Karnalyte Resources Announces 2012 Year End Results


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Karnalyte Resources Inc. (KRN.TO) said as at December 31, 2012, the company had net working capital of $22.3 million compared to $32.8 million at December 31, 2011, including $25.1 million and $34.3 million, respectively, in cash.

"In 2012, Karnalyte focused on initial site preparation and detailed engineering activities, as well as preparing the Wynyard Carnallite Project's Environmental Impact Statement ( EIS ) for submission to the Saskatchewan Ministry of Environment (MOE)," said CEO Robin Phinney. "Subsequent to year-end, we received EIS approval from the MOE, entered into a strategic partnership and off-take agreement with Gujarat State Fertilizers and Chemicals and closed the associated $44.7 million private placement. These achievements have made the Corporation the most advanced junior potash developer, which puts Karnalyte in a strong position as we pursue additional Project funding."

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