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Ubika Research issues a research bulletin titled “De-risking the future: Allana Resources Inc finds a partner for the potash project; more to come…”
11/6/2009 (BAYSTREET NEWSWIRE) TORONTO, Canada - Ubika Research has issued a special research bulletin on the recent announcement by Allana Resources Inc (AAA-TSX.V) that it has signed an agreement with China Mineral United Management Ltd. (CMU). This will result in CMU committing up to 35% of the required project cost for developing Allana’s potash project in Ethiopia.
The required total project cost is estimated at $800 million of which China Mineral at 35% share will commit $280 million. Additionally CMU is committing to offtake 20% of the potential potash production.
Ubika Research views these developments positively as it reduces the financing risk and provides Allana $2million in immediate liquidity to continue to pursue development of its Dallol Potash Project. The agreement with China Mineral United Management Limited is a major step for Allana Resources to move the project towards feasibility and construction.
About Allana Resources Inc
Allana Resources Inc. (TSX-VEN: AAA) is a Canadian potash company focusing on the exploration and development of a previously explored Dallol potash property in the Danakil Depression, Ethiopia. The Danakil depression had small-scale potash production in the 1920’s and was extensively explored in the 1960’s with nearly 300 potash drill holes. The Company has a strong management with experience in potash industry and 43-101-compliant resources of over 100 million tonnes.
About Ubika Research
Ubika offers research, analytics and communications solutions to various areas of the financial services industry. We offer solutions that enhance revenue generation capabilities and provide clear competitive advantages. For more information visit www.ubikaresearch.com
Disclosure
Except for the historical information presented herein, matters discussed in this document contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements.
Ubika Research, a division of Ubika Corporation, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this report. For making specific investment decisions, readers should seek their own advice. For full disclosure please visit:
http://www.ubikaresearch.com/report/vg_gold.aspx
Contact Information
Vikas Ranjan vikas@ubikacorp.com
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