TORONTO, ONTARIO--(Marketwire - Jan. 22, 2010) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana" or the "Company"), today announces that the Company's shareholders approved the Company's change of name to Allana Potash Corp. at its Annual Meeting of Shareholders held on January 13, 2010. As of market open today, the Company will commence trading on the TSX Venture Exchange under its new name, "Allana Potash Corp.". The Company's ticker symbol remains unchanged as "AAA".
In addition, the Company is pleased to announce that Dr. Mark D. Stauffer, Ph.D. and P.Ag. has been elected to the Company's Board of Directors. Dr. Stauffer is the former President of the Potash and Phosphate Institute of Canada ("PPIC"), and former Senior Vice President of International Programs, at the Potash and Phosphate Institute ("PPI", now the International Plant Nutrition Institute). He currently serves on the board of Migao Corporation, a China based specialty potash producer listed on the Toronto Stock Exchange.
Dr. Stauffer has a long and productive career in agriculture development and the fertilizer business. He has worked in both the public and private sectors in research, education and chemical production and sales. In 1988, Dr. Stauffer became a regional director of PPI and PPIC and in 1994 was promoted to the position of Vice President, International Programs at PPI and became the President of PPIC. During his tenure as President of PPIC, Dr. Stauffer coordinated PPIC's seven international research and education based potash and phosphate market development programs throughout Asia and Latin America. Dr. Stauffer has lectured on the role of potash and phosphate in increasing food production and the role of balanced fertilizer practices in maximizing crop yield and income opportunities for the farming community.
Dr. Stauffer obtained his B.Sc. (Agriculture) and M.Sc. from the University of Guelph and obtained his Ph.D. in Agronomy from the Virginia Polytechnic Institute & State University.
Farhad Abasov, President and CEO of Allana, stated: "We are very pleased with the results of our Annual Meeting of Shareholders. Our shareholders have shown a very strong support to Allana's management team and overwhelmingly voted for the name change and election of Dr. Stauffer to the board. The change of name to Allana Potash reflects the singular focus of the Company to develop its Ethiopian and Argentine potash projects. We are honoured to have Dr. Mark Stauffer join our board. Dr. Stauffer brings invaluable expertise in critical areas of our potash project development such as potash project infrastructure, potash distribution including off-take supply agreements and product use."
In conjunction with his appointment, Allana has granted Dr. Stauffer 150,000 stock options pursuant to the stock option plan of the Company. The options will be exercisable for $0.36 per option and shall expire on January 22, 2015. Such options shall vest immediately subject to the applicable regulatory hold period. The grant of options remains subject to the receipt of all required regulatory approvals.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 96.5 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
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 effect of the name change and appointment on the Company, the receipt of all required regulatory approvals, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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, level of activity, performance or achievements 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 statements or 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 statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE