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Emmerson upgrades mineral resource estimate for Khemisset potash project

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World Fertilizer,

Emmerson Plc, has announced an upgraded JORC compliant mineral resource estimate (MRE) for its 100% owned Khemisset potash project in Northern Morocco, delivering a 72% increase in total resource from the first MRE conducted to 537 million t of potash with an average grade of 9.24% K2O.

A maiden MRE for the project was completed in May 2018 and was based on historical exploration conducted across the Khemisset basin between 1955 and 1969, comprising approximately 86 500 m of drilling, and three a confirmatory drill holes comprising 1543 m conducted by Emmerson in 2016.

The most recent MRE was completed by independent consultants Golder Associates (UK) Ltd at the request of Emmerson and includes data sets from all historical and recently completed drilling and other field work at Khemisset.

Hayden Locke, CEO of Emmerson, commented: “Following a successful drilling campaign, it is pleasing to see the overall MRE tonnages increase by over 70%, to more than half a billion tonnes. The recalculation of the economic cut-off grade for Khemisset shows the Project can be profitable to a grade as low as 5.2% K2O and, as a result, we continue to believe there is strong potential to increase the mine life at Khemisset. The updated MRE is a further validation of the world class prospects for the Project.”

“We continue to make exceptional progress on the Feasibility Study and remain confident it will be delivered within our target timeline of the first half of 2020. We expect to release Individual components of the Feasibility Study as they are completed over the coming months, which we believe will continue to support the view that Khemisset is among the lowest capital cost potash projects globally.”

“The significant proportion of the MRE within the higher confidence Indicated resource category will support our ongoing discussions with various potential debt financing institutions which included an indicative proposal for up to US$230 million of project finance debt from a major European commercial bank.”

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