TORONTO, ONTARIO--(Marketwire - March 15, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that it has received preliminary interpretation 2D seismic profiles from the survey completed in late 2010. The survey totaled approximately 48 kilometres of 2D seismic and focused on the extensive southern part of the evaporite basin which occupies the majority of Allana's land position (see attached figure). Tesla-IMC continues to incorporate new drill information into its interpretations which will provide important information for delineating the extent of the potash horizon.
The preliminary seismic interpretations, coupled with drill hole information as well as downhole geophysical results suggest strong continuity of the potash horizon and evaporite stratigraphy across the southern part of the basin where the survey was conducted. Additional drilling will further test these results and will help to refine the model and characterize the potash zones.
Farhad Abasov, Allana's President and CEO, stated: "Allana is very pleased with the preliminary seismic interpretations by Tesla-IMC which indicate strong continuity of potash horizons. This data will be extremely helpful in determining the extent and continuity of the potash horizons, which will be key in further resource updates. The interpretations will be updated as new drill hole information, such as recently released drill hole DK-11-11, becomes available to characterize the potash mineralization. This is particularly important in areas such as hole 11, which has seen very limited exploration in the past. Allana is also planning to drill several holes on the eastern part of the project as a result of the seismic interpretation."
To view the "Significant Drill Results" Map, please visit the following link:
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with Inferred Mineral Resources of 73.9 million tonnes of kainitite mineralization grading 61.7 % kainite and 31.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl (see News Release dated Sept. 17, 2008). Allana has approximately 177.3 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect and estimated timeline of the drilling, assay and seismic results on the Company, the estimation of mineral reserves and mineral resources; the timing and amount of estimated future exploration; costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting, ; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; and title disputes or claims; Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here