Business
Karnalyte Resources Inc. announces second quarter 2013 results; meets condition of Environmental Impact Statement approval
CALGARY , Aug. 9, 2013 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation")...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\nCALGARY, Aug. 9, 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 June 30, 2013. The\n Corporation also announced that the Saskatchewan Ministry of\n Environment (\"MOE\") has indicated that it is satisfied with one of the\n conditions of the Wynyard Carnallite Project's Environmental Impact\n Statement (\"EIS\") approval dated February 7, 2013.\n\n\n\"During the second quarter, Karnalyte made progress towards securing\n funds for the construction and commissioning of the Wynyard Carnallite\n Project by engaging BNP Paribas and Natixis as lead arrangers for up to\n US$300 million in project debt,\" said Robin Phinney, President and CEO\n of Karnalyte. \"Subsequent to the end of the quarter, we received notice\n that the Saskatchewan MOE is satisfied with the results of the brine\n disposal injectivity test mentioned in the EIS approval we received\n earlier this year.\"\n\n\n\"Uralkali's recent announcement to withdraw from its sales partnership\n with Belarusian Potash may change global potash markets, however, based\n on global potash demand fundamentals and the barriers to entry into the\n North American market faced by international potash companies, we don't\n believe this development will have as extreme of an impact on price as\n predicted,\" added Phinney. \"As such, Karnalyte will look at various\n strategies and alternatives while continuing to assess the implications\n of this development.\"\n\n\nKarnalyte also confirms that it is not aware of any material undisclosed\n information that may be contributing to the recent decrease in market\n price and level of trading activity of its shares.\n\n\nAs at June 30, 2013, the Company had net working capital of $55,654,143\n compared to $30,504,468 at June 30, 2012, including $56,224,956 and\n $31,472,099, respectively, in cash. Karnalyte's Second 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\nSince April 1, 2013, Karnalyte has achieved the following key milestones\n in the development of the Wynyard Carnallite Project (the \"Project\"):\n\n\n\nEngaged BNP Paribas and Natixis, New York Branch, on an exclusive basis,\n to ac...