Gensource Updates NI 43-101 Technical Report for Tugaske Project
SASKATOON, Saskatchewan – (COMMERCIAL THREAD) – Gensource Potash Corporation (“Gensource” or the “Company”) (TSX.V: GSP), a fertilizer development company focused on the sustainable production of potash, announces the filing of an update to the ‘National Instrument (“NI”) 43-101 Technical Report (the “Technical Report”), summarizing the Tugaske Project (the “Project” or “Tugaske”).
On May 12, 2021, Gensource announced its intention to apply for the admission to trading of the common shares of the Company on the AIM market of the London Stock Exchange (“AIM”). A requirement for registration with AIM is to complete a Competent Persons Report (“CPR”) as defined in “AIM, Note for Mining, Oil and Gas Companies“, published by the London Stock Exchange (June 2009). As the CPR was created, a correction of the values of the base scenario of the summary tables of mineral resources and mineral reserves was made. This same correction is made. now implemented in NI 43-101 Technical Report to ensure consistency between the two reports. For clarity, the corrected values differ only slightly from those disclosed in the previous technical report.
Additionally, Gensource has included the latest funding information in both reports, based on the accepted benchmark financial model agreed upon with the Company’s senior lenders (see press release announcing senior debt commitment letter dated September 23, 2021). The updated technical report (report date: October 14, 2021) is publicly available at www.sedar.com and available on the Company’s website at www.gensourcepotash.ca.
The technical information presented in this press release has been reviewed and approved by Mr. Mike Ferguson, P.Eng., Who is a Qualified Person (QP) as per the requirements of NI 43-101.
Gensource Potash is a fertilizer development company based in Saskatoon, Saskatchewan, and is on its way to becoming the next fertilizer production company in that province. With a small-scale, green approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates according to a business plan which has two key elements: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating the risk on the market side; and (2) technical innovation that will allow a small and economical potash production facility, which demonstrates environmental leadership within the industry, producing no salt residue, thus eliminating the risk of decommissioning and requiring no surface brine pond, thus eliminating the environmental aspect the most important and most negative of potash mining.
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 press 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 Gensource’s expectations included in this press release. This press release includes certain “forward-looking statements”, which can often, but not always, be identified by the use of words such as “believes”, “expects”, “expects”, “believes”, “may “,” “Could”, “would”, “fly” 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 regarding Gensource’s future plans, objectives or goals that Gensource or management expects a condition or reported result to occur, including the Offer. . Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in these statements for many reasons such as: the inability to finance the Tugaske Project or other projects on economic terms or not at all; the failure to enter into a definitive joint venture agreement with one party and to advance and finance the Tugaske project; changes in general economic and financial market conditions; the ability to find and source direct debit agreements; changes in demand and prices for potash; litigation, legislative, environmental and other legal, regulatory, political and competitive developments; technological and operational difficulties encountered in the context of Gensource’s activities; an inability to predict and counter the effects of COVID-19 on Gensource’s business, including, but not limited to, the effects of COVID-19 on commodity prices, capital market conditions, restriction of labor and international travel and supply chains; failure to obtain required regulatory approvals; and other matters discussed in this press release and in documents filed with securities regulatory authorities. This list is not exhaustive of the factors that may affect Gensource’s forward-looking statements. These and other factors should be carefully considered and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statements that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.