Encanto Potash Corp and the Department of Indigenous and Northern Affairs Met to Discuss Potential Federal Support for the Project and Muskowekwan First Nations Economic Development
TSXV: EPO
VANCOUVER, Dec. 13, 2017 /CNW/ - Encanto Potash Corp. ("Encanto Potash" or the "Company"), an emerging potash development, mining and operating company advancing the Muskowekwan property in Saskatchewan, in partnership with Muskowekwan First Nations, is pleased to announce the most recent meeting between the Muskowekwan First Nation ("MFN"), Encanto Potash and several federal departments where information was shared about the state of the project and opportunities to move forward collectively. The Government of Canada has indicated that they will facilitate a coordinated federal discussion to allow for more streamlined supports for the project. The objective for Encanto Potash is to build a strong working relationship, starting with a government communication, to identify opportunities for the various departments to become involved in the success of Muskowekwan First Nations and Encanto Potash Corp.
The meeting was arranged to discuss the project's current positioning and the recent financing from Global Emerging Markets, the increased role of the First Nations throughout project development and operations, and the ancillary projects associated with the $4.03 billion CAD Potash mine to be developed on the 61,400 acres of approved MFN land. The ancillary project's include water supply infrastructure , waste water mitigation infrastructure, commercial and port infrastructure, on site community development and sustainable housing and construction of energy facilities to support the mine and on-site development.
During construction and operations, the Encanto Potash project is projected to substantially increase employment and a jobs training program will be developed working with MFN and the federal agencies. Together, the parties discussed potential federal supports for the project as well as Muskowekwan First Nations economic development. The Encanto Potash project team discussed the 20 year, 5 million metric ton per year off-take agreement in place with the National Federation of Farmers Procurement, Processing, and Retailing Cooperatives of India Ltd, a multi-state agency registered under the Ministry of Agriculture. All parties discussed the positive role the project could play in the bilateral trade relationship between the Government of Canada and India.
Chief Reginald Bellerose remarked, "This is a fantastic opportunity for the Government of Canada and our First Nations to work collaboratively on this significant economic project. We are proud of the achievements to date and look forward to the next steps as we further advance the project."
Encanto Potash Senior Management member Jeffrey Brown, "The meeting between the two groups, the exchange of ideas, and the commitment to work together was extremely encouraging. We all recognized there are numerous benefits for all parties, working ultimately to achieve success in building the mine, building economic viability for FN, and enhancing Canadian relations internationally."
About Encanto Potash Corp
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, Encanto has secured a project land package which totals approximately 61,000 largely contiguous acres. 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 and Probable KCI Reserves totaling 162 Mt grading 28% KCl (average) which supports primary and secondary mining for over 50 years at an assumed annual rate extraction rate of 2.8 Mt of MOP. The PEA dated May 24, 2017 titled " NI 43-101 Technical Report on a Preliminary Economic Assessment and Preliminary Feasibility Study of the Muskowekwan Potash Project, South-Eastern Saskatchewan, Canada" summarizes an alternative development option that supports primary and secondary mining of the Mineral Resources for 48 years at an annual extraction rate of 3.4 Mt of MOP. On December 30, 2016, Encanto signed a 20-year off-take agreement with the National Federation of Farmers' Procurement, Processing, and Retailing Cooperatives of India Ltd., (NACOF) registered under the Ministry of Agriculture, Government of India to supply 5 million metric tons a year of potash.
For further information please contact: Jeffrey Brown at Jeffrey@encantopotash.com
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SOURCE Encanto Potash Corp.
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