Shares outstanding 102,167,479
SASKATOON, Saskatchewan / January 23, 2014 / ACCESSWIRE
/ Gensource Potash Corporation
(“Gensource” or the “Company”)
(TSX.V: GSP) is pleased to announce that it has
created a new Advisory Board for the Company. Gensource is
continuing its successful efforts to re-configure the company as a
solely potash-focussed development company.
On the heels of the announced board of director changes (see
News Release dated 31Dec2013), Gensource has created a new Advisory
Board to help guide its potash development efforts. The Advisory
Board will comprise an engaged group of leading industry experts.
In bringing industry views and aligned goals to the Company, the
Advisory Board will provide Gensource management with in-depth and
strategic industry insight as well as world-class technical
knowledge. Gensource is proud to announce the following initial
members of the Advisory Board:
John McEwan, PE. Processing Technology, B.S. Chemical
Engineering, M.S. Chemical Engineering.
John is a registered professional chemical engineer with over 40
years of experience in the chemical process industries. Plant
experience has included sulfuric acid and soda ash processing for
the Stauffer Chemical Company. He also served as the Technical
Manager for American Soda’s nahcolite solution mining project for a
1.2 MTPA greenfield soda ash and sodium bicarbonate plant located
in Western Colorado. John’s involvement with the project included
pilot plant operations, engineering and construction as well as
commercial production. He then joined Rio Tinto in 2004 and served
as a Principal Process Engineer during the feasibility study for
their Potasio Rio Colorado potash project located in Argentina. In
2009, John joined Potash One as Vice-President, Plant Processing
for the development of the company’s Legacy potash project in
Saskatchewan. The Legacy project was purchased in 2010 by the
German potash company, K+S Aktiengesellschaft. John then served in
a principal process engineering capacity for K+S for 2.5 years on
the project.
Sandy Debusschere, Drilling Technology.
Over the past 25 years, in his capacity as President of Artisan
Consulting Services Ltd., Sandy has been involved in a number of
oil, gas and major potash projects in Western Canada specializing
in supplying supervision services for the drilling of vertical,
directional and horizontal wells. Having spent 37 years working in
the drilling industry, Sandy has participated in the majority of
Saskatchewan’s potash exploration programs involving shaft pilot
wells, freeze wells and mining cavern and injection wells. Sandy’s
involvement with drilling vertical, directional and horizontal
wells, including multi-leg, open hole side-tracks, window milling,
under-balanced drilling, short radius, coiled tubing and pad wells,
including SAGD and cyclic steam in oil sands has provided him with
valuable experience in applying these techniques as well as
modifying them for use within the potash industry.
Jim Elliot, Strategic Business Development.
Jim began his career as a journeyman electrician and together
with his partners, founded Tron Power. Jim became the sole owner of
Tron Power and secured contracts in Northern Saskatchewan and
Alberta and at the Kumtor Gold Mine in Kyrgyzstan. In 1997, English
River First Nations Band purchased Tron Power. Jim remained with
Tron Power as President and subsequently as the C.E.O. of Tron’s
umbrella company, Des Nedhe Development LP. Jim has played a vital
role in the growth and development of Tron Power. With his
expertise and extensive knowledge of the industry, he has led the
company and many Northern Communities to prosperity. Under Jim’s
leadership, English River First Nation’s Joint Ventures have grown
and prospered and are considered one of the most prestigious and
profitable First Nations companies in Canada.
Mike Ferguson, President & CEO commented that “…Gensource is
extremely pleased and proud to announce both the creation of the
Advisory Board, and the appointment of these initial members. John,
Sandy and Jim bring decades of experience and expertise in their
specialty areas. I can think of no better foundation on which to
start such an exciting venture than that provided by an advisory
team such as this. Together with the existing Gensource management
team, we represent a group that has successfully developed potash
in Saskatchewan before – a very unique credential”. Ferguson went
on: “I am looking forward to working with this outstanding team.
Gensource will look to add members as appropriate to help it
accomplish its goal to become the next potash producer in
Saskatchewan”.
Additionally, Gensource announces that, in accordance with the
Corporation’s previously approved stock option plan, it has today
granted in aggregate 3,991,748 stock options (“Options”) to
purchase common shares in the capital of the Corporation to certain
directors and officers of the Corporation. The Options each have an
exercise price of $0.10 per share and are exercisable for a period
of 5 years. This grant of Options is subject to acceptance by the
TSX Venture Exchange.
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on
developing potash projects in Saskatchewan. Gensource’s
President & CEO, Mike Ferguson P.Eng., has assembled a
management team with direct and specific experience in potash
development. Gensource’s Advisory Board is a who’s-who of
Saskatchewan and international potash and business development
expertise and experience.
Gensource operates with the vision that “From the
perspective of adding up all productive capacities of existing
global producers, it may be true that the world, from a
supply-demand perspective, does not need additional tonnes of
potash. But, from the perspective of the industry, it is clear that
the world desperately needs new, independent potash
producers”. Gensource’s business goal is to
be the next of those independent producers.
For further information please contact:
Gensource Potash Corporation:
Mike Ferguson, President & CEO
Telephone: (306) 974-6414
Email: mike@gensource.ca
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
INFORMATION
Certain of the statements and information in this news
release constitute “forward-looking information” within the meaning
of applicable Canadian securities laws. All statements, other than
statements of historical fact, are forward-looking INFORMATION.
ThIS forward-looking information relateS to, among other things:
the SATISFACTORY COMPLETION OF DUE DILIGENCE BY RAYMOND JAMES: THE
ISSUANCE OF COMMON SHARES OF THE COMPANY TO RAYMOND JAMES; the
ability of GENCOURCE AND CPC to providing the documents,
reports and information required by the TSX-V in connection with
the Transaction; and lifting of the current trading halt on the
company’s shares by the tsx-v.
This forward-looking information reflects management’s
current expectations with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by management, are inherently subject to
risks and uncertainties. These assumptions include: conclusion of
satisfactory due diligence by Gensource, CPC and Raymond James; the
preparation of technical reports and valualtions on properties of
CPC that are satisfactory to the TSX-v; the preparation of a
sponsorship report BY RAYMOND JAMES that is satisfactory to the
TSX-V; the completion of definitive agreements relating to the
Transaction; AND the Approval of the transaction by the TSX-V and
Gensource’s shareholders. Many factors, both known and unknown,
could cause actual results or future events to be materially
different from the results or events that are expressed or implied
by the forward-looking INFORMATION contained in this News Release.
The Company does not intend, and does not assume, any obligation to
update this forward-looking information should
circumstances or management's expectations, assumptions or opinions
change, except as required by law.
Source: Gensource Potash Corporation
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