Sennen Provides Monument Project Update
Vancouver, British Columbia, December 9th, 2016. Sennen Potash Corporation (“Sennen” or “the Company”) reports that after an exhaustive effort to raise the requisite funding to pursue the advancement of its 100% interest in Monument Potash Project (“Monument”), the Company has been unable to secure enough capital to maintain its extensive land position and to continue with the development of the project.
The Company has successfully funded the Monument project since 2013 in the amount of $6 million and had technical success with its initial drill program conducted in 2014 (see News Release dated July 29, 2015) which confirmed that high grade potash mineralization exists over a 6m section in the Upper Bed in Cycle 18 of the Paradox Formation.
The capital requirement to maintain the land position at Monument, to increase the resource over the next 18 months, and to embark on a phased development of the project requires further financing in the order of $2.5 million. This has proven to be very difficult to arrange as a result of the global downturn in the potash sector. Consequently, the Company has begun the process to divest of its U.S. subsidiary and relinquish certain leases that comprise its interest at Monument.
Management will continue to seek other potential resource properties for exploration and development using working capital from its recently completed $500,000 private placement (see News Release dated November 24, 2016).
For further information contact:
Chief Executive Officer
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 news release