Next Great World Class Potash Project TSX-V AAA
"Allana Potash Reports" <[email protected]> Mon, 16 May 2011 11:10:12 -0500
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<p class="MsoNormal">Allana Resources Inc</p>
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<p> TSX.V: AAA / Pink Sheets: ALLRF / Frankfurt: APW</p>
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<p class="MsoNormal">Resource / Potash <a href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61663">Click Here For Fact Sheet </a> <span style="font-size: medium;"><a href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61686">POTASH STORY</a> </span>
<p class="MsoNormal"><span style="font-size: x-small;"><br /></span><span style="font-size: small;">The Next Great World Class Potash Project AAA TSX.V</span><span style="font-size: x-small;"><br /> </span></p>
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<p><span class="red">Sector:</span> Resource / Potash <a href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61709">ANALYST COVERAGE CLICK HERE</a></p>
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<p style="text-align: left;"><img class="arrow" src="http://www.contactfinancial.com/newsletter/lib/marketalert/arrow.gif" alt="" width="6" height="11" /><span style="font-size: x-small;"><a name="topofpage4">TSX.V </a> AAA /<a name="topofpage4"> </a> US ALLRF / FRA APW: <a name="topofpage21">Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 185 million shares outstanding and trades on the TSX-Venture exchange
under the symbol "AAA". </a></span>
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<p class="MsoNormal" style="text-align: right; line-height: normal; margin: 6.0pt 0in;"><strong><span style="font-family: Verdana,sans-serif;">FOR IMMEDIATE RELEASE</span></strong></p>
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<p class="MsoNormal"><strong><span style="font-family: Arial,sans-serif;"><span style="font-size: large;">Allana Potash Secures Financial Support from Leading Strategic International Investors:</span></span><span style="font-size: large;"><span style="font-family: Arial,sans-serif;"> </span></span></strong><a style="color: blue; text-decoration: underline; text-underline: single;" href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61755"><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif;">CLICK HERE</span></span><span style="font-family: Arial,sans-serif; font-size: x-small;"> </span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> </span></span></a></p>
<p class="MsoNormal"><span style="font-size: x-small;"> </span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Allana Potash has secured the financial support of leading international investors that will be critical to the strategic development of the Company’s Ethiopian Potash Project. </span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Allana recently announced the closing of a non-brokered private placement totaling $11.9 million with International Financial Corporation (“IFC”), a member of the World Bank Group, and Liberty Mutual Group, the Company’s largest shareholder</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Allana Potash is well funded to develop its’ potash project with $60 million in the Company’s treasury.</span></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> </span></span><strong><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Farhad Abasov, President and CEO of Allana, commented: “We are delighted the IFC board has made an investment in Allana Potash at this crucial juncture of our project development. This support, from one of the largest global multilateral financing organizations, comes at a time when Allana’s potash project is also getting significant infrastructure support from the Ethiopian government. We are also very thankful to Liberty Metals & Mining for its continuous support of our project.” </span></span></strong></p>
<p class="MsoNormal"><span style="font-size: x-small;"> <br /><strong><span style="font-family: Arial,sans-serif;">Allana Potash Intersects More Shallow Potash:</span><span style="font-family: Calibri,sans-serif;"> </span></strong></span><a style="color: blue; text-decoration: underline; text-underline: single;" href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61778"><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif;">CLICK HERE</span> </span><span style="font-family: Arial,sans-serif; font-size: 10pt;"> </span></a></p>
<p class="MsoNormal"><span style="color: #1f497d;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Allana Potash has released drill results from hole DK-11-17 that continue to show continuity of potash mineralization at shallow depths and could potentially add significantly to the Company’s potash resource at its’ Ethiopian Potash Project. Hole 17 has identified impressive potash mineralization and the highlights of this discovery include: </span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in; margin-left: 39pt;"><span style="font-size: x-small;"><span style="font-family: Symbol;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Hole 17 intersected significant potash mineralization of 31.03% KCl over 1.00 metre at a depth of 74.20 metres</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in; margin-left: 39pt;"><span style="font-size: x-small;"><span style="font-family: Symbol;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Shallow depth of potash mineralization in Hole 17 for evaluation of open pit mining</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in; margin-left: 39pt;"><span style="font-size: x-small;"><span style="font-family: Symbol;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Allana management intends to include Hole 17 data in the Company’s upcoming NI 43-101 Technical Report</span></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> Highlights about Allana Potash include:</span></span></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Potential world class asset:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Allana has an inferred resource estimate for its’ Ethiopian Project of 105 Million tonnes. The Company’s drill program has shown a continuity of potash mineralization at shallow depths on the property and could increase that resource estimate significantly.