TORONTO, ONTARIO--(Marketwire - March 23, 2009) - Allana Resources Inc. (TSX VENTURE:AAA) ("Allana" or the "Company"), is pleased to announce that Ubika Research has initiated analyst coverage of Allana. If you wish to receive a copy of the report directly, please contact Mr. Vikas Ranjan at Ubika Research. Mr. Ranjan can be reached by email at vikas@ubikacorp.com or by telephone at 416-605-7024.
Allana's Ethiopia Potash Project is comprised of three mineral concessions in Ethiopia's northeastern Danakil Depression, one of the largest evaporite basins in the world, totaling approximately 150 square kilometers. The project area is approximately 100 km from the Red Sea coast and the sea port of Mersa Fatma, Eritrea and 600 km via road from the deep water port of Djibouti. Allana's concessions have an inferred resource estimate of 105,200,000 tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008) that is open along strike and to depth. Potash deposits of the Danakil Depression are unique due to their shallow depth and may be amenable to open pit or solution mining.
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally and recently optioned a previously explored potash property in Ethiopia with 43-101-compliant inferred resources of over 100 million tonnes with a composite grade of 20.8 % KCl. Allana has approximately 49 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect of the analyst coverage on the Company, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract.
