Millennial Potash Completes Milestones and Earns 70% of Banio Potash Project
Millennial Potash Completes Milestones and
Earns 70% of Banio Potash Project
West Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) -
Millennial Potash Corp. (TSXV:
MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company")
is pleased to
announce that it has
earned a total 70% interest in the shares of Equatorial Potash Pty. Ltd.
("Equatorial") which, through its Gabon subsidiary Mayumba Potasse SARL, holds 100% of the Banio
Potash Project. To earn 70% (which represented an increase of 19% from the previously held 51% of the
shares of Equatorial), MLP has filed a Preliminary Economic Assessment (PEA) and made milestone
payments of US$300,000 and 1,000,000 shares of MLP to the vendors of the Banio Potash Project.
Farhad Abasov, the chairman of Millennial, commented: "We are excited to have made such fast
progress in the development of the Banio Potash Project since we first announced the earn-in
agreement in March 2023. In less than a year, the Company built an exploration camp, drilled exploration
holes extending the potash deposit thickness to 70 meters, and issuing a maiden Mineral Resource
Estimate of 657 million tonnes of Indicated resources grading 15.9% KCl and 1.16 billion tonnes of
Inferred resources grading 16% KCl in January 2024 (see press Release dated Jan. 16, 2024). In April
2024, the Company released the results of a very robust PEA."
The PEA report outlines the details of a potentially low-cost solution mining operation at the Banio
Potash Project. The PEA was based on production of 800,000 Tonnes Per Year of granular Muriate of
Potash (MOP). Thick potash horizons along with a solution mining approach produced one of the lowest
CAPEX (US$480M) and OPEX (US$61/tonne MOP) estimates in the industry.
The solid economics of
the Banio Potash Project were further demonstrated through a strong post-tax NPV(10) of US$1.07
Billion and IRR of 32.6% (see Press Release dated Apr. 23, 2024). MLP will continue implementing
recommendations from the PEA including preparation for additional drilling at the North Target in order
to expand the resources further.
The information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P.
Geo and Director of the Company who is a Qualified Person as that term is defined in National
Instrument 43-101.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or
email at
.
MILLENNIAL POTASH CORP.
"Farhad Abasov"
Chair of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This document may contain certain "Forward-Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When
used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or
"planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-
looking statements or information. These forward-looking statements or information may relate to future
prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources,
regulatory or government requirements or approvals including approvals of title and mining rights or
licenses and environmental (including land or water use), local community or indigenous community
approvals, the reliability of third party information, continued access to mineral properties or
infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact
upon the Company or its properties or the commercial exploitation of those properties, currency risks
including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for
potash or potash related products, changes in exploration costs and government royalties, export
policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's
current plans, expectations and intentions with respect to development of its business and of the Banio
Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the
impact of current financial and other market conditions on its ability to secure further financing or funding
of the Banio Potash Project. Such statements represent the Company's current views with respect to
future events and are necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant business, economic,
competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both
known and unknown, could cause results, performance or achievements to be materially different from
the results, performance or achievements that are or may be expressed or implied by such forward-
looking statements. The Company does not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and information other than as required by
applicable laws, rules and regulations.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/215775