Ethiopian Potash Announces Results for Hole 9 and Update

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2012) - Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT) ("EPC" or the "Company") is pleased to announce assay results for Hole # 9.

To view the table associated with this press release, please visit the following link: http://media3.marketwire.com/docs/eth0123.pdf

The Company will continue to release complete assays for each hole as they become available, and anticipates having assay results for holes 10 - 20 between Feb 1 and Feb 15.

Mr. Wahl, CEO of the Company is on site and reports "I am very impressed with the continuity of grade and thickness of the sylvite member we are seeing in our assay results. Drilling is going very well and we have two rigs operating 24/7; each drill is averaging over 60 metres per day."

EPC is presently readying drilling for holes 24 and 25.

About Ethiopian Potash Corp.

Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralization potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.

Quality Control and Quality Assurance

EPC's employees follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards. Procedures for handling core samples begin with securing the potash-bearing HQ-NQ-sized core at the drill site in plastic poly-tubing which is then thermally sealed. Core is placed in plastic core boxes and transported to EPC's camp for geological logging, geotechnical logging and photographing. Significant intervals are dry cut in half using a specially modified tungsten carbide bladed band-saw. Half core samples are then double bagged and thermally sealed prior to flown to Addis Ababa by EPC's air charter service. In this initial phase, halite blanks are randomly inserted into the sample stream at a rate of 1 in 20 and sent for analysis with the core samples. The remaining core is re-sealed in plastic poly-tubing and the core boxes secured at Bada Camp. Upon arrival in Addis Ababa core samples are stored at EPC office and then taken to the Ethiopian Ministry of Mines & Energy where permission is obtained to export the samples. The bagged samples are then carefully packed into boxes and shipped via DHL to the Saskatchewan Research Council in Saskatoon. This sampling procedure was initiated by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH, EPC's potash consulting firm, and periodically reviewed by EPC' President and CEO.

EPC is utilizing SRC's Potash ICP Analysis package designed for multi-element analysis of potash samples. Upon arrival at SRC Geoanalytical Laboratories, core samples are jaw crushed to 95 % passing at minus 2mm and 100 g sub sample is split out using a riffler and transferred to vials. The subsample is pulverized to 95 % passing at minus 0.106 mm using a puck and ring grinding mill to create a pulp. The grinding mills are cleaned between groups using Quintus quartz. The pulp is then transferred to a labelled plastic snap top vial. An aliquot of pulp is placed in a test-tube with 15 ml of 30°C DI water. The sample is shaken. The soluble solution is analyzed by ICP-OES and the CL and Bro are analyzed by ICP-MS. The soluble solution is then analysed by ICP-MS. In addition, samples are analysed for Fe2O3 (wt%), Br and Cl by MS, plus insolubles. SRC Geoanalytical Laboratories has been certified by the Standards Council of Canada (SCC) to conform to the requirements of ISO/IEC 17025:2005 (CAN-P-4E). Additionally, SRC Geoanalytical Laboratories is currently being assessed by the Standard Council of Canada for Potash analysis to the ISO/IEC 17025:2005 standard.

David G. Wahl, P.Eng., P.Geo., ICD.D is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.