TORONTO, ONTARIO--(Marketwire - April 18, 2011) - Allana Potash Corp. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that Jack Scott P.Eng, MBA has been appointed Senior Vice President, Strategic Projects, of the Company.
Mr. Scott, P. Eng., MBA, has over 25 years of leadership experience worldwide in the resource, energy, infrastructure and industrial technology industries in project development and financing, risk modeling, contract negotiation, valuations, acquisitions and divestments, strategic planning, structuring of local community economic participation, and environmental assessment evaluations. Jack joins Allana from his role as President & CEO of Advanced Applied Physics Solutions ("AAPS") Inc., a technology development company. Jack has lead roles in energy projects development and has been active over the last few years developing billion dollar energy projects. He previously spent ten years in the executive team building multinational engineering/construction firm AGRA Inc. (now part of AMEC plc) in various roles including head of strategic planning, Vice President of the infrastructure development arm and President of a number of technology subsidiaries and joint ventures.
Jack is a Registered Professional Engineer, a member of the Institute of Electrical and Electronic Engineers and a past member of the Conference Board of Canada Strategy Development Council. He has a B.Sc. in Chemical Engineering from Queen's University and an MBA from the University of Western Ontario, Ivey School of Business.
Farhad Abasov, President and CEO of Allana Potash commented, "We are very pleased that Jack has joined Allana Potash. Jack has managed infrastructure and energy project finance and development programs for multi-million to billion dollar projects in many countries and delivered success in challenging situations. As Allana gears up for the bankable feasibility study and securing project finance, following the upcoming resource report, Jack's contribution to Allana's potash project will be significant."
In addition, the Company announces that it has granted a total of 400,000 stock options pursuant to the Stock Option Plan of the Company to Mr. Scott in connection with his appointment as well as to another officer and consultant of the Company. The options will be exercisable for $1.85 per option and shall expire on April 18, 2016. The options granted to Mr. Scott shall vest in eight equal installments over a period of two years subject to the regulatory hold period and the options granted to the existing officer and consultant of the Company shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to the receipt of all required regulatory approvals.
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 70.3 million tonnes of kainitite mineralization grading 61.7 % kainite and 30.3 million tonnes of sylvinite resource grading 25.4 % sylvite (combined 105,200,000 tonnes with a composite grade of 20.8 % KCl) (see also news release dated Sept. 17, 2008). Allana has approximately 178 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 impact of the appointment on the Company and the receipt of all required regulatory approvals, estimated. 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
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