TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is pleased to announce that it has commenced the application process for listing on the OTCQX.
David Wahl, President & CEO of EPC commented: "The company is actively engaged in pursuing new avenues of distribution both in the US and Internationally, in order to enhance the ability of larger audiences to participate in the Ethiopian Potash Corp. story, and to broaden its shareholder base."
"The Company is ramping up its exploration activities on the Danakil Project and will shortly be providing a status report on recent activities on site, in anticipation of its 15,000 metre resource definition drilling program, scheduled to start before the end of April."
The Company also announces that as has been previously disclosed in its Information Circular and RTO filings, the Company has now issued, on April 11, 2011, an aggregate of 17,368,726 common shares ("Common Shares") of EPC in connection with the satisfaction of the "First Milestone" under the option agreement (the "Option Agreement") between EPC, G and B Central African Resources Ltd. ("G&B") and the shareholders of G&B as amended and restated as of October 18, 2010, as further amended. As of November 4, 2010, the parties to the Option Agreement agreed that all of the requirements in respect to the First Milestone (as defined in the Option Agreement) have been met based on the publishing of a report on the project by a third party inferring a resource in excess of 100 million tonnes.
In accordance with the policies of the TSX Venture Exchange (the "Exchange"), all of the Company's securities that are issued to "Principals" (as defined in Exchange Policy 1.1) are considered "Value Securities" (as defined in Exchange Policy 5.4) and are therefore being held in escrow by Olympia Trust Company. All common shares issued in connection with the First Milestone are subject to such escrow and shall be released pursuant to the Tier 2 Value Security Escrow timed release.
Upon the issuance of common shares in connection with the First Milestone, there are 106,371,626 Common Shares issued and outstanding.
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About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE:FED)(TSX VENTURE:FED.WT) is a Canadian company based in Toronto, Ontario, and Addis Ababa, Ethiopia. Ethiopian Potash controls 481 sq km of shallow mineralisation potash development concessions in the fairway of the Danakil Depression, Ethiopia. The company has an existing 128 mil tonne resource at 21% potash and is intent on aggressively fast-tracking its properties to production.
On behalf of the Board of Directors
David Wahl, President and CEO
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.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.