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Western Resources Corp. (the "Company") (TSX: WRX) is pleased to announce that its wholly owned Western Potash Corp. ("Western") has received approval of the Ministry of Environment ("Ministerial Approval") to extend the mine life of the Milestone Potash Phase 1 Project ("Project") to 40 years.
The Project is designed as a selective solution mine which, in contrast with traditional potash mining and solution mining, is expected not to produce salt tailings on surface, thereby substantially reducing the environmental impact. The construction of the Project was kicked off in June 2019 with an anticipated production 146,000 metric tonnes per year and mine life as 12 years. As the Project progressed, Western applied for an extension of the mine life to 40 years, as resource reviews supported this change.
The Ministerial Approval was given after the Ministry of Environment reviewed the change proposals from Western and concluded that they will not result in any significant, additional environmental impacts and was satisfied that the requirements of the Environmental Assessment Act have been met. The Ministerial Change Approval takes effect on February 17, 2023.
Western CEO and President, Mr. Bill Xue said, "The Ministerial Approval supports the Project's long-term goal of being a sustainable supplier of potash. I have no doubt that the approval will bring to our shareholders and investors more confidence in the potentials of this innovative Project. I am excited that the construction of the Phase 1 Project will be completed in May this year, followed by commissioning. I have confidence that our team will be able to achieve first production by the end of this year."
Cautions Regarding Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. 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 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 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 information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.
For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.
