Karnalyte Resources Inc. Announces Appointment of Chief Executive Officer, Directors and Third Quarter 2014 Results

CALGARY, Nov. 14, 2014 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Corporation") (TSX: KRN) today announced effective November 14, 2014, Stephen Goodman has been appointed the President and Chief Executive Officer, and a Director of the Corporation.  Prior to joining Karnalyte, Mr. Goodman held increasingly senior positions in the banking sector.  He has worked at Canaccord Genuity in Vancouver, KCG Holdings Inc. and most recently KGS-Alpha Capital Markets L.P. in New York. Most of Mr. Goodman's career has been focused on the natural resource sector. Originally from Vancouver, Canada, he has lived and worked in Asia, Europe and the United States.  Mr. Goodman has an MBA in Finance from INSEEC, a Graduate Diploma from Capilano University's Asia Pacific Management Program, and a B.A. from the University of Western Ontario.

In addition, Gerald Offet was appointed a director of the Corporation, also effective November 14, 2014.  Mr. Offet has held a number of senior management and board appointments in the Crown sector in the Provinces of Saskatchewan, Manitoba and British Columbia.  Mr. Offet is a resident of Saskatchewan and brings knowledge of the business climate, the interest groups and the expectations for a company in this industry to the Board. He holds a B.A. in Economics and an LLB.

"The Company continues to focus its efforts in raising financing to move its potash project into construction," said Stephen Goodman, President and CEO of Karnalyte Resources Inc. "and aggressively cutting costs to conserve as much capital as possible to enhance its position when the financing becomes available."

At September 30, 2014, the Company had net working capital of $42.7 million compared to $49.3 million at September 30, 2013 including $42.9 million and $51.5 million, respectively, in cash. Karnalyte's Third Quarter 2014 Financial Statements and Management's Discussion and Analysis (MD&A) are available at www.sedar.com.

About Karnalyte Resources Inc.

Karnalyte is engaged in the business of exploration and development of high quality agricultural and industrial 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 impacts. Once financing is obtained to potash plant construction, the Corporation plans to operate a solution mining facility that will initially produce 625,000 tonnes of potash per year, increasing to 2.125 million tonnes of potash per year. Karnalyte owns a 100% interest in Subsurface Permit KP 360A and Subsurface Mineral Lease KLSA-010 located near Wynyard, Saskatchewan, comprising a total of 85,126 acres.

Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the Corporation's future operations and its access to capital markets. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Karnalyte, including with respect to the Corporation's future operations and its ability to secure additional capital. Although Karnalyte believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Karnalyte can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, failure to obtain necessary capital financing, risks associated with the mining industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations. Readers are cautioned that the foregoing list of factors is not exhaustive.  Additional information on these and other factors that could affect Karnalyte's operations and financial results are included in documents on file with Canadian Securities regulatory authorities and maybe accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this document are made as of the date hereof and Karnalyte undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Karnalyte Resources Inc.