TORONTO, ONTARIO--(Marketwire - Feb. 12, 2013) - Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED) is pleased to announce an updated compilation of drilling results from a drill programme completed in February 2011, from the Danakil Projects in Ethiopia. No further drilling has taken place on the property.
The Company has drilled 7,781m in 32 holes located along the Western margin of the Danakil Basin covering an area measuring approximately 15 kilometres by 5 kilometres, situated north of the property boundary and south of the village of Bada (see attached Schedule "A").
The following Table 1 summarises the borehole collars for all 32 boreholes drilled to date:
| || || || || || || |
| || || || ||TOTAL METRES DRILLED:||7781.3|
|COORDINATES: UTM 37N ADINDAN|
| || || || || || || |
The following Table 2 summarises the assay results received to date from the project:
|HOLE: COMPOSITE ASSAYS - 10% KCl CUT-OFF|
|DAL-001A||From||120.00||m to||125.50||m:||5.50||m @||22.02||% KCl|
| ||incl. From||120.00||m to||122.50||m:||2.50||m @||32.96||% KCl|
| ||From||125.50||m to||127.00||m:||1.50||m @||15.75||% KCl|
| ||From||132.00||m to||137.00||m:||5.00||m @||16.23||% KCl|
|DAL-002||From||81.50||m to||86.50||m:||5.00||m @||32.13||% KCl|
| ||incl. From||82.50||m to||85.00||m:||2.50||m @||39.54||% KCl|
| ||From||86.50||m to||89.00||m:||2.50||m @||14.15||% KCl|
| ||From||89.00||m to||104.00||m:||15.00||m @||18.71||% KCl|
|DAL-003||From||121.00||m to||130.90||m:||9.90||m @||28.35||% KCl|
| ||incl. From||128.90||m to||130.90||m:||2.00||m @||41.56||% KCl|
| ||From||130.90||m to||132.40||m:||1.50||m @||14.73||% KCl|
| ||From||142.50||m to||145.00||m:||2.50||m @||12.11||% KCl|
| ||From||145.00||m to||153.50||m:||9.50||m @||17.85||% KCl|
|DAL-004||From||90.50||m to||98.50||m:||8.00||m @||27.41||% KCl|
| ||incl. From||94.00||m to||95.50||m:||1.50||m @||42.37||% KCl|
| ||From||98.50||m to||103.00||m:||4.50||m @||13.46||% KCl|
| ||From||103.00||m to||114.00||m:||11.00||m @||16.69||% KCl|
|DAL-006||From||86.00||m to||87.00||m:||2.00||m @||13.13||% KCl|
|DAL-007||From||130.50||m to||137.50||m:||7.00||m @||23.60||% KCl|
| ||incl. From||136.00||m to||137.50||m:||1.50||m @||38.78||% KCl|
| ||From||137.50||m to||140.50||m:||3.00||m @||18.81||% KCl|
| ||From||152.50||m to||155.50||m:||3.00||m @||14.29||% KCl|
| ||From||155.50||m to||164.50||m:||9.00||m @||19.86||% KCl|
|DAL-008||From||162.50||m to||167.00||m:||4.50||m @||23.61||% KCl|
| ||From||167.00||m to||176.50||m:||9.50||m @||18.82||% KCl|
|DAL-009||From||133.50||m to||137.50||m:||4.00||m @||33.13||% KCl|
| ||From||137.50||m to||140.50||m:||3.00||m @||14.95||% KCl|
| ||From||155.50||m to||157.50||m:||2.00||m @||11.34||% KCl|
| ||From||157.50||m to||168.50||m:||11.00||m @||18.05||% KCl|
|DAL-010||From||180.50||m to||191.50||m:||11.00||m @||17.65||% KCl|
| ||From||185.50||m to||189.50||m:||4.00||m @||10.38||% KCl|
| ||From||189.50||m to||199.50||m:||10.00||m @||18.83||% KCl|
|DAL-011||From||213.50||m to||221.50||m:||8.00||m @||21.07||% KCl|
| ||From||221.50||m to||229.50||m:||8.00||m @||21.25||% KCl|
|DAL-013||From||115.50||m to||121.50||m:||6.00||m @||27.19||% KCl|
| ||incl. From||115.50||m to||117.50||m:||2.00||m @||34.83||% KCl|
| ||From||143.50||m to||145.50||m:||2.00||m @||10.72||% KCl|
| ||From||145.50||m to||156.50||m:||11.00||m @||17.98||% KCl|
|DAL-014||From||297.00||m to||300.40||m:||3.40||m @||25.22||% KCl|
| ||From||300.40||m to||303.40||m:||4.00||m @||9.75||% KCl|
| ||From||303.40||m to||308.40||m:||5.00||m @||24.03||% KCl|
|DAL-015||From||140.50||m to||143.50||m:||3.00||m @||16.49||% KCl|
| ||From||143.50||m to||144.50||m:||1.00||m @||14.41||% KCl|
| ||From||149.50||m to||154.50||m:||5.00||m @||13.01||% KCl|
| ||From||154.50||m to||162.50||m:||8.00||m @||19.09||% KCl|
|DAL-016||From||173.00||m to||178.00||m:||5.00||m @||26.50||% KCl|
| ||From||178.00||m to||179.00||m:||1.00||m @||11.51||% KCl|
| ||From||179.00||m to||189.50||m:||10.50||m @||19.66||% KCl|
|DAL-020||From||195.00||m to||200.50||m:||5.50||m @||19.73||% KCl|
| ||incl. From||198.00||m to||200.50||m:||2.50||m @||29.92||% KCl|
| ||From||251.50||m to||256.50||m:||5.00||m @||13.06||% KCl|
| ||From||256.50||m to||267.50||m:||11.00||m @||15.34||% KCl|
|DAL-022||From||309.50||m to||315.50||m:||6.00||m @||20.90||% KCl|
| ||From||315.50||m to||320.50||m:||5.00||m @||18.33||% KCl|
| ||From||371.50||m to||380.50||m:||9.00||m @||15.43||% KCl|
| ||From||380.50||m to||390.50||m:||10.00||m @||20.85||% KCl|
|DAL-023||From||359.50||m to||364.50||m:||5.00||m @||22.85||% KCl|
| ||From||364.50||m to||367.50||m:||3.00||m @||18.36||% KCl|
| ||From||387.50||m to||393.50||m:||6.00||m @||13.02||% KCl|
| ||From||393.50||m to||401.50||m:||8.00||m @||18.05||% KCl|
|DAL-024||From||359.50||m to||363.80||m:||4.30||m @||16.39||% KCl|
| ||From||441.70||m to||451.50||m:||9.80||m @||20.28||% KCl|
Note: All widths are lineal core widths and are not true widths.
