Business
Karnalyte Resources Inc. announces change of President & CEO
CALGARY , Sept. 24, 2014 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corp...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\nCALGARY, Sept. 24, 2014 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or the \"Corporation\") (TSX: KRN), announces that effective immediately Mr. Bruce Townsend, Chairman of the Board, has replaced Mr. Thomas Drolet as President and Chief Executive Officer of Karnalyte. The Board of Directors of Karnalyte thank Mr. Thomas Drolet for his efforts as President and Chief Executive Officer of the Corporation.  \n\nMr. Townsend's appointment is on an interim basis and Karnalyte has begun a search for a President and Chief Executive Officer which is expected to be concluded in the next two months.  Mr. Townsend will work closely with the Corporations' management team during the transition while a formal search for a permanent successor is completed.  \n\nKarnalyte also announces that Mr. Drolet has resigned from the Board of Directors and Mr. Jay Sujir of Vancouver has been appointed as a director of the Corporation effective immediately.  Mr. Sujir is a corporate, securities and natural resources lawyer with extensive experience in advising and assisting public companies in Canada. He has been a Partner of Anfield Sujir Kennedy & Durno LLP since 1991 and is a member of the Law Society of British Columbia, the Canadian Bar Association, and of the British Columbia Advisory Committee of the TSX Venture Exchange.\n\nAbout Karnalyte Resources Inc.\n\nKarnalyte is engaged in the business of exploration and development of high quality agricultural and industrial potash and magnesium products. Karnalyte intends to develop and extract a carnallite - sylvite mineral deposit through a known solution mining process at competitive costs and with minimal environmental impacts. Once financing is obtained to potash plant construction, the Corporation plans to operate a solution mining facility that will initially produce 625,000 tonnes of potash per year, increasing to 2.125 million tonnes of potash per year. Karnalyte owns a 100% interest in Subsurface Permit KP 360A and Subsurface Mineral Lease KLSA-010 located near Wynyard, Saskatchewan, comprising a total of 85,126 acres.\n\nForward-Looking and Cautionary Statements \n\nSome of the statements in this announcement may be forward-looking including statements relating to future business plans of Karnalyte, including the appointment of a permanent President and CEO...