TRADING SYMBOL: TSXV:EPO
VANCOUVER, Oct. 15, 2015 /CNW/ - Encanto Potash Corp.
("Encanto" or the "Company") (TSXV: EPO) is pleased
to announce that it has entered into a Memorandum of Understanding
(MOU) with Metals and Minerals Trading Corporation of India (MMTC). The MOU is to define
the framework for a long term supply arrangement for Muriate of
Potash.
As previously disclosed in the Company's financial statements
the Indian government has taken over the overall negotiations and
as such decided that MMTC, with a market cap nearly double that of
Rashtriya Fertilizer Corp.(RCF), would be a more suitable entity
for these negotiation.
MMTC Limited of India, a Public
Sector Undertaking, is one of the two highest earners of foreign
exchange for India and
India's largest public sector
trading body with an annual turnover of around US$ 10 billion. Not only handling the
export of primary products such as coal, iron ore, and manufactured
agro and industrial products, MMTC also imports important
commodities such as ferrous and nonferrous metals for industry, and
agricultural fertilizers. As a leading player in fertilizers
and fertilizer raw material, MMTC has become a major fertilizer
marketing company in India,
through planned forward integration of its import activities with
the direct marketing of Urea, DAP, MOP Sulphur, Rock Phosphate, SSP
and other farming and agricultural inputs.
MMTC's diverse trade activities cover Third Country Trade, Joint
Ventures and Link Deals and all modern forms of international
trading. The Company has a vast international trade network,
spanning most countries including Asia, Europe,
Africa, Oceania, America and also
includes a wholly owned international subsidiary in Singapore, MTPL.
MMTC is also one of the largest bullion trading companies
typically importing approximately 25% of India's annual bullion.
Encanto is also exploring with the Ministry of Minority Affairs
of India the possibility of
Encanto supporting employee training of skilled trades and
technology professions to meet the employment needs when Encanto's
mine is being built and operated.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange listed and traded
Canadian resource company engaged in the development of potash
properties in the Province of Saskatchewan, Canada, the largest producing
potash region in the world. Through a joint venture agreement with
Muskowekwan Resources Ltd. ("MFN JV") on our flagship property,
Encanto has a project land package which totals approximately
61,000 largely contiguous acres. A Pre-Feasibility Study dated
February 28, 2013 titled "Encanto
Potash Corp. Technical Report Summarizing the Preliminary
Feasibility Study for the Muskowekwan First Nations Home Reserve
Project in South Eastern Saskatchewan, Canada" confirms the Proven
& Probable KCI Reserves totaling 162 MMt grading 28% which
supports primary and secondary mining for over 50 years at an
assumed annual rate extraction rate of 2.8 million tonnes.
The Company also has an interest in another potash property in
Saskatchewan: 20% interest in the
55,000 acre Ochapowace/Chacachas property.
Encanto is currently exploring domestic & international
strategic partnerships for the financing, development and sale of
potash production from its MFN JV Property.
The technical content of this news release has been reviewed and
approved by James Walchuck, a
qualified person as defined by NI 43-101.
For additional information about Encanto Potash Corp., please
visit the Company's website at www.encantopotash.com or review the
Company's documents filed on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
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Per:
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"James
Walchuck"
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James
Walchuck
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President and
CEO
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NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
THE FOREGOING INFORMATION MAY CONTAIN FORWARD-LOOKING
INFORMATION RELATING TO THE FUTURE PERFORMANCE OF THE COMPANY.
FORWARD LOOKING INFORMATION IS SUBJECT TO A NUMBER OF KNOWN AND
UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE ANTICIPATED IN OUR
FORWARD LOOKING STATEMENTS. SUCH RISKS AND OTHER FACTORS INCLUDE,
AMONG OTHERS, THE ACTUAL RESULTS OF EXPLORATION ACTIVITIES, CHANGES
IN WORLD COMMODITY MARKETS OR EQUITY MARKETS, THE RISKS OF THE
MINING INDUSTRY INCLUDING, WITHOUT LIMITATION, THOSE ASSOCIATED
WITH THE ENVIRONMENT, DELAYS IN OBTAINING GOVERNMENTAL APPROVALS,
PERMITS OR FINANCING OR IN THE COMPLETION OF DEVELOPMENT OR
CONSTRUCTION ACTIVITIES, TITLE DISPUTES, CHANGE IN GOVERNMENT AND
CHANGES TO REGULATIONS AFFECTING THE MINING INDUSTRY, AND OTHER
RISKS AND UNCERTAINTIES DETAILED FROM TIME TO TIME IN THE COMPANY'S
FILINGS WITH THE CANADIAN SECURITIES ADMINISTRATORS (AVAILABLE AT
WWW.SEDAR.COM). FORWARD-LOOKING STATEMENTS ARE MADE BASED ON
VARIOUS ASSUMPTIONS AND ON MANAGEMENT'S BELIEFS, ESTIMATES AND
OPINIONS ON THE DATE THE STATEMENTS ARE MADE. SHOULD ONE OR MORE OF
THESE RISKS AND UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING
ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY
FROM THOSE DESCRIBED IN THE FORWARD-LOOKING INFORMATION CONTAINED
HEREIN. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
FORWARD-LOOKING STATEMENTS IF THESE ASSUMPTIONS, BELIEFS, ESTIMATES
AND OPINIONS OR OTHER CIRCUMSTANCES SHOULD CHANGE, EXCEPT AS
REQUIRED BY APPLICABLE LAW
SOURCE Encanto Potash Corp.
