Business
Karnalyte Resources Inc. announces third quarter 2013 results; appointment of new Director
CALGARY , Nov. 14, 2013 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation"...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\nCALGARY, Nov. 14, 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 September 30, 2013.\n\n\n\"During the third quarter, Karnalyte drilled and successfully tested\n full-production disposal and source water wells, satisfying two\n conditions of EIS approval,\" said Robin Phinney, President and CEO of\n Karnalyte. \"As a result, Karnalyte met a major development milestone by\n receiving the main Wynyard Carnallite Project development permit, clear\n of all conditions, from the Saskatchewan MOE.\"\n\n\nKarnalyte also announced that it has appointed Martin Hall to serve as\n Director of the Corporation. Mr. Hall is a Chartered Accountant who\n first qualified in the U.K in 1975. He spent eight years with\n PricewaterhouseCoopers in London and then Calgary prior to joining a\n group of small oil and gas and mineral exploration companies where he\n held various financial positions latterly as CFO. Between 1994 and\n 2003, Mr. Hall served as CFO of Tesco Corporation, an oilfield service\n company. Since his retirement from full time employment in 2003, Mr.\n Hall has been active as a financial consultant and company director for\n a number public and private Canadian companies.\n\n\nAs at September 30, 2013, the Company had net working capital of\n $49,319,380 compared to $28,051,904 at September 30, 2012, including\n $51,512,033 and $28,853,216, respectively, in cash. Karnalyte's Third\n Quarter 2013 Financial Statements and Management's Discussion and\n Analysis (MD&A) are available at www.sedar.com.\n\n\nKey Project Development Highlights \n\n\nSince July 1, 2013, Karnalyte has achieved the following key milestones\n in the development of the Wynyard Carnallite Project (the \"Project\"):\n\n\n\nDrilled and successfully tested a full-production capacity disposal\n well;\n\n\nDrilled and successfully tested a second production-size source water\n well;\n\n\nReceived the main Wynyard Carnallite Project development permit, clear\n of all conditions, from the Saskatchewan MOE;\n\n\nContinued detailed engineering on the potash plant and underground\n development; and\n\n\nContinued preparing the plant site for construction upon further\n financing.\n\n\n\nAchievement of these milestones constitutes th...