
GOVERNMENTAL APPROVALS, PERMITS OR FINANCING OR IN THE COMPLETION
OF DEVELOPMENT OR CONSTRUCTION ACTIVITIES, TITLE DISPUTES, CHANGE
IN GOVERNMENT AND CHANGES TO REGULATIONS AFFECTING THE MINING
INDUSTRY, AND OTHER RISKS AND UNCERTAINTIES DETAILED FROM TIME TO
TIME IN THE COMPANY'S FILINGS WITH THE CANADIAN SECURITIES
ADMINISTRATORS (AVAILABLE AT WWW.SEDAR.COM). FORWARD-LOOKING
STATEMENTS ARE MADE BASED ON VARIOUS ASSUMPTIONS AND ON
MANAGEMENT'S BELIEFS, ESTIMATES AND OPINIONS ON THE DATE THE
STATEMENTS ARE MADE. SHOULD ONE OR MORE OF THESE RISKS AND
UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE
INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED
IN THE FORWARD-LOOKING INFORMATION CONTAINED HEREIN. READERS ARE
CAUTIONED THAT CURRENT MARKET PRICES FOR THE COMPANY'S PROPOSED
PRODUCTS ARE MATERIALLY DIFFERENT THAN THE ESTIMATES USED IN THE
PFS AND CHANGES TO THE PROPOSED PRODUCTION RATE WOULD BE EXPECTED
TO CAUSE MATERIAL CHANGES TO THE REQUIRED CAPITAL COSTS OF THE
PROJECT. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES
AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS
REQUIRED BY APPLICABLE LAW.
SOURCE Encanto Potash Corp.
