– CANADA, Saskatoon – Gensource Potash Corp. (TSX:GSP) is pleased to announce that both the Company and its Joint Venture Partner, Essel Group ME, have appointed individuals to directorship positions in Vanguard Potash Corporation.
The directors of Vanguard are:
From EGME:
Mr. Gagan Goel, Chairman Managing Director, Essel Group ME
Mr. Punkaj Gupta, Joint Managing Director and Group CEO, Essel Group ME, and
Mr. Manoj Kumar Palaria, AGM-Finance, Essel Group ME.
From Gensource:
Mr. Dwayne Dahl, Director, Gensource Potash Corp., and
Mr. Mike Ferguson, President & CEO and Director, Gensource Potash Corp.
Pursuant to the executed definitive Shareholder Agreement for Vanguard, announced April 4, 2017, the parties to the agreement are entitled to appoint a total of 5 directors of Vanguard: two nominated by Gensource and three nominated by EGME.
As a reminder, EGME and Gensource announced an MOU to create a joint venture company on November 29, 2016 and subsequently announced the execution of the definitive shareholder agreement on April 4, 2017.
The Vanguard joint venture company has been created to be the vehicle that will own, construct and operate the Vanguard One project to be located on a portion of Gensource’s KL 245 subsurface mineral lease. Pursuant to the Agreement , the parties will use their best efforts to subsequently expand the Vanguard One project from its initial 250,000 t/year production to a target production rate of 1.0 M t/year. Vanguard will be furnished with the lease, engineering and geology completed to the end of 2016, project development expertise and unique mining and processing technology by Gensource, while EGME will provide Vanguard with marketing for the potash produced, international logistics expertise and capital financing. On this basis, Vanguard has a clear path forward to implement a first-of-its-kind selective solution mining project that has major economic advantages and, most significantly, massively reduced environmental and community footprint as compared to conventional potash production.
As a reminder, Gensource is in the detailed development phase of the Vanguard One project. The feasibility study, expected to conclude in second quarter 2017, will determine the technical and economic viability of the project.
About Essel Group ME
EGME is a diversified conglomerate operating primarily in the Europe, Middle East, Africa and Asia pacific region.
EGME is part of Essel Group, the Indian multinational conglomerate operating in a broad spectrum of industries including media, packaging, infrastructure and technology. Building on Essel Group’s 90-year history of developing and promoting businesses, EGME is leading the Group’s regional expansion and currently operates subsidiary businesses in the natural resources, energy, industrial supply and logistics, education and financial services sectors.
For more information :
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components – vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk; and, technical innovation which will allow for a small and economic potash production facility, the output of which can then be directed to a single, specific market.
For more information : http://www.gensourcepotash.ca
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