Milestone Phase 1 Project Suspends Site Operations
21 Maio 2024 - 9:32AM
Western Resources Corp. (TSX: WRX) (“Western” or the
“Company”) announces that, following a decision of the
Company’s Board on May 17th, 2024, Western Potash Corp., the
Company’s wholly-owned subsidiary, has temporarily suspended
operations at its Milestone Phase 1 Project (“Project”) site so
that the Company can focus its efforts on discussions in respect of
additional Project financing.
The Project is approximately 93% complete in the
existing plan. Construction of the process plant has been completed
and most of the equipment has been dry-commissioned. Management
expects that two new horizontal caverns will be added which the
Company and Western Potash Corp. believe will bring the Project to
initial production stage. Western Potash’s mining team, which is
developing a new mining plan, is actively working to optimize that
plan, which will allow work on the new caverns to begin soon after
financing is secured.
Western Potash Corp.’s CEO and President, Bill
Xue, said “It’s unfortunate that the Project’s startup has been
further delayed but we believe that this suspension is necessary,
prudent and in the best interests of the Company and Western Potash
Corp. We remain committed to completing this exciting project,
which is nearing initial production stage. We are optimistic that
despite our current challenges, and those we have faced in the past
that were met and overcome, our efforts here to secure business and
financial partners, who will work together with the Company to
complete the Project, will be successful”.
For more information on the Project, please
refer to: www.westernpotash.com, Tel: 306-924-9378.
Cautions Regarding Forward-Looking
Statements
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 filing and results of
the Technical Report. 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.
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