Gensource Increases Its North American Momentum with Appointment of John Ryan as Independent Director

 

Gensource Potash Corporation (“Gensource” or the “Company”) (TSX.V: GSP) is extremely pleased to announce that John Ryan has joined the board of directors of the Company effective today.

Mr. Ryan is a proven leader in the corporate finance industry, with a focus on the agricultural sector. He brings a depth of knowledge of the linkages between agricultural producers and their suppliers, drawing on experience gained in a professional career spanning more than 40 years beginning in 1972 with the Business Development Bank of Canada, where he spent 25 years and rose to post of Executive Vice President responsible for the effective operation of BDC’s 83 branch Canadian network. From there, Mr. Ryan relocated to Saskatchewan to assume the role of CEO at Farm Credit Canada, where he oversaw improvements to all aspects of the business, most notably the re-invention of the corporate culture to a positive, outward-looking one that focused on customers and employees. In 2008, Mr. Ryan accepted a challenging post-Great Recession role at Rabobank North America, initially as CEO of Rabo AgriFinance and finally as CEO of Rabobank North America. There, he oversaw all activities of the bank while, at the same time, implementing his focus on high performance teams, to the benefit of the organization and its clients. During his tenure, Rabo Agrifinance became the preferred lender to agricultural producers throughout the USA.

Mike Ferguson, Gensource’s Chairman of the Board and President & CEO, commented, “We are so pleased to have John join us as a director with Gensource.

“With its vision of creating vertical integration between fertilizer production and the farmer, Gensource has always seen itself as an agricultural supplier rather than a miner. John’s impressive career in the agri-finance business in North America is another step towards realizing that vision and comes on the heels of Gensource signing two MOUs with major North American agricultural players, the first step in negotiating binding off-take agreements that will trigger financing for construction of Gensource’s first potash production module.

“John’s track record exemplifies his ability to make far-sighted organizational decisions that pay dividends for all stakeholders for years into the future. As Gensource grows into its first project, John’s insight and experience will be invaluable to help us succeed past our project phase, into our operational phase.”

About Gensource

Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.

Gensource operates under a business plan that has two key components - vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk; and, technical innovation which will allow for a small and economic potash production facility, while the same time demonstrating significant reductions in community and environmental impact.

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.

Caution Regarding Forward-Looking Statements

This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements”, which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including completion of the definitive offtake agreement on terms as announced or at all, securing project financing on terms which are economic or at all, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’s financial condition and prospects, completion of the definitive offtake agreement on terms as announced or at all, securing project financing on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to complete the offtake agreement on terms as announced or at all or to find and source other off-take agreements; the ability to secure project financing on terms which are economic or at all; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

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