Allana Potash Corp.

Allana Potash Corp.

May 03, 2010 07:30 ET

Allana Potash Appoints Mr. Robert G. Connochie to Advisory Board

TORONTO, ONTARIO--(Marketwire - May 3, 2010) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that Mr. Robert G. Connochie has been appointed to the Company's Advisory board. Mr. Connochie is currently the president of Behre Dolbear Capital, Inc. and Chartwell Ventures Incorporated and formerly served as the President and Chairmain of the Potash Company of America. Mr. Connochie was also the Chairman of Canpotex Limited, The Potash and Phosphate Institute, the Foundation for Agronomic Research and the Saskatchewan Potash Producers Association. In addition Mr. Connochie served as a senior office at Rio Algom Limited for 19 years. Mr. Connochie currently serves on the boards of Repadre International Corporation, American Uranium, Inc. and Behre Dolbear Group, Inc. and formerly was a director of The Fertilizer Institute, Asia Pacific resources, Ltd. and Athabasca Potash, Inc.

Mr. Connochie obtained his B.A Sc. (Civil Engineering) from the University of British Columbia and obtained his M.B.A. from the University of Western Ontario majoring in finance and quantitative analysis.

Farhad Abasov, President and CEO of Allana Potash, stated: "We are very excited to have Mr. Connochie on our advisory board. Mr. Connochie's immense experience in the potash industry as the Chairman of Canpotex and other potash-related organizations will add significant value to Allana especially at this critical juncture of our exploration and development."

In conjunction with his appointment, Allana has granted Mr. Connochie 30,000 stock options pursuant to the stock option plan of the Company. The options will be exercisable for $0.58 per option and shall expire on May 3, 2015. Such options shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to receipt of all required regulatory approvals.

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 with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8% KCl (see News Release Sept. 17, 2008). Allana has approximately 114.9 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".

Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.

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 of the appointment on the Company, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. 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.


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