Gensource Updates Tugaske Project NI 43-101 Technical Report
Gensource Updates Tugaske Project NI 43-101 Technical Report
SASKATOON, Saskatchewan--(BUSINESS WIRE)--October 19, 2021--Gensource Potash
Corporation ("Gensource" or the "Company") (TSX.V: GSP), a fertilizer development company
focused on sustainable potash production, announces the filing of an updated National
Instrument (“NI”) 43-101 Technical Report (the “Technical Report”), summarizing the Tugaske
Project (the “Project” or “Tugaske”).
On May 12, 2021, Gensource announced its intention to apply for the admission to trading of the
Company's common shares on the London Stock Exchange’s AIM market (“AIM”). A
requirement for the AIM listing is completion of a Competent Persons Report (“CPR”) as set out
in "AIM, Note for Mining, Oil and Gas Companies," published by the London Stock Exchange
(June 2009). As the CPR was created, a correction to the base case values of both Mineral
Resource and Mineral Reserve summary tables was made. This same correction is now
implemented in the updated NI 43-101 Technical Report to ensure consistency between the two
reports. For clarity, the corrected values differ only marginally from those disclosed in the
previous technical report.
Additionally, Gensource has included the latest financing information in both reports, based on
the accepted base case financial model agreed with the Company’s senior lenders (see news
release announcing senior debt commitment letter dated September 23, 2021). The updated
Technical Report (report date: October 14, 2021) is publicly available on www.sedar.com and
available through the Company’s website at www.gensourcepotash.ca.
The technical information presented in this news release has been reviewed and approved by Mr.
Mike Ferguson, P.Eng., who is a Qualified Person (QP) according to NI 43-101 requirements.
About Gensource
Gensource Potash 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 small scale
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 small and economic potash production facility, that
demonstrates environmental leadership within the industry, producing no salt tailings, therefore
eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing the
single largest and negative environmental aspect of potash mining.
Neither 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.
Caution Regarding Forward-Looking Statement
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 actual
results will meet management’s expectations.
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 the Offering. 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; an inability to
predict and counteract the effects of COVID-19 on the business of Gensource, including but not
limited to the effects of COVID-19 on the price of commodities, capital market conditions,
restriction on labour and international travel and supply chains, failure to obtain required
regulatory approvals; 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.
Contacts
Gensource Potash Corporation:
Mike Ferguson, President & CEO