April 26, 2011 / 3:22 PM / in 7 years

UPDATE 1-Allana Potash discovers potash deposit in Ethiopia

* Says intersected two strong zones of potash mineralization

* Says will add to existing resources at property (Follows alerts)

April 26 (Reuters) - Canada’s Allana Potash Corp said it discovered potash in a previously unexplored area in Ethiopia, which the potash explorer expects to add to existing resources at the property.

The company said it intersected two strong zones of potash mineralization at relatively shallow depths at its drill hole DK-11-16, and it plans to evaluate the possibility of open pit mining in its upcoming feasibility study.

Shares of the Toronto, Ontario-based company were trading up about 5 percent at C$1.88 on Tuesday morning on the Toronto Venture Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Jarshad Kakkrakandy)

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