Business
ENCANTO AND MUSKOWEKWAN FIRST NATIONS SIGN JOINT VENTURE AGREEMENT
ENCANTO AND MUSKOWEKWAN FIRST NATIONS SIGN JOINT VENTURE AGREEMENT
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\n Oct. 22, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTRADING SYMBOL:  TSXV  EPO.V\n\n\nVANCOUVER, Oct. 22 /CNW/ - Encanto Potash Corp. ("Encanto" or the\n "Company") is pleased to announce that it has signed a formal Joint\n Venture Agreement ("JVA") with the Muskowekwan First Nations ("MFN"),\n and their wholly-owned operating company, Muskowekwan Resources Ltd.\n ("MRL") for the purpose of developing and operating a potash mine on\n the Muskowekwan First Nations' land.\n\n\nThe salient terms of the JVA are:\n\n\n(a)      MRL will receive a three percent (3%) Gross Overriding Royalty\n (GORR);\n\n\n(b)     Encanto will immediately issue to MRL 200,000 common shares and\n 200,000 share purchase warrants exercisable at $0.22 for a period of\n two years from the date of issuance;\n\n\n(c)     Property taxes payable are defined and capped at a rate that\n will not exceed that average rate charged by the Municipalities in\n Saskatchewan for similar projects;\n\n\n(d)     MFN and MRL will contribute all mineral leases granted by the\n Crown, pursuant to the governing regulations, and will hold said leases\n in trust for the benefit of the JVA; and\n\n\n(e)     MFN will be paid a total fee of one million dollars ($1,000,000)\n based on certain milestones being achieved over the next 18 mon...