Encanto Potash Corp. announces funding for an Ochapowace test well

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[{"type":"text","content":"\n\n\nTSXV:EPO\n\n\nVANCOUVER, Oct. 10, 2013 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the\n \"Company\") (TSXV: EPO and OTCQX: ENCTF) announces that it has secured\n funding of up to $1,250,000 to drill a test well on the Ochapowace\n Reserve Lands (the \"Property\") to test both the potash and oil and gas\n potential of the Property.\n\n\nThe funder, Hamad Al-Wazzan, a director of the Company, will earn an 80%\n interest in Encanto's potash rights under the Exploration Participation\n Agreement with the Ochapowace First Nation and will also earn a 50%\n working interest in the oil and gas permits and leases on the Property.\n\n\nEncanto has granted the funder the right for two years to put these\n interests back to Encanto and receive shares of Encanto equal to the\n amount of the funds advanced by the funder divided by the lower of\n $0.34 or the price per share at which Encanto does its next financing,\n subject to TSXV approval.\n\n\nThe well will be drilled in 2013 when the weather conditions permit.\n\n\nAbout Encanto:\n\n\nEncanto Potash Corp. is a TSX Venture Exchange listed and OTCQX traded\n Canadian resource company engaged in the development of potash\n properties in the Province of Saskatchewan, Canada, the largest\n producing potash region in the world.  Through a joint venture\n agreement with Muskowekwan Resources Ltd. (\"MFN JV\") on our flagship\n property, Encanto has a project land package, which totals\n approximately 61,000 largely contiguous acres. A PFS was released in\n February 2013 confirming Proven & Probable KCI Reserves totaling 162\n MMt grading 28% which supports primary and secondary mining for over 50\n years at an annual rate of 2.8 million tonnes.\n\n\nThe Company has a 100% interest in two additional potash properties in\n Saskatchewan: the 55,000 acre Ochapowace/Chacachas property and the\n 91,550 acre Spar property.\n\n\nEncanto is currently exploring domestic and international strategic\n partnerships for the financing, development and sale of potash\n production from its MFN JV Property.\n\n\nFor additional information about Encanto Potash Corp., please visit the\n Company's website at www.encantopotash.com or review the Company's documents filed on www.sedar.com.\n\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\n\"James Walchuck\"\n\n\nPer: _________________\n\n\nJames Walchuck\...

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