Insider Shareholdings of Western Potash in Discovery Harbour Resources Corp.

Insider Shareholdings of Western Potash in Discovery Harbour Resources Corp.

Vancouver BC – Western Potash Corp. - In accordance with the requirements of section 5.2 of MI 62-104 and section 3.1 of NI 62-103, Western Potash Corp. announces that, through conversion of a debenture with the Company, Western received 4,238,095 common shares of the Company.  Western also acquired 2,166,667 shares of the Company and 1,083,333 warrants of the Company in a private placement.  Both the debenture conversion and the private placement (together the “Transaction”) completed on the Listing of the Company on the TSX Venture Exchange on April 3, 2013.  Western now, combined with its prior shares, owns directly a total of 9,895,674 shares of the Company representing approximately 30.65% of the outstanding issued share capital of the Company (plus 1,083,333 warrants with an exercise price of $0.45 expiring March 28, 2015).  On a partially diluted basis the shares and warrants of Western would, upon exercise of the warrants, together represent approximately 32.9% of the then outstanding issued share capital in the Company.  Western does not control, directly or indirectly, any additional shares or securities of the Company. 

The purpose of the Transaction was to, in part, assist with the listing and development of the Company so as to seek to increase the liquidity and market value of Western’s shareholdings and debenture (after conversion) in the Company.  Western anticipates that the Transaction will assist it in helping to meet its corporate mandate by increasing shareholder value in the long term.  The shares owned and acquired by Western were all acquired privately by way of a debenture conversion and a private placement with the Company and not on any stock exchange or other marketplace. The consideration for each private placement unit was $0.30 per Unit, while the shares initially received on conversion of the debenture were converted under the terms of the previously existing debenture at $0.35 per share.  As of the date hereof, Western does not intend to increase its ownership of, or control or direction over, any of the securities of the Company.  Further details on the Listing of the Company are set out in its news release dated April 2, 2013. The Company is listed on the TSX Venture Exchange under the symbol “DHR”.  A copy of the underlying report as filed with the regulatory authorities may be obtained from the Company at 1818-701 West Georgia St, Vancouver, B.C., V7Y 1C6. 


J. Patricio Varas
President and CEO

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to Western Potash, 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: closing of the investment by CBCHC; entering into an off-take agreement with CBCHC; and the ability of Western Potash to develop the Milestone Project. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Western to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary approvals; the ability to conclude a transaction; uncertainty of future production, capital expenditures and other costs; financing and additional capital requirements for development and construction of the Milestone project; the receipt in a timely fashion of further permitting for the Milestone Project; legislative, political, social or economic developments in the jurisdictions in which Western Potash carries on business; operating or technical difficulties in connection with mining or development activities; and the risks normally involved in the exploration, development and mining business. Although management of Western Potash has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Western does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.