Vancouver, British Columbia–(Newsfile Corp. – July 5, 2023) – Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to provide an update on additional infrastructure build-up in the Mayumba region near the Company’s Banio Potash Project. The Gabonese government, Perenco Oil & Gas Gabon (“POGG”), and Gabon Power Company signed a Memorandum of Understanding on April 6th, 2023, for the development of a 21MW power plant to be powered by natural gas, and the installation of a gas collection network and treatment facility, with a 32km gas pipeline to the town of Mayumba. The power plant is designed to meet electricity needs in rural areas as well as future domestic and industrial electricity needs of the Mayumba region.
Farhad Abasov, Millennial’s Chair, commented, “Millennial is pleased to report that the infrastructure build-up continues in the Mayumba area with this announcement of a thermal power plant and associated gas pipeline development. Combined with the commitment of the Gabonese government through its Grande Mayumba partnership for port construction this power plant and associated infrastructure would significantly de-risk a potential future mining, and processing as well as shipping operation. The new planned infrastructure will provide reliable energy supply, create job opportunities, and promote economic growth in the Mayumba area. We support the Gabon government and its infrastructure efforts in the region and will update our shareholders as these initiatives advance. All these infrastructure programs will considerably enhance Millennial’s ability to explore and develop its flagship potash project in the area.”
The Mayumba thermal gas power plant will be supplied with natural gas through a pipeline and associated equipment linking offshore oil fields operated by POGG. The thermal power plant will have an installed capacity of 21MW but will be expandable to 50MW. A transformer station will be situated at Mayumba with a 20kV distribution line, and a transmission line will be constructed to the town of Tchibanga approximately 70km east of Mayumba as part of the government’s initiative to provide electricity to southern communities.
The new power plant at Mayumba is a significant infrastructure development for the region and will replace diesel generator supplied power. There is an ample supply of lower emission natural gas from offshore development and a dependable inexpensive power source will help drive development in the region. The Company’s Banio Potash Project could benefit significantly in the future from this development should a potash processing plant situated at Mayumba be a viable alternative for a potential operation. In addition, an important stage in the processing of potash brine from solution mining is thermal evaporation, and a natural gas source would be a significant benefit to a potential future mining and processing operation.
Millennial’s Banio Potash Project remains committed to sustainable development and has taken a number of steps to ensure that the Project is developed in a responsible manner. These steps include the ongoing preparation of environmental management plans, community development programs, and stakeholder engagement initiatives. Millennial welcomes the decision taken to replace diesel generated power with lower emission natural gas as a significant step towards providing reliable power to the region while simultaneously reducing carbon emissions in the greater Mayumba area.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at [email protected].
MILLENNIAL POTASH CORP.
“Farhad Abasov”
Chair of the Board of Directors
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.
This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule”, “could” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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