TORONTO, April 11 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV:ICP, OTCQX: ICPTF) announced today the commencement of the environmental permitting work
necessary to open and operate the Ochoa Sulphate of Potash mining
project located in Lea County, southeast New Mexico.
Sidney Himmel, President and Chief Executive Office of the Company
stated: "We are very pleased to announce the start of the environmental
analysis to ensure that the needs of all stakeholders are met as