Business
KARNALYTE RESOURCES INC. RECEIVES SUBSURFACE MINERAL LEASE FOR WYNYARD CARNALLITE PROJECT
Feb. 28, 2011 (Canada NewsWire Group) -- CALGARY, Feb. 28 /CNW/ - Karnalyte Resources Inc. (&...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n Feb. 28, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Feb. 28 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the\n "Corporation") (TSX: KRN) today announced that the Government of\n Saskatchewan's Ministry of Energy and Resources has approved the\n conversion of 16,825 acres of Karnalyte's Permit KP 360 area to a\n Subsurface Mineral Lease (KLSA-010). The Lease enables Karnalyte to\n proceed with the commercial development of potash mineral resources in\n the area. The remaining 68,301 acres will continue to be held by\n Karnalyte under Permit KP 360 and will be available for conversion into\n leases at appropriate future dates.\n\n\n"Obtaining this lease from the Ministry represents a significant step\n forward in the execution of our potash development and\n commercialization plan," said Robin Phinney, President and CEO of\n Karnalyte Resources Inc. "The lease will define the area for the\n development of the Environmental Impact Statement and feasibility study\n for the production of potash, with an expected initial volume of\n 500,000 tonnes per year, expanding to 2 million tonnes over 6 years."\n\n\nIn addition to allowing the Corporation to commercially develop the\n potash mineral resources on the Karnalyte property, the lease removes\n restrictions on Karnalyte's production of minerals and resources from\n the lease area and defines an area for consideration in the\n Environmental Impact Statement and feasibil...