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Federal Government Supports Development of First Ever On-Reserve Potash Mine

Encanto Potash Corp. (EPO.V), along with Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development and Muskowekwan First Nation Chief Reginald Bellerose announced that the Muskowekwan First Nation potash mine project has been accepted by the federal government under the First Nations Commercial and Industrial Development Act (FNCIDA).

The Act will enable the federal government to enact regulations that incorporate a provincial regulatory regime to govern commercial and industrial activities within a province.

The federal government and the Muskowekwan First Nation will begin discussions with the Province of Saskatchewan to explore a potential regulation under FNCIDA relating to the proposed mine.

"I am pleased to announce that the Muskowekwan First Nation potash project is a step closer to becoming a reality," said Minister Valcourt. "The development of the first on-reserve potash mine in Canada will create employment and economic growth as well as other long-term benefits for the First Nation and surrounding communities."

EPO shares were up three cents to $0.305 on volume of 1.18 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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