Gensource Executes Land Purchase Agreement for Tugaske Potash Project, Securing Strategic Surface Lands
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SASKATOON, Saskatchewan — Gensource Potash Corporation (' Gensource ' or the ' Company ') (TSXV: GSP), a fertilizer development company focused on sustainable potash production, is pleased to announce that, through its wholly owned subsidiary KClean Potash Corporation, has exercised its option to acquire 206 acres of surface lands where the main plant for the Company's planned Tugaske Potash Project will be constructed ('Project Lands'). This milestone fulfills the terms of the option agreement announced on October 4, 2018, and represents a critical step in advancing the project forward.
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The management of the company strategically identified the Project Lands adjacent to key infrastructure, including Canadian Pacific Kansas City (TSX: CP, NYSE: CP) rail, road, gas, water and power. The plant site location provides very efficient access to transportation corridors for the initial phase of the Tugaske Project and for future plant expansion. Ownership of the surface lands provides Gensource with full control over the project site, strengthening its position, further de-risking the Project and setting the stage for construction.
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Strategic Importance of the Land Acquisition
Securing the surface rights is a major milestone in the Tugaske Project's development, as Gensource proceeds with detailed engineering and construction planning. The proximity to rail infrastructure ensures cost-effective logistics, a competitive advantage for the Company's planned scalable and vertically integrated potash production model.
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'The exercise of this land purchase agreement is a pivotal moment for Gensource and the Tugaske Project,' said Mike Ferguson, President and CEO of Gensource. 'Owning the surface lands outright not only strengthens our control over the project's timeline but also underscores our commitment to advancing this strategically important asset. With this key piece in place, we are well-positioned to move forward with the next phases of implementation.'
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Utilizing Gensource's innovative, sustainable, and scalable approach to potash production, the project has the ability to set new environmental standards in the industry with no salt tailings, no brine ponds or cooling ponds, lower water consumption and the ability to scale efficiently module by module.
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Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning.
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Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca 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.
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Caution Regarding Forward-Looking Statements
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This news 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 the expectations of Gensource included in this news release. This news release includes certain 'forward-looking statements', which often, but not always, can be identified by the use of words such as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. These statements are based on information currently available to Gensource and Gensource provides no assurance that the actual results will meet management's expectations.
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Forward looking statements include estimates and statements with respect to Gensource's future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including any offering of securities by Gensource. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the Tugaske Project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource's activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource's forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.
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