Encanto Potash Corp. completes drilling and 2D seismic
Initiates 3D seismic at Muskowekwan
Trading Symbol: TSXV EPO.V
VANCOUVER, Dec. 15 /CNW/ - Encanto Potash Corp. CEO James Walchuck is pleased to announce the reconnaissance drill programs at both the Ochapowace and the Muskowekwan properties have now been completed. Assay results from the Ochapowace program should be available by mid-January 2010, with the Muskowekwan results following in the month of February. 2D seismic has also been completed on both properties.
Encanto is also pleased to announce that, further to its news release of September 10, 2009, Encanto has paid $100,000 in cash and is in the process of issuing an aggregate 400,000 shares and 400,000 warrants to purchase an additional 400,000 shares at $0.235 per share on or before November 9, 2011 pursuant to its two Exploration Participation Agreements ("EPA's") signed with the Muskowekwan First Nation.
In addition, in the event Encanto and the First Nation enter into definitive agreements under the EPA's to establish the terms under which Encanto will develop and conduct mining operations under the authority of a mineral lease from the Crown pursuant to the Indian Mining Regulations (Canada), Encanto will issue a further 200,000 shares and warrants to purchase 200,000 shares for a two year period. The exercise price will be equal to the closing price of Encanto's shares on the date the agreement is entered into. The security issuances remain subject to regulatory approval.
About Encanto:
Encanto Potash Corp. is a TSX Venture Exchange-listed Canadian resource company engaged in the exploration and development of potash properties in the Province of Saskatchewan, Canada - the largest producing region for potash in the world.
To find out more about Encanto Potash Corp., please visit the company website at
www.encantopotash.com or review the documents filed on
www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Walchuck"
Per: ----------------
James Walchuck
President and CEO
