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Health and Fitness
Wed, February 11, 2009
Tue, February 10, 2009 Allana Resources Inc.: Allana Resources Closes Previously Announced Ethiopian Potash Acquisition and Grants Stock Options
TORONTO, ONTARIO--(Marketwire - Feb. 10, 2009) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana"), is pleased to announce that it has received final regulatory approval and closed its previously announced acquisition of three mineral concessions in Ethiopia's northeastern Danakil Depression totaling approximately 150 square kilometers. For more information, please refer to Allana's press releases dated September 17, 2008 and February 9, 2009.
Allana has agreed to acquire the properties from three private companies in consideration for an aggregate of $2.5 million in cash payments over 3 years and the issuance of 4 million shares. The shares issued will be subject to a four month regulatory hold period that shall expire on June 11, 2009. The property will also be subject to a 3% NSR of which 50% can be purchased for CDN $ 5,000,000.
Allana is also pleased to announce that it has granted 500,000 stock options to Mr. Farhad Abasov, President and C.E.O. under the Company's Stock Option Plan. The options are exercisable at $0.15 per option and expire on February 10, 2014. Such options shall vest quarterly in eight equal installments over a two year period subject to the four month regulatory hold period. The grant of options remains subject to regulatory approval.
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally and recently optioned 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. Allana has approximately 49 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Forward-Looking Statement
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 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 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 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 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