</span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Resource Update:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Allana has retained ERCOSPLAN, an international leader in potash exploration and mining, to update the NI 43-101 resource update and technical report.</span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Strong management team:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Led by Farhad Abasov, Allana’s President and CEO, who has a proven track record of building and developing mining assets and enhancing shareholder value. </span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Low cost opportunity</span></span><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif; font-weight: normal;">:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Allana’s cost to produce would represent one of the lowest cost potash producers in the world.</span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Strong financial support from strategic international investors:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Significant investments have been made in Allana by leading international investment groups, such as International Financial Corporation (“IFC”), a member of the World Bank group, and Liberty Mutual Group, Allana’s largest shareholder. </span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Strategic Off-Take / Financing Deal with Chinese Mining Group:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Allana has entered into an agreement with a Chinese financial group (China Mineral United Management Ltd.) that will provide 35% of the Project’s required construction costs and in return acquire 20% of the Project’s total potash production at a cost that is profitable to Allana. </span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">CHINESE participation</span></span></span><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif; font-weight: normal;">: as the most likely consumer of this potash the Chinese government has provided financing to the Ethiopian government for several infrastructure projects in the country including the railway line that will provide access from nearby Allana’s project to the port of Djibouti.</span></span></strong><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> </span></span></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Government support:</span></span></span><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif; font-weight: normal;"> </span></span></strong><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> <strong><span style="font-family: Arial,sans-serif; font-weight: normal;">The Ethiopian government is</span></strong> <strong><span style="font-family: Arial,sans-serif; font-weight: normal;">fully supportive and pro-active in facilitating the development of the mining industry. This has been proven through the government’s commitment to build infrastructure. Ethiopia has announced
the building of railway lines and upgrading the road systems to provide easier and more cost effective transportation of goods to ports and distributions centers.</span></strong> </span></span></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Research:</span></span></span><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;"> Dundee, Cormark and Wellington West (prominent Canadian investment dealers) currently cover Allana with target prices in the $2.00 to $2.50 range.</span></span></strong></p>
<p class="MsoNormal"><strong><span style="text-decoration: underline;"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Potash:</span></span></span><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif; font-weight: normal;"> a necessary commodity for farming is</span></span></strong><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> <strong><span style="font-family: Arial,sans-serif; font-weight: normal;">dominated by Canadian producers</span></strong> <strong><span style="font-family: Arial,sans-serif; font-weight: normal;">and</span></strong> </span><strong><span style="font-family: Arial,sans-serif; font-weight: normal;"><span style="font-size: x-small;">needed all over the world. This
project could change the global dynamics of the Potash industry and its current leadership.</span></span></strong></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif; color: #1f497d;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: x-small;"><span style="font-family: Arial,sans-serif; color: black;">Dundee Capital Markets issue research update: </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"><a href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61709">CLICK HERE</a></span></span></strong></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;"> </span></span><a name="topofpage25"><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Consider the following <strong>Investment Highlights</strong>:</span></span></a></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">An inferred mineral resource of 105,200,000 tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8% KCl</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Ability to be the lowest cost producer – several factors contribute to Allana’s cost advantages:</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Near surface (shallow-depth) potash mineralization leads to the potential for solution or open-pit potash mining</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Opportunity to use solar evaporation (given hot, dry Ethiopian climate) as opposed to thermal drying – which can lead to approx. 40% cost savings</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Labour costs in Ethiopia are significantly lower in Ethiopia than in other jurisdictions, like Saskatchewan </span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Infrastructure – Ethiopia is supportive to Allana in moving the project towards production as demonstrated by the road and railway developments</span></span></p>
