Ethiopian Potash Corp's drilling rigs are in the process of being commissioned and are expected to start operation in a week's time, George Roach, board chairman said last week during an event in which Robert J. Metcalfe was assigned the new director of the corporation while Wally Rudensky resigned from the board of directors.
Mr. Metcalfe is expected to bring to the board of directors his broad experiences of serving on the board of several natural resources companies such as Central Patricia Gold Mines Limited and Iron Bay Trust Inc.
Praising the departing board member, George Roach said that the change was in accordance with the corporation's declared plan of moving forward from the transitional phase of listing of the company to a fully operational phase calculated to boost shareholder value through exhaustive exploration and resource development. In this regard, he said that the company's drilling rigs were in the process of being commissioned and were expected to be "turning" within the week.
Ethiopian Potash Corp. (EPC) is a Canadian company headquartered in Toronto, Ontario and Addis Ababa, Ethiopia. The company has filed a NI 43-101 report compiled by Ercosplan, the recognised authority on the Danakil Depression, that identifies a NI 43-101 compliant inferred resource of 128 million tonnes grading 21 percent KCL. Ercosplan recommends a 15,000 metre diamond drilling program to further define and expand the known resource; this program is scheduled to start before the end of this month and will provide the basis for a scoping study and subsequent feasibility scheduled to start in the fourth quarter of this year, a significant step on EPC's path to production.
The Danakil Depression in northern Ethiopia contains one of the largest undeveloped potash resources in the world. The fact that it lays almost on the surface of the ground as opposed to the potash deposits in Saskatchewan which occur at depths greater than one kilometre testifies to its significance. Ethiopian Potash Corp has two neighbouring development concessions covering 481 sq km in the center of the Danakil Depression.
Source: Press Release Ethiopian Potash Corp