TORONTO, ONTARIO--(Marketwire - Aug. 22, 2012) - Allana Potash Corp. (TSX:AAA)(OTCQX:ALLRF) ("Allana" or the "Company") is saddened at the news of Prime Minister Meles Zenawi's passing at the age of 57 in Belgium on Monday, August 20, 2012. Prime Minister Meles Zenawi has been battling an undisclosed illness for several months and was in Belgium undergoing treatment.
Prime Minister Meles Zenawi came to power in 1991 after the ouster of the communist regime under Mengistu Haile Mariam and became a prominent African leader after strengthening economic growth in Ethiopia. Under his leadership millions of Ethiopians escaped poverty through extensive government investment in infrastructure, education and modernizing the legal system to encourage foreign investment in the country.
Farhad Abasov, President and CEO of Allana Potash, stated: "Allana's board and management are saddened at the news of the passing of Prime Minister Meles Zenawi. The Prime Minister, in addition to his many achievements battling poverty and his economic successes, oversaw the transition of Ethiopia to a mining friendly jurisdiction with a modern mining law and strong support for foreign investment. Ethiopia remains one of the most stable countries in Africa and a seamless transition to a new leader of the Ethiopian Peoples' Revolutionary Democratic Front and Prime Minister is anticipated."
Deputy Prime Minister Hailemariam Desalegn is to be sworn in as acting Prime Minister by parliament and the EPRDF is to elect a permanent leader in the near future. Acting Prime Minister Hailemariam, 47, was an advisor to Meles in 2006 before being retained as his deputy in 2010, and replaced Meles as the Chair of a number of Parliamentary Committees throughout the past few years.
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 171.36 Million Tonnes of 30.9% KCl; inferred Sylvinite resource of 46.62 million tonnes grading 30.25% KCl; measured and indicated Kainitite resources of 701.55 million tonnes at 20.26% KCl, inferred Kainitite resource of 373.71 million tonnes of 20.35% KCl; measured and indicated Upper Carnallitite resources of 78.5 million tonnes grading 18.4% KCl, inferred Upper Carnallitite resource of 155.53 million tonnes of 16.95% KCl; measured and indicated Lower Carnallitite resources of 269.10 million tonnes of 10.86% KCl, inferred Lower Carnallitite resource of 130.7 million tonnes grading 11.7% KCl. The foregoing mineral resource estimates are as at April 30, 2012, and are set out in the technical report entitled "Updated Resource Report for the Danakhil Potash Deposit, Afar State/Ethiopia" dated June 13, 2012, prepared by ERCOSPLAN and filed on the Company's SEDAR profile at www.sedar.com. Allana has approximately 228.5 million shares outstanding and trades on the Toronto Stock Exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this release.
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 estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; statements made with respect to the timing of the feasibility study and current development of the property, statements made with respect to infrastructure developments, 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.