<p class="MsoListParagraph" style="text-indent: -0.25in;"><span style="font-size: x-small;"><span style="font-family: Symbol; color: black;">·</span></span><span style="font-style: normal; font-variant: normal; font-weight: normal; font-family: Times New Roman; color: black;"><span style="font-size: x-small;"> </span></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;">Strategic investors – Allana has secured strategic investments from International </span></span><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Financial Corporation (“IFC”), a member of the World Bank Group, and Liberty Mutual Group, the Company’s largest shareholder</s
pan><span style="color: black;"><span style="font-size: x-small;">. </span></span></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;"> For additional information about Allana Potash visit </span></span><span style="font-size: x-small;"><a style="color: blue; text-decoration: underline; text-underline: single;" href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61801"><span style="font-family: Arial,sans-serif;">www.allanapotash.com</span></a></span><span style="font-family: Arial,sans-serif; color: black;"><span style="font-size: x-small;"> or Investor Cubed at </span> <span style="font-size: x-small;"> 647 258 3311 </span> <span style="font-size: x-small;"> . </span></span><span class="MsoHyperlink"><span style="font-family: Arial,sans-serif; color: windowt
ext; text-decoration: none;"><span style="font-size: x-small;"> </span></span><span style="text-decoration: none; font-family: Arial,sans-serif;"><span style="font-size: x-small;"> </span></span></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;">Peter J. MacLean, Ph.D., P. Geo., Allana’s Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this email.</span></span></p>
<p class="MsoNormal"><span style="font-family: Arial,sans-serif;"><span style="font-size: x-small;"> </span></span><span style="font-size: 10pt;"> </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt;">Forward Looking Statement: </span></p>
<p class="MsoNormal" style="text-align: justify;"><span style="font-size: 10pt;">Except for statements of historical fact relating to the Company, certain information contained herein constitutes ‘‘forward-looking information’’ under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expen
ses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘is expected’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, ‘‘forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or ‘‘does not anticipate’’, or ‘‘believes’’, or variations of such words and phrases or statements th
at certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify importa
nt factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that <span class="GramE">are</span> incorporated by reference herein, except in accordance with applicable securities laws.</span></p>
<p> </p>
<p><span id="ctl00_ContentMain_NewsSubject"><span style="font-size: large;">Allana arranges $10-million private placement with IFC</span></span></p>
<p><span id="ctl00_ContentMain_NewsHeader">2011-03-24 10:14 ET - News Release</span></p>
<span id="ctl00_ContentMain_NewsText">
<p>Mr. Farhad Abasov reports</p>
<p>ALLANA POTASH ANNOUNCES A STRATEGIC INVESTMENT BY INTERNATIONAL FINANCE CORPORATION</p>
<p>Allana Potash Corp., has arranged a non-brokered private placement with International Finance Corp., a member of the World Bank Group, for 6.25 million units at a price of $1.60 per unit for gross proceeds of $10-million. Each unit shall consist of one common share in the capital of the company and one-half of one common share purchase warrant, with each whole warrant exercisable for $2.08 for a period of three years from the date of the issue.</p>
<p>Farhad Abasov, president and chief executive officer, commented: "I am very pleased to welcome IFC as a proposed strategic investor in Allana. This investment will be a strong testament to the merits of our potash project in Ethiopia. IFC is one of the largest multilateral financing organizations contributing to the development of key mining, infrastructure and industrial projects worldwide by investing $18-billion in fiscal 2010 alone. This is an important development not only for Allana but also for Ethiopia. Our board and senior management team have carefully evaluated the merits of an investment of this nature at this stage in Allana's growth, and have unanimously decided that the support that IFC can provide to us in Ethiopia is significant. In addition, we believe that developing
a strong relationship with IFC places Allana in a very solid position to secure possible future debt financing from IFC and other international organizations for the construction of a potash mine in Ethiopia."</p>
<p>IFC has done a thorough due diligence on Allana's potash project. As part of its due diligence process, IFC has completed a site visit and conducted technical, environmental, social, financial and market analyses. As part of IFC's proposed investment, Allana will be required to meet IFC's environmental, social and safety standards in the continuing and future development of its project. Allana and IFC personnel have already begun to evaluate Allana's current programs to ensure that Allana has appropriate environmental and social management systems in place, and that the Dallol potash projects will benefit local communities, as well as Ethiopia in general. In connection with the offering, IFC shall have certain rights, including without limitation, information, policy and pre-emptive rig
hts.</p>
