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TORONTO, ONTARIO–(Marketwire – Nov. 16, 2011) – Ethiopian Potash Corp. (the “Company”) (TSX VENTURE:FED)(TSX VENTURE:FED.WT)(OTCQX:ETPHF) is pleased to announce that it has completed 16 diamond drill holes totalling 3,353 metres on its Danakil Potash Project. The initial 16 holes were drilled in the South-west Target Area.
Holes 17 and 18 are currently being drilled to test the northern continuation of the South-west Target Area. All holes have intersected the Danakil Potash bearing sequence.
An additional 11 holes (19 through 29) are planned to complete the first phase of exploration on the South-west Target Area, and provide the Company with sufficient drilling to meet its objective of putting 1 billion tonnes of potash resource in this part of the property into an updated 43-101 compliant report. (Map link: http://www.ethiopianpotash.com/DrillMap.html)
Road building is ongoing and drilling of the Colluli Target Area with targets at 100 metres depth or less is expected to begin early in the New Year, with the same resource objective as in the South-west Target Area.
Assays turnaround time and consequent lack of news has been a great disappointment to management and to our shareholders. As result, the Company has directed all core samples for analysis to the Saskatchewan Research Council, Saskatoon, Saskatchewan (“SRC”). SRC is recognized as one of the best laboratories for potash analysis, pilot plant testing and flow sheet design.
The Company has been assured that assays can be expected within 15 days of receipt of the samples. Shipping of the samples from Ethiopia to Saskatchewan is estimated to take four (4) days, for an aggregated lapsed time of 19 days or approximately three (3) weeks.
The Company anticipates being able to release assays on a number of holes in the first week of December.
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT)(OTCQX:ETPHF) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 484 sq km of shallow mineralisation potash development concessions in the fairway of the Danakil Depression, Ethiopia. The Company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
On behalf of the Board of Directors
David Wahl, President and CEO
Forward-Looking Information
This press release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company’s control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.
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.
