CALGARY, ALBERTA--(Marketwired - May 13, 2014) - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TSX:KRN) today announced that effective immediately Thomas Drolet has replaced Robin Phinney as President and Chief Executive Officer of Karnalyte. Tom has had a 43 year career in Canadian and International business enterprises. He has focused on energy, mining and technology sectors. Tom's role with the Corporation is expected to last between six months and a year and will include the preparation of a strategic plan for the Corporation going forward, the continuation of an active search for construction financing for the Corporation's potash project, and to initiate the search for a permanent Chief Executive Officer to bring the Project into full production. The Board of Directors of Karnalyte thank Robin Phinney for his foresight in establishing the foundation for an innovative and cost effective world class Project.
Karnalyte also announced that the planned consolidation of the two existing offices in Okotoks and Saskatchewan has been put on hold. Ron Love will maintain his position as Karnalyte's Executive Vice-President and Chief Financial Officer.
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 potash plant construction, the Corporation plans to operate a solution mining facility that will 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.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Corporation's future operations and its plans for executive officers and office location. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Karnalyte. 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 capital 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 maybe 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.