<p>The company plans to use the net proceeds from the offering to finance a drilling program and feasibility study for the company's main asset, its Ethiopian potash property in the Danakhil evaporate basin, and for general corporate purposes.</p>
<p>Closing of the offering is anticipated to occur on or about May 1, 2011, and is subject to the receipt of all required approvals, including without limitation approval of IFC's board of directors and the receipt of all applicable regulatory approvals, including approval of the TSX Venture Exchange. The common shares and the common shares issuable upon the exercise of the warrants will be subject to a statutory hold period for four months and one day following the closing date.</p>
<p>Peter J. MacLean, PhD, PGeo, Allana's senior vice-president exploration, is a qualified person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.</p>
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<p> <br /><span style="text-decoration: underline;"><span style="font-size: medium;">FACT SHEET</span></span></p>
<p class="Default"><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">POTASH in </span></strong><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">AFRICA</span></strong><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">.<span style="mso-spacerun: yes;"> </span>AAA: TSX.V</span></strong></p>
<strong style="mso-bidi-font-weight: normal; text-decoration: underline;"><span style="font-size: x-small;">Ethiopian Potash Project </span></strong>
<p class="Default"><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Three potash concessions (Dallol Potash Project) locatedin Ethiopia’s northeastern Danakil Depression totalingapproximately 150 square kilometers. The potash mineralization in the Danakil Depression is well known with small-scale potash mining carried out intermittently from the early 1900s. Allana’s project has been previously explored. TheUS-based Parsons potash company drilled nearly300 drill holes from 1958-1967 and even sanka shaft to conduct underground mining. </span></p>
<p class="Default" style="mso-outline-level: 1;"><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;"><span style="text-decoration: underline;">Major Advantages</span> </span></strong></p>
<p class="Default"><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Allana has completed a NI 43-101 compliant technicalreport for the three concessions. The technical reporthighlighted several unique advantages of this project: </span></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l2 level1 lfo2;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">An inferred mineral resource of 105,200,000 tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8% KCl </spa
n></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l3 level1 lfo3;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Near-surface (shallow-depth) potash mineralization (within 50 meters of surface) </span></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo4;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Potential for solution or open-pit potash mining </span></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l5 level1 lfo4;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">16 drill holes immediately on Allana’s property </span></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l0 level1 lfo5;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Unique environment that may provide for low-costproduction utilizing solar evaporation and geothermal power </span></strong></p>
<p class="Default" style="margin-left: 36.0pt; text-indent: -18.0pt; mso-list: l4 level1 lfo6;"><span style="mso-list: Ignore; font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;">·</span><span style="font-style: normal; font-variant: normal; font-weight: normal; mso-list: Ignore; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-bidi-font-weight: bold;"><span style="font-size: x-small;"> </span></span><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">MOP (muriate of potash) and SOP (sulphate of potash) production are both feasible Identifying a historical drill hole<span style="mso-space
run: yes;"> </span>Sampling brines at </span></strong><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Dallol</span></strong><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"> </span></strong><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Mountain</span></strong><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"> on Allana’s Potash Project</span></strong></p>
<p class="Default"><span style="mso-bidi-font-family: "Bookman Old Style";"><span style="font-size: x-small;"> </span></span><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">POTASH in </span></strong><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">AFRICA</span></strong><strong style="mso-bidi-font-weight: normal;"><span style="font-size: x-small;">.<span style="mso-spacerun: yes;"> </span>AAA: TSX.V</span><span style="mso-bidi-font-family: "Arial Rounded MT Bold";"><span style="font-size: x-small;"> </span></span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="text-decoration: underline;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: "Arial Rounded MT Bold";"><span style="font-size: x-small;">Ethiopia</span></span></strong></span><strong style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: "Arial Rounded MT Bold";"><span style="text-decoration: underline;"><span style="font-size: x-small;"> – Strong Economic Growth and Attractive Investment Climate </span></span></span></strong><strong><span style="mso-bidi-font-family: "Bookman Old Style";"><span style="font-size: x-small;"> </span></span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";">The Ethiopian government is strongly supportive of mining initiatives in the country. Allana’s relationship with the Ethiopian government is very strong and will greatly assist rapid advancement of the project. </span></p>
