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Essel Group ME appoints directors to Vanguard Potash Corp.

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World Fertilizer,

Essel Group ME has announced that both the company and Gensource Potash Corp. have appointed directors to their joint venture Vanguard Potash Corp.

The directors of Vanguard

From EGME: Mr. Gagan Goel, Chairman & Managing Director, EGME; Mr. Punkaj Gupta, Joint Managing Director & Group CEO, EGME; Mr. Manoj Kumar Palaria, General Manager, Finance, EGME.

From Gensource: Mr. Dwayne Dahl, Director, Gensource Potash Corp.; Mr. Mike Ferguson, President & CEO and Director, Gensource Potash Corp.

Gensource and EGME are entitled to appoint a total of five directors to Vanguard, two nominated by Gensource and three nominated by EGME.

The directors of Vanguard will now appoint management and begin detailed planning to complete the development, financing and construction of the Vanguard One project.

Vanguard will own, construct and operate the Vanguard One project, which will be located on a portion of Gensource’s KL 245 subsurface mineral lease. Pursuant to the Agreement, the parties plan to expand the Vanguard One project from its initial 250 000 tpy production to a target production rate of 1.0 M tpy.

Gensource will provide Vanguard with the lease, engineering and geology completed to the end of 2016, as well as the project development expertise and unique mining and processing technology. EGME will support Vanguard with marketing the potash end-product, international logistics expertise and capital financing. Vanguard now has a clear path to developing Vanguard One, a project that will have major economic advantages over conventional potash projects, as well as a massively reduced environmental and community footprint.

The feasibility study for Vanguard One will be completed in 2Q17.

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