TORONTO, ONTARIO -- (Marketwire) -- 12/19/12 -- Ethiopian Potash Corp. (the "Company" or "EPC") (TSX VENTURE: FED) is pleased to announce the renewal of Danakil mineral exploration licence 3137-3150/2000 (the "Danakil Permit") obtained by G and B Central African Resources Ltd. ("G&B") from the Ministry of Mines and Energy of the Federal Democratic Republic of Ethiopia for the period up to and including August 21, 2013. Pursuant to an option agreement between EPC, G&B and the shareholders of G&B, EPC has the right to acquire 100% of G&B subject to the fulfilment of certain conditions as set forth therein.
EPC also announces its intent to voluntarily cease the listing of its common shares on the OTCQX Bulletin Board effective December 31, 2012. This will not affect the listing of EPC's common shares on the TSX Venture Exchange. Additionally, the Company will return 5,388,252 common shares to treasury for cancellation, representing an increase of $808,237.80 of payables of the Company, in order to correct an administrative error in connection with the shares for debt transaction completed on July 13, 2012. After correcting this matter, EPC will have 120,076,137 common shares issued and outstanding.
About Ethiopian Potash Corp.
Ethiopian Potash Corp. (TSX VENTURE: FED) is a Canadian company based in Toronto, Ontario and Addis Ababa, Ethiopia.
On behalf of the Board of Directors
George Roach, CEO & Director
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.
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