<p class="Default"><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";">Ethiopia</span><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";"> is the oldest independent country in </span><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";">Africa</span><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";">. The macro-economic environment has been stable, experiencing double-digit growth since 2003. Most major economic sectors have been liberalized. Government guarantees as stated in </span><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";">Ethiopia</span><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Sty
le";">’s Investment Code (1991) are provided to foreign investors, in addition to providing constitutional protection from expropriation. Ethiopia is a member of the Multilateral Investment Guarantee Agency (MIGA) and the Convention on the Settlement of Investment Disputes between States and Nationals of Other Sta<strong>tes.</strong></span><strong><span style="font-size: 10.0pt; mso-bidi-font-family: "Bookman Old Style";"> </span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><strong style="mso-bidi-font-weight: normal;"><span style="mso-bidi-font-family: "Arial Rounded MT Bold"; text-decoration: underline;"><span style="font-size: x-small;">Strong Management With Successful Track Record </span></span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><strong style="font-weight: 400;"><span style="font-size: x-small;">Allana has strong management and board to develop its Ethiopian potash project. The company is stewarded by Farhad Abasov with a solid track record of building successful resource companies in potash, uranium and energy sectors. Most recently, Mr. Abasov was in a senior management position with a uranium company before it was sold to a larger uranium producer for $1.8 billion in 2007. The uranium company was listed on the TSX and was one of the only two uranium companies listed on New York Stock Exchange</span></strong></p>
<p class="Default">
<p><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"> </span><span style="mso-bidi-font-size: 11.5pt; mso-bidi-font-family: "Arial Rounded MT Bold"; text-decoration: underline;"><span style="font-size: x-small;">Management </span><span style="font-size: x-small;"> </span></span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Farhad Abasov, MBA, President and CEO </span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Peter MacLean, Ph.D., P. Geo. Senior Vice President,</span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Exploration Nejib Abba Biya, Senior Vice President,</span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><strong><span style="mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style"; text-decoration: underline;"><span style="font-size: x-small;">Business Development </span></span></strong></p>
<p class="Default"><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"> </span></strong><span style="font-size: 10.0pt; mso-bidi-font-size: 11.5pt; mso-bidi-font-family: "Arial Rounded MT Bold";">Board of Directors </span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Mr. Rene Bharti, B.Sc., Director </span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Major-General (ret) Lewis MacKenzie, Director </span></p>
<p class="Default"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Farhad Abasov, President and CEO, Director</span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 11.5pt; mso-bidi-font-family: "Arial Rounded MT Bold";"> </span><span style="mso-bidi-font-size: 11.5pt; mso-bidi-font-family: "Arial Rounded MT Bold"; text-decoration: underline;"><span style="font-size: x-small;">Advisory Board </span><span style="font-size: x-small;"> </span></span></strong></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Dr. Mark Stauffer, Senior Advisor, former President Potash and Phosphate Institute of </span><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Canada</span><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";"> </span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Mr. Richard Lacroix, Senior Advisor, former Senior VP of Potash Corp and board member of Canpotex </span></p>
<p class="MsoNormal" style="mso-layout-grid-align: none; text-autospace: none;"><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Dr. Steve Halabura, Senior Advisor, founder of North Rim Exploration, </span><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">Canada</span><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";">’s leading potash consulting firm. </span></p>
<p class="Default"><strong><span style="font-size: 10.0pt; mso-bidi-font-size: 9.0pt; mso-bidi-font-family: "Bookman Old Style";"> </span></strong><span style="font-size: 10.0pt; mso-bidi-font-size: 8.0pt; mso-bidi-font-family: "Bookman Old Style";">The information contained in this factsheet is subject to the same disclaimers disclosed on Allana’s website at </span><a style="text-decoration: underline; text-underline: single;" href="http://alert-stockmarketersinc.com/jp.php/131092/539327/61824"><span style="font-size: 10.0pt; mso-bidi-font-size: 8.0pt; mso-bidi-font-family: "Bookman Old Style";">www.allanaresources.com/disclaimer.asp</span></a></p>
<p><span style="font-size: x-small;">Forward-Looking Statement </span></p>
<p><span style="font-size: x-small;">Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the impact of the drilling contract on the Company, the effect of the appointment on the Company, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; una
nticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risk
s, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. </span></p>
<p><span style="font-size: x-small;">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 </span></p>
<p><span style="font-size: x-small;">Contacts: Allana Resources Inc. Farhad Abasov +1 416 309-2691 [email protected] Allana Resources Inc. Peter MacLean +1 416 861 2262 [email protected] </span></p>
<p><span style="font-size: x-small;">SOURCE: Allana Resources Inc. </span></p>
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