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Kore Potash provides quarterly update

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World Fertilizer,

Kore Potash plc has released a statement providing a quarterly update for the period ending 30 June 2018.

Kore Potash is a potash exploration and development company whose flagship asset is the 97% owned Sintoukola Potash Project, which is located in the Republic of Congo (RoC).

Highlights from the update include the following:

  • The Kola Definitive Feasibility Study (DFS) is at an advanced stage. Work continues to complete the overall estimate of the construction schedule, capital and operating costs and the DFS Report.
  • Kore Potash is engaging with the consortium of French engineering companies (the French Consortium, or ‘FC’) and using third-party consultants to further optimise the capital and operating costs outcomes of the DFS.
  • The FC now anticipates completion of the current scope of work for the DFS before the end of September 2018, following which the company will review the completed DFS.
  • Amendments to the Kola environmental and social impact assessment (ESIA) have been made reflecting project design changes since the ESIA was approved. The amendments have been submitted to the Director General of the office of the Minister of Environment and Tourism on 7 July 2018 for their review.
  • The Mining Convention for the Kola project, which has been approved by Cabinet, is now being reviewed by the RoC Parliament for approval, as required prior to becoming law.
  • Appointment of Mr Brad Sampson as CEO and Executive Director, effective from 4 June 2018.
  • Appointment of Mr Jose Antonio Merino as a Non-Executive Director on 23 May 2018. Jose Antonio is nominated by Sociedad Quimica y Minera de Chile S.A. (SQM) and replaced Pablo Altimiras, whose resignation was announced on 26 April 2018.
  • At the end of the quarter, the company held US$14.2 million in cash at bank.

The CEO of Kore Potash, Brad Sampson, said: “The potential for Kola and the wider Sintoukola basin to be a globally important producer of potash is clear. As the DFS is concluded it is important to achieve the optimal project design and engineering and position Kola to realise its potential.

“We are working closely with the French Consortium, the government of the Republic of Congo and our advisers to finalise the delivery of the DFS to generate long-term value for shareholders.

“The project is at an exciting stage and I look forward to progressing Kola through the financing and construction phases.”

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