Health & Fitness
Health and Fitness
Health and Fitness
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Published in Health and Fitness on Thursday, June 4th 2009 at 4:37 GMT, Last Modified on 2009-06-04 04:39:15 by Market Wire
TORONTO, ONTARIO--(Marketwire - June 4, 2009) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that Mr. Stephen P. Halabura, B.Sc., M.Sc, P. Geo, F.E.C. (Hon) has been appointed to the Company's Advisory Board. Mr. Halabura has over 20 years of potash experience and is currently the President and C.E.O of North Rim Exploration Ltd (North Rim).
Mr. Halabura has been the President, C.E.O and founder of North Rim since its inception in 1984. North Rim is a geosciences and mining engineering consulting company that provides services in the sectors of potash geology, potash mine engineering and industrial minerals. North Rim has consulted to the potash industry since 1989 and presently includes as its clients BHP Billiton, Potash One Inc., Athabasca Potash Inc., Karnalyte Resources Inc. and other companies active in the sector. Mr Halabura is also a member of Potash One Inc.'s Solution Mining Leadership Team. Mr. Halabura has authored a number of papers concerning the resource geology of Saskatchewan and is the lead author of the well-known paper entitled "An Overview of the Geology of Solution Mining of Potash in Saskatchewan".
Mr. Halabura attended the University of Saskatchewan where he obtained a B.Sc. in Geology (Honours) in 1980 and an M.Sc. in Geology in 1983. Mr. Halabura obtained his Professional Geoscientist designation in 1997 and is registered as a Professional Geoscientist in a number of Canadian provinces. Mr. Halabura was named an Honorary Fellow of Engineers of Canada in 2009.
Farhad Abasov, Allana's President and CEO, stated, "Allana is very pleased that Steve Halabura has joined our technical advisory board. This will further strengthen Allana's technical capabilities before we initiate our exploration program. Mr. Halabura is one of the top potash experts in both Saskatchewan and the world. He is quite familiar with Allana's potash asset in Ethiopia, and his solution mining expertise will be essential to the successful development of our project."
In addition, Allana announces that it has granted a total of 880,000 options under the stock option plan of the Company to various members of management and Mr. Halabura in connection with his appointment. The options have an exercise price of $0.25 per option exercised and shall vest quarterly in eight equal installments over a two year period, subject to the statutory four month hold. The options shall expire five years from the date of grant and remain 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 NI 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 80.2 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 effect of the appointment, 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.
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.
