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RNS Number : 9549V
Gensource Potash Corporation
07 December 2023
FOR IMMEDIATE RELEASE - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES
Gensource Potash Announces 2023 Vanguard North 3D Seismic
Program and Provides Comprehensive Update
SASKATOON, Saskatchewan, and London, U.K. - December 7, 2023 -
Gensource Potash Corporation ("Gensource" or the "Company")
(AIM/TSXV: GSP), a leading fertilizer development company committed
to sustainable potash production, is delighted to share key
developments regarding the 2023 Vanguard North 3D Seismic Program
and critical updates on project financing.
2023 Vanguard North 3D Seismic Program Commencement
Following a successful flow-through program financing, Gensource
officially initiated the 2023 Vanguard North 3D Seismic program in
September 2023, with the following strategic objectives:
-- Exploration and Resource Confirmation: Commence exploration
and confirm the resources of Sub-surface Mineral Permit SMP200,
acquired in November 2021. SMP200 is strategically positioned to
the North of KL245, the location of the first Vanguard Area
project, the Tugaske Project, and contiguous with its designated
mining area. More information is available at
gensourcepotash.ca.
-- Expansion of Data: Expand dataset for the existing resource
defined in KL245 for the Tugaske Project. The 2023 Vanguard North
3D Seismic program aims to enlarge the contiguous 3D seismic
coverage of the regional resource, positively impacting the
currently defined Resource and Reserve. The results will be
quantified in a subsequent NI 43-101 Technical Report.
Design of the Program
The 2023 Vanguard North 3D Seismic program is meticulously
designed to augment existing knowledge of the regional resource. It
covers an approximate area of 12 km(2) in the southern part of
SMP200, coordinates with, and adds to, the 2017 Vanguard 3D Seismic
coverage, and accelerates the potential expansion of the Tugaske
Project.
Strategic Partnerships
Gensource values collaboration and partnership. Joining forces
on the 2023 Vanguard North 3D Seismic program are key experts in
the field:
-- Terra Modelling Services: Geological consulting and program design.
-- Respec Saskatoon: Program management and coordination.
-- RPS Energy: 3D Seismic detailed design, data analysis, and interpretation.
-- Raymac Surveys Ltd.: Site surveying.
-- Echo Seismic Ltd.: Recording.
-- Black Gold Medical Ltd.: Field medics.
Project Financing Update
In tandem with the seismic program, Gensource has been actively
engaged in discussions with several financial institutions to
secure full project financing for its Tugaske Project. Following
detailed negotiations with private funding groups during the
summer, the Company is focused on reaching an agreement with a
preferred funding entity. The objective is to swiftly conclude
ongoing negotiations and progress in stages toward full project
financing, enabling the Tugaske Project to transition into
construction and operational phases. While timing remains
challenging to estimate, the Company is dedicated to expediting the
negotiation process.
About Gensource:
Gensource is a fertilizer development company based in
Saskatoon, Saskatchewan and is on track to become the next
fertilizer production company in that province. With a modular and
environmentally leading approach to potash production, Gensource
believes its technical and business model will be the future of the
industry. Gensource operates under a business plan that has two key
components: (1) vertical integration with the market to ensure that
all production capacity built is directed, and pre-sold, to a
specific market, eliminating market-side risk; and (2) technical
innovation which will allow for a modular and economic potash
production facility, that demonstrates environmental leadership
within the industry, producing no salt tailings, therefore
eliminating decommissioning.
For further information on Gensource Potash, please contact:
Gensource Potash Corporation
Mike Ferguson - President & CEO +1-306-974-6414
Strand Hanson Limited (Nominated & Financial Adviser) +44 (0) 20 7409 3494
Ritchie Balmer / Rory Murphy / Charles Hammond
Peel Hunt LLP (Broker) +44 (0) 20 7418 8900
Ross Allister / David McKeown / Georgia Langoulant
For any press enquiries please contact Gensource at 306-974-6414
.
Further information on Gensource Potash Corporation can be found
at www.gensourcepotash.ca
Follow us on twitter @GensourcePotash
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.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and
Gensource cautions readers that forward- looking information is
based on certain assumptions and risk factors that could cause
actual results to differ materially from the expectations of
Gensource included in this news release. This news release includes
certain "forward-looking statements", which often, but not always,
can be identified by the use of words such as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". These statements are based on information
currently available to Gensource and Gensource provides no
assurance that actual results will meet management's
expectations.
Forward looking statements include estimates and statements with
respect to Gensource's future plans, objectives or goals, to the
effect that Gensource or management expects a stated condition or
result to occur, including any offering of securities by Gensource.
Since forward-looking statements are based on assumptions and
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated in such
statements for many reasons such as: failure to finance the Tugaske
Project or other projects on terms which are economic or at all;
failure to settle a definitive joint venture agreement with a party
and advance and finance the Tugaske Project; changes in general
economic conditions and conditions in the financial markets; the
ability to find and source off-take agreements; changes in demand
and prices for potash; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Gensource's activities; an inability to predict and
counteract the effects of COVID-19 on the business of Gensource,
including but not limited to the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour
and international travel and supply chains, failure to obtain
required regulatory approvals; and other matters discussed in this
news release and in filings made with securities regulators. This
list is not exhaustive of the factors that may affect any of
Gensource's forward-looking statements. These and other factors
should be considered carefully, and readers should not place undue
reliance on Gensource's forward-looking statements. Gensource does
not undertake to update any forward-looking statement that may be
made from time to time by Gensource or on its behalf, except in
accordance with applicable securities laws.
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