Karnalyte Resources Inc.

Karnalyte Resources Inc.

March 30, 2015 09:00 ET

Karnalyte Resources Inc. Announces A Date Change for the Annual General and Special Meeting of Shareholders

CALGARY, ALBERTA--(Marketwired - March 30, 2015) - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TSX:KRN) announced today that the Corporation has changed the date for the annual general and special meeting of shareholders, which will now be held on Tuesday, June 23, 2015 (the "Meeting"). The Meeting will take place in Saskatoon, Saskatchewan, at the hour of 10:00 a.m. (Saskatchewan time). The record date for shareholders entitled to vote at the Meeting will be the close of business on May 19, 2015.

The change of the Meeting date is to provide the Corporation with additional time to conclude discussions regarding its proposed financing.

About Karnalyte Resources Inc.

Karnalyte is engaged in the business of exploration and development of high quality agricultural and industrial potash and magnesium products. Karnalyte intends to develop and extract a carnallite-sylvite mineral deposit through a known solution mining process at competitive costs and with minimal environmental impacts. Once financing is obtained to proceed with potash plant construction, the Corporation plans to operate a solution mining facility that is expected to initially produce 625,000 tonnes of potash per year, increasing to 2.125 million tonnes of potash per year. Karnalyte owns a 100% interest in Subsurface Permit KP 360A and Subsurface Mineral Lease KLSA-010 located near Wynyard, Saskatchewan, comprising a total of 85,126 acres.

Forward-Looking Statements

This press release contains forward-looking statements. The forward looking statements contained in this document are based on certain key expectations and assumptions made by Karnalyte, including with respect to the Corporation's future operations and its ability to secure additional financing. In particular, there can be no assurance that the proposed financing package will be achievable on acceptable terms or at all. Although Karnalyte believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Karnalyte can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, failure to obtain necessary financing, risks associated with the mining industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), commodity price and exchange rate fluctuations. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Karnalyte's operations and financial results are included in documents on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this document are made as of the date hereof and Karnalyte undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Investors:
    Karnalyte Resources Inc.
    Ron Love
    Executive Vice-President Finance & Chief Financial Officer
    (403) 995-6560

    Longview Communications
    Joel Shaffer