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Proteos Nitrogen Project: Pre-Feasibility Draft Report Submitted to Karnalyte Resources

Karnalyte has received a first draft of the pre-feasibility study for the Proteos Nitrogen Project in Saskatchewan, Canada. The study includes investigation and analysis of project location and site selection, an evaluation of the production process and technology options, a project description, analysis of process selection for both the ammonia and urea plants, an analysis of raw material, utility and product specifications, an analysis of environmental implications, financial analysis, and identification and analysis of the risks inherent in the project. The study also contemplates a project implementation plan and time schedule. The report is still in a draft stage and the company plans to finalize the report before the end for 1Q20.
The company has also appointed Gerald Scherman of Saskatoon, Saskatchewan as an independent director. Scherman, a CPA, CA, is currently retired, after more than 15 years with AREVA Resources Canada Inc. “AREVA” (now ORANO Canada Inc.). He retired from AREVA as its Senior Vice President & Chief Financial Officer and a member of its Board of Directors. Prior to joining AREVA, Gerald Scherman was a partner with Coopers & Lybrand (now Pricewaterhouse Coopers LLP) a national accounting firm. Scherman brings to the board a wealth of experience in the mining sector.
With the appointment of Gerald Scherman, incumbent Director W. Todd Rowan has retired from the Board. “Todd has been a valuable member of the Board of Directors and we wish to express our sincere thanks to him for his significant contributions. It has been a pleasure working with him,” said Danielle Favreau, Karnalyte’s Interim CEO and CFO. “The Board and management look forward to working with Gerald. He is an excellent addition to our Board. His experience in the mining sector and his involvement in the development of mining projects in Saskatchewan will help guide Karnalyte as we look to move forward with development of the Wynyard Potash and Proteos Nitrogen Projects.”

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