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POTASH
Curiouser and curiouser at Ethiopian Potash
 
15th February 2012
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TORONTO (miningweekly.com) – In a strange twist of events, Ethiopian Potash exploration VP Bruce Cumming announced his own resignation this week, through what the TSX-V-listed junior called an “unauthorised press release”.

While Ethiopian Potash acknowledged Cumming’s exit, the company said it was “puzzled by the unauthorised use” of its name on the company’s behalf.

In his news release, the former VP said he had originally quit on August 19, but that the board only ratified his resignation on January 29. He did not say why he decided to leave the company.

Cumming goes on to say that he remained a director of G&B Central African Resources Ltd, which he said owns the potash permits in Ethiopia it gave his former employer the option to acquire an interest in.

On G&B’s website, which states at the bottom “we are going live with our new website in September 2008”, Cumming is listed as COO. It also names Ethiopian Potash chairperson George Roach as MD.

Roach was a founding director of UraMin, the company that owned the Namibian Trekoppje uranium project, which French nuclear utility Areva controversially bought for $2.5-billion.

Ethiopian Potash, which listed in Toronto a year ago through a reverse merger with Panorama Resources, meanwhile, said “all claims and licences continue to be in good standing”, and that it continued to drill its property in the Danakil Depression.

Neither Cumming nor an Ethiopian Potash spokesperson were immediately available to comment.

The potash junior said in its statement that it was “investigating how an unauthorized nonmaterial press release was issued and widely distributed without the consent of the company”.

Other companies searching for potash in Ethiopia include TSX-listed Allana Potash, BHP Billiton and privately owned Nova Potash.

Shares in Ethipian Potash closed 2.5% lower at C$0.39 apiece.

Edited by: Creamer Media Reporter

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