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Karnalyte Resources Inc. Announces First Quarter 2016 Results
Karnalyte Resources Inc. Announces First Quarter 2016 Results Karnalyte Resources ...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n\nKarnalyte Resources Inc. Announces First Quarter 2016 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nKarnalyte Resources Inc. Announces First Quarter 2016 Results\nCanada NewsWire\nSASKATOON, May 12, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nSASKATOON, May 12, 2016 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or  the \"Company\") (TSX: KRN) today announced the filing of unaudited interim financial statements and Management's Discussion and Analysis for the three months ended March 31, 2016 (the \"First Quarter\").\n\nThe financial results of the First Quarter are as follows:\n\n\nAn increase in general and administrative expenses of $287,000 from Q1 2015 to Q1 2016. \nA decrease in cash of $2,089,000 as at March 31, 2016; and \nAn increase in trade and other payables of $348,000 as at March 31, 2016.\n\nAs at March 31, 2016, the Company had net working capital of $24,115,000 compared to $37,003,000 at March 31, 2016, including $25,644,000 and $38,503,000 respectively, in cash. Karnalyte's First Quarter 2016 Financial Statements and Management's Discussion and Analysis are available at www.sedar.com.\n\nAbout Karnalyte Resources Inc.\n\nKarnalyte is engaged in the business of exploration and development of high quality 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 impact. Using a staged approached to construction, the Company plans to operate a solution mining facility that will initially produce 625,000 tpy, increasing to 2.125 million tpy of potash.\n\nKarnalyte's Common Shares are traded on the TSX under the symbol KRN.\n\nForward-Looking Statements\n\nCertain information included in this press release is forward-looking, within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as \"anticipate\", \"beli...