Business
Encanto Potash Corp. announces major new land addition
Trading Symbol: TSX-V:  EPO VANCOUVER, Feb. 2, 2012 /CNW/ - Encanto Potash Corp. (...
About this update from Encanto Potash Corp.
[{"type":"text","content":"\n\n\n\n\n\nTrading Symbol: TSX-V:  EPO\n\n\nVANCOUVER, Feb. 2, 2012 /CNW/ - Encanto Potash Corp. (\"Encanto\" or the\n \"Company\") (TSXV: EPO or OTCQX: ENCTF)  announces that Muskowekwan\n Resources Limited (\"MRL\"), as general partner of the Muskowekwan\n Limited Partnership and the Muskowekwan First Nation (\"MFN\") have\n provided Encanto the opportunity to add significant new lands to the\n current Joint Venture Agreement with MRL and MFN.   These new\n additional lands will be part of the upcoming sub-surface land\n designation vote on February 25, 2012.\n\n\nAs consideration for the opportunity to add these lands to the current\n Joint Venture Agreement, EPO has agreed to issue to MRL an additional\n 400,000 common shares and 400,000 common share purchase warrants\n exercisable at a price of $0.26 per share for a two year period.\n\n\nThe additional lands consist of approximately 42,800 acres of which\n 27,600 are \"TLE\" lands and 15,700 are \"pre-reserve\" lands. Including\n these lands with the existing 15,500 acre Home Reserve, a positive\n designation vote will bring the total land package subject to the Joint\n Venture Agreement to roughly 58,300 acres. This is approximately a 3.5\n fold areal increase from the original Home Reserve land holdings.\n\n\nPre-reserve lands are lands that are designated for reserve status but\n have not yet been transferred to full reserve status. This transfer is\n a straight forward well established procedure. If the upcoming vote\n receives the requisite majority approval, these pre-reserve lands will\n be designated for surrender of mineral rights to the Crown, which is\n required before a mineral lease can be applied for.\n\n\nChief Reginald Bellerose of the MFN commented \"by adding the right for\n these additional lands to be contributed to the Joint Venture with\n Encanto we have again clearly demonstrated our Nation's commitment to\n see the development of the world's first potash mine on First Nations'\n soil.  These land additions to the Joint Venture are an obvious fit\n with our Nation's mission \"to establish and maintain viable and\n profitable businesses and investments that create employment and wealth\n for our Nation.\"  We remain confident of a positive vote on February 25th and that it will complete another major step in our path towa...