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Karnalyte Resources Inc. Releases Financial Results for the Year Ended 2016 and Announces Plans for Q1 and Q2 2017
Karnalyte Resources Inc. Releases Financial Results for the Year Ended 2016 and Announces ...
About this update from Karnalyte Resources Inc.
[{"type":"text","content":"\n\n\n\nKarnalyte Resources Inc. Releases Financial Results for the Year Ended 2016 and Announces Plans for Q1 and Q2 2017\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\n\nCanada NewsWire\nSASKATOON, March 16, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nSASKATOON, March 16, 2017 /CNW/ - Karnalyte Resources Inc. (\"Karnalyte\" or the \"Company\") (TSX: KRN) today announces that Karnalyte's board of directors (the \"Board\") has determined the Company's plans for the first and second quarters of 2017. The Board has approved an annual budget for 2017 of approximately $4.85 million for the year which includes cavern testing in the Belle Plaine zone and research and development work on magnesium products. \n\nCavern Testing\n\nIn 2017, the Company plans to measure the brine concentration and temperature in the Belle Plaine cavern with the aim of further matching actual operating conditions to the ERCOSPLAN laboratory work and verifying their modeling. This will assist in improving the future detailed engineering design and optimizing Karnalyte's capital and operating economics. Further testing in the Patience Lake Member and the development of a dual-well cavern will not be undertaken at this time. The Board has budgeted $200,000 for this work.\n\nMagnesium Development\n\nThe Company's technical report filed on July 15, 2016 includes updated estimates for capital and operational expenditures for the processing of the potash plant endbrine to 100,000 tons per year (\"TPY\") of MgCl2 brine at 32% MgCl2 concentration and 104,000 TPY of 99% pure hydromagnesite product. In relation thereto, in 2017 the Company intends to contract a third party for a bench testing program to further verify Karnalyte's process and produce and analyze the characteristics of sample amounts of hydromagnesite from Karnalyte's cavern brine. The Board has budgeted $500,000 for this work.\n\n2016 Year End Results\n\nAs at December 31, 2016 the Company had net working capital of $15.4 million compared to $26.2 ...