Monday, 23 April 2012

Allana Potash appoints senior VP of corporate development, updates on feas study

Allana Potash Corp. (TSE:AAA) reported Monday the appointment of investment analyst Richard Kelertas as senior vice president of corporate development.
Kelertas, who graduated from the University of Toronto with two science degrees and one Masters science degree, has been ranked a top equity analyst and has worked for a number of national and international firms, the company said.
Most recently, he was vice president and senior financial analyst at Dundee Capital Markets and has held a number of positions in corporate Canada.
Kelertas had covered the junior potash sector for Dundee over the years and was also one of the first analysts on Bay Street to launch research coverage on Allana three years ago.
In Canada, he has been ranked a “Top Gun” equity analyst by Brendan Woods International for the past seven years, and was also only one of 14 analysts in Canada to be named Super Leaguer Analyst, in 2010, Allana noted.
"We are delighted that Richard has joined Allana Potash,” Allana’s chief executive Farhad Abasov said in a statement.
"As Allana is in the midst of preparing its bankable feasibility study and securing project financing, Richard's contribution to our potash project will be significant and timely."
In other news, the potash explorer said that technical studies in support of its ongoing feasibility study for its Dallol project in Ethiopia are underway.
Currently, two diamond drill rigs are focused on exploration targets on the eastern and northern portions of the Dallol potash license area.
Total measured and indicated resources stand at 673 million tonnes, with a grade of 18.65% potassium chloride (KCl). In the inferred category mineral resources are 596 million tonnes with a grade of 19.96% KCl.
Earlier this month, the company announced it had intersected strong potash mineralization in three holes at Dallol, prompting it to extend its drill program in the southern boundary of Ethiopia.
Hole 35 intersected 5.7 metres of 31.3% potassium chloride (KCl) in the sylvinite zone and included a higher grade interval of three metres of 39.1% KCl. The hole also intersected 7.5 metres of 20.3% KCl in the underlying kainitite zone.
The company noted that it expects results from an updated NI 43-101 mineral resource estimate by the end of the month.
Allana Potash is a junior mineral exploration company focused on developing potash mineral properties in Ethiopia and Argentina.

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