Assay results for DAL-025, DAL-026, DAL-027, DAL-028 and DAL-029 are pending.
George Roach noted, "The assays have confirmed that on the Western side of the properties we have intersected shallow mineralisation with comparable grades to our competitors along the Western margin of the Basin. The drilling to date has defined the Basin margin and shown the mineralisation has good continuity with depth towards the centre of the Basin. We expect to have the balance of the assays over the next 6 weeks and look forward to releasing these as they become available. Over and above this, we plan to make arrangements to commence the next phase of our exploration program in the near future. We expect that future exploration will extend our drilling program into the Colluli area that has already shown good indications of significant shallow mineralisation in results announced by our Northern Neighbour, South Boulder Mines."
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
All borehole collars have been visited by the Qualified Person (as defined in National Instrument 43-101) and their location verified to within the limits of hand held GPS accuracy. Analytical results have been reviewed by the Qualified Person and found to be acceptable for the purposes of this disclosure. All summary geological logs and samples assays have been compiled in an Excel-based spread sheet. Composites are weighted to sample length and were calculated in Excel using a 10% KCl cut-off. Samples <10% KCl may be included in any composite interval provided that average of the sample above, below and including the sample <10% KCL, is ≥10% KCl.
Quality Control and Quality Assurance ("QA/QC")
The QA/QC methodology employed in the initial stages of the exploration program was revised by ERCOSPLAN Ingenieurgesellschaft Geotecknik und Bergbau mbH ("ERCOSPLAN") to ensure that all core handling and sampling meet international reporting standards.
The potash-bearing HQ-NQ sized core is secured at the drill site in plastic poly-tubing, the ends of the poly-tubing thermally sealed. The plastic core box in which the core is placed is transported to the field camp for geological logging in an air conditioned logging room and sampling. Once logging is completed, identified mineralised sections of the core are cut in half by a tungsten carbide bladed band saw. Sample lengths are determined by geology and geological contacts are respected. Halite blanks are randomly inserted into the sample stream at a frequency of 1 in 20 samples Half-cores are double bagged and sealed with uniquely numbered security seals.
Samples are transported under EPC custody by air charter from the field camp to the EPC office in Addis Ababa, where they are repacked into batches and prepared for dispatch. All sample dispatches are inspected and verified at the Ethiopian Ministry of Mines ("Ministry") for export purposes and then escorted by EPC and officials of the Ministry to the airport and the samples given over to the custody of DHL and transported to Saskatchewan Research Council laboratories ("SRC") in Canada.
At SRC, the samples are prepared and analysed as per the SRC standard potash analysis package. Details of the preparation methodology and analytical techniques can be viewed on the SRC website (http://www.src.sk.ca/Industries/Mining/Pages/Minerals-Analysis.aspx - Potash analysis). SRC Geoanalytical Laboratories have been certified by the Standards Council of Canada to conform to the requirements of ISO/IEC 17025:2005 (CAN-P-4E).
Bruce Cumming holds a Bachelor of Science (Honours) in Geology from the University of Cape Town and is accredited to the South African Counsel for Natural Scientific Professionals (SACNASP). Mr. Cumming is a director and the Chief Operating Officer of G&B Central African Resources Ltd., the owner of the property in the Danakil Basin, Ethiopia. Mr. Cumming has sufficient geological experience (over 35 years) and is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this release.
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include, among other things, statements relating to the Company's drilling and exploration plans (including anticipated timing). Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: risks related to the exploration stage of the Company's properties, the possibility that future exploration results will not be consistent with the Company's expectations, changes in potash commodity prices, changes in equity markets, political developments in Ethiopia, uncertainties relating to the availability and costs of financing needed in the future, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, the uncertainties involved in interpreting drilling and exploration results and other geological data and other factors (including exploration, development and operating risks). Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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