KARNALYTE RESOURCES INC. TO REVIEW DEVELOPMENT STRATEGY FOR ITS FLAGSHIP WYNYARD PROJECT
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"We have initiated preliminary studies to determine the economic opportunity of co-developing magnesium and potash production from the Company's underground deposits," said
Carnallite, also known as hydrated potassium magnesium chloride, is abundant within the Company's mineral deposit. The studies are determining the economic balance of developing carnallite for the co-production of magnesium chloride and potassium chloride with the aim of significantly increasing magnesium chloride production, compared to previous studies, through the application of advanced solution mining technologies.
"Our goal is to create the most economically feasible operation we can while delivering value to shareholders. In light of the increasing importance of magnesium as one of the building blocks for the green and digital economy, we are reevaluating our strategy and we believe we should review the inclusion of concurrent and optimized magnesium and potash deposit development in our plans for the benefit of all stakeholders,"
The
Magnesium chloride serves as a key raw material in the production of various chemicals, including magnesium metal, magnesium hydroxide, magnesium oxide, and magnesium carbonate. These chemicals are used in high-tech applications such as semiconductor manufacturing, lithium-ion battery production, and in industries such as metallurgy, pharmaceuticals, agriculture, wastewater treatment, and advanced materials synthesis, driving the demand for magnesium chloride.
See The Canadian Critical Minerals Strategy published by the
The Company plans to make progress on its NI 43-101 technical report through the remainder of the year, which is a key precursor to any mine construction. The company also expects to complete the study on the review of its development strategy by the first quarter of 2025.
ABOUT
ABOUT THE
ABOUT THE PROTEOS NITROGEN PROJECT
ABOUT GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED
Gujarat State Fertilizers & Chemicals Limited ("GSFC") is a leading Indian Fortune 500 chemicals and fertilizer company that has been in business for more than 50 years. GSFC currently operates one ammonia plant that was commissioned in the year 2000, and two urea plants that were established in 1969, at its fertilizer production complex in
FORWARD-LOOKING STATEMENTS
Certain information included in this press release is forward-looking, within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar words or phrases suggesting future outcomes or language suggesting an outlook.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Karnalyte, including, without limitation, assumptions as to: projected economics for the Company's planned potash production facility, the confirmation in an independent feasibility study of Karnalyte's assumptions regarding the technical and economic viability of the Proteos Nitrogen project, the ability of Karnalyte to obtain financing on terms favourable to the Company, and the ability of Karnalyte to receive, in a timely manner, the necessary approvals from the Company's board of directors, shareholders, regulatory authorities, and other third parties.
Karnalyte believes the expectations and assumptions upon which the forward-looking information is based are reasonable. However, no assurance can be given that these assumptions and expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Without limiting the generality of the foregoing, readers are cautioned that the Company has not received a feasibility study prepared by a third party with respect to the Proteos Nitrogen project.
Actual results may vary from the forward-looking information presented in this press release, and such variations could be material. Risk factors and uncertainties could cause actual results to vary from the forward-looking information in this press release. Additional information on forward-looking statements and other factors that could affect Karnalyte's operations and financial results are included in documents on file with Canadian securities regulatory authorities and may be accessed through the Company's profile on the SEDAR website (www.sedar.com).
These forward-looking statements are made as of the date hereof and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
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