Business
Karnalyte Resources Inc. announces first quarter 2013 results
CALGARY, May 13, 2013 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TS...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 13, 2013 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or\n the \"Corporation\") (TSX: KRN) today announced its financial results and\n operational highlights for the quarter ended March 31, 2013.\n\n\n\"Karnalyte executed on two key elements of its growth strategy in the\n first quarter by receiving Environmental Impact Statement approval for\n the Wynyard Carnallite Project, as well as entering into a strategic\n investment and off-take agreement with Gujarat State Fertilizers &\n Chemicals,\" said Robin Phinney, President and CEO of Karnalyte. \"We are\n currently recruiting the remainder of the engineering team and\n preparing the Project site for construction, as well as continuing to\n pursue other strategic partnerships and funding to support the first\n phase of the Project.\"\n\n\nAs at March 31, 2013, the Company had net working capital of $59,529,560\n compared to $31,390,734 at March 31, 2012, including $61,909,274 and\n $32,032,143, respectively, in cash. Karnalyte's First Quarter 2013\n Financial Statements and Management's Discussion and Analysis (MD&A)\n are available at www.sedar.com.\n\n\nKey Project Development Highlights \n\n\nKarnalyte has achieved the following key milestones in the development\n of the Wynyard Carnallite Project (the \"Project\"):\n\n\n\nReceived a positive bankable feasibility study confirming economic\n viability of the Project, with the estimated development capital\n expenditure (\"CAPEX\") for the initial 625,000 tonnes per year plant\n\n\nEntered into a strategic investment and off-take agreement with Gujarat\n State Fertilizers & Chemicals (\"GSFC\") where the Corporation issued\n GSFC approximately 5,490,000 common shares of Karnalyte at a price of\n $8.15 per common share for total gross proceeds of approximately $44.7\n million\n\n\nReceived approval from the Saskatchewan Ministry of Environment for the\n Environmental Impact Statement to initiate construction of the Project\n\n\nCompleted drilling a disposal well for the construction site, which it\n plans to test in Q2 2013\n\n\nHired the majority of engineering staff required for construction\n\n\n\n\n\n\nOutlook\n\n\nOver the short term, the Corporation will continue to focus on the\n following key initiatives:\n\n\n\nFinalize the Project's debt financing by engaging lead syndicate\n arr...