CALGARY,
Dec. 18, 2014 /CNW/ - Karnalyte
Resources Inc. ("Karnalyte" or the "Corporation") (TSX: KRN)
today announces that it has received a requisition for a meeting of
shareholders from Robin L. Phinney,
former President, CEO and director of Karnalyte. The
requisition requests that the Board of Directors call a special
meeting of Karnalyte's shareholders to consider removing from
office certain of the existing directors of Karnalyte, and electing
to the Board of Directors the nominees submitted by the
requisitioning shareholder. The Board of Directors of
Karnalyte will review the requisition and will provide an update to
shareholders in due course.
About Karnalyte Resources Inc.
Karnalyte is engaged in the business of
exploration and development of high quality agricultural and
industrial potash and magnesium products. Karnalyte intends to
develop and extract a carnallite – sylvite mineral deposit through
a known solution mining process at competitive costs and with
minimal environmental impacts. Once financing is obtained to potash
plant construction, the Corporation plans to operate a solution
mining facility that will initially produce 625,000 tonnes of
potash per year, increasing to 2.125 million tonnes of potash per
year. Karnalyte owns a 100% interest in Subsurface Permit KP 360A
and Subsurface Mineral Lease KLSA-010 located near Wynyard, Saskatchewan, comprising a total of
85,126 acres.
Forward-Looking Statements
This press release contains forward-looking
statements. More particularly, this press release contains
statements concerning the requisition of a shareholders meeting.
The forward-looking statements contained in this document are based
on certain key expectations and assumptions made by Karnalyte,
including with respect to the Corporation's future operations and
its ability to secure additional capital. Although Karnalyte
believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because
Karnalyte can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, the failure to obtain necessary
regulatory approvals, failure to obtain necessary capital
financing, risks associated with the mining industry in general
(e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks), commodity
price and exchange rate fluctuations. Readers are cautioned that
the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect
Karnalyte's operations and financial results are included in
documents on file with Canadian Securities regulatory authorities
and maybe accessed through the SEDAR website (www.seclar.com). The
forward-looking statements contained in this document are made as
of the date hereof and Karnalyte undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Karnalyte Resources Inc.