Gensource Potash Appoints New CEO and Outlines Development Plans
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 11/30/12 -- Alan
Cruickshank, President and CEO of Gensource Capital Corporation
(Gensource Capital) (TSX VENTURE:GSP), is pleased to announce the
appointment of Mike Ferguson, P.Eng. as President and CEO of
Gensource Potash Corporation (Gensource Potash), a wholly owned
subsidiary of Gensource Capital.
Mike is a highly experienced engineer and project manager, with over
25 years in the Saskatchewan potash and uranium industries. Mike's
experience covers potash operations roles (both underground and on
surface), design and engineering, engineering management, project
management and general management. Most recently, Mike led the Potash
One project team in developing the Legacy Project in Saskatchewan.
Potash One was acquired by K+S AG in a friendly take-over in November
2010 and Mike worked with K+S Potash Canada in a transitional role
Alan Cruickshank commented "... we are very pleased to have attracted
someone of Mike's experience to lead the team at Gensource Potash.
Our goal at Gensource is to build a partnership that is capable of
putting the next potash project into production in Saskatchewan. This
partnership must address: 1) market access, 2) financial capability
and 3) technical know-how. The leadership of Mike Ferguson, his
experience and contacts significantly strengthens Gensource's ability
to assemble this partnership".
Gensource Potash Corporation was created through the acquisition of
Nexxt Potash Corp., a private potash development company
headquartered in Saskatoon, SK. by Gensource Capital Corporation.
Subsequent to this transaction Gensource Capital Corporation has
moved its corporate headquarters to Saskatoon, Saskatchewan. The
transaction creates a privately operated potash project development
company, Gensource Potash, with access to the public markets through
its parent company, Gensource Capital.
One of Nexxt Potash's founders is Steve Halabura, P.Geo., FEC(Hon).
Steve remains with Gensource Potash as Director of Geology as well as
serving as Chairman of the Board of Directors of Gensource Potash
Gensource Potash views the potash development process in Saskatchewan
differently. Given the massive exten
t of the Prairie Evaporite
Formation in the province, it is possible to show large potash
resource numbers almost anywhere within the known Evaporite region.
The real issue is to identify the right resource that is not only
rich and economical to recover but is also supported by
surface-drivers such as infrastructure (roads, rail, power, water,
gas, etc.) and conducive surface hydrology and sub-surface
hydrogeology so as to minimize both costs and environmental impacts
Gensource Potash sees the key risks to new potash project development
in Saskatchewan as:
-- Access to the market. The global potash market is a very much a closed
one. Success will depend on clear access to the market, including
distribution and sales infrastructure.
-- Financial capability. Since new potash development projects are very
expensive, a new entrant must have a clear plan to finance its venture
to be successful.
-- Know-how. Knowing where the best resources exist within the Prairie
Evaporite, where the surface-drivers of the project are optimized and
understanding the environmental, regulatory and community engagement
issues and requirements is critical to a successful project.
In support of the above, Gensource Potash has completed an internal
assessment of potential potash lands that are suitable for solution
mining and has identified at least six potential prospects. Currently
Gensource Potash is pursuing the acquisition of freehold potash
leases at two of the prospects and has developed plans for seismic
and drilling programs that would define a prospective potash project,
which the Company defines as a having potential minimum potash
resource endowment of 100 million tonnes K2O (158 million tonnes KCl)
in the "Indicated" resource category.
For more information on Gensource, visit our website at
The Corporation's public documents may be accessed at www.sedar.com.
This news release contains forward-looking statements. These
statements are based on certain factors and assumptions as set forth
in this news release including expected growth, results of
operations, performance and business prospects and opportunities.
While the Corporation considers these factors and assumptions to be
reasonable based on information currently available, they may prove
to be incorrect. A number of factors could cause actual results to
differ materially from those in the forward-looking statements,
including, but not limited to results of exploration, project
development, reclamation and capital costs of the companies in the
merchant banking portfolios ("investee companies"), and the
Corporation's financial condition and prospects, could differ
materially from those currently anticipated in such statements for
many reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices for
the minerals the investee companies expect to produce; litigation,
legislative, environmental and other judicial, regulatory, political
and competitive developments; technological and operational
difficulties encountered in connection with the activities of the
Corporation and investee companies. Additional risks and
uncertainties can be found in our Management's Discussion and
Analysis and in filings with the Canadian provincial securities
commissions. Forward-looking statements are given only as at the date
of this news release and the Corporation disclaims any obligation to
update or revise the forward-looking statements, whether as a result
of new information, future events or otherwise.
Neither 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.
Gensource Capital Corporation
President and Chief Executive Officer
Gensource Potash Corporation
President and Chief Executive Officer
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