SASKATOON, Feb. 5, 2018 - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX: KRN) is pleased to announce the appointment of Frank Wheatley as President of the Company, effective as of today. The Company intends for Mr. Wheatley to become the permanent Chief Executive Officer, replacing interim Chief Executive Officer W. Todd Rowan, upon the Company arranging successful financing for its Wynyard carnallite potash project located near Wynyard, Saskatchewan.
Karnalyte's interim CEO W. Todd Rowan commented "On behalf of the Board, I am pleased to welcome Frank to the Karnalyte team after completing an extensive global executive search process. The Board is looking forward to working together with Frank in realizing the Company's bright future by successfully developing the Company's projects and creating value for all shareholders.
Frank brings to Karnalyte more than 30 years of international business, financial and legal experience with Canadian public mining companies developing and operating precious, base and industrial metals mines in multiple international jurisdictions. He also brings extensive experience in strategic mergers and acquisitions, major project permitting and development, as well as debt and equity financing for large scale mining projects in the Canadian and US capital markets in accordance with all international best practice, environmental and corporate social responsibility standards.
ABOUT KARNALYTE RESOURCES INC.
Karnalyte is a Saskatchewan-headquartered company focused on exploration and development of potash and magnesium in Saskatchewan. The Company intends to develop and extract a carnallite-sylvinite mineral deposit through a solution mining process, at a competitive cost and with minimal environmental impact. Using a staged approach to potash and magnesium plant construction, the Company plans to operate the initial facility at Wynyard, Saskatchewan to produce 625,000 tonnes per year ("TPY") of potash ("Phase I"), increasing to 1,375,000 and 2,125,000 TPY of potash in subsequent phases of the project.
Karnalyte's Common Shares are traded on the TSX under the symbol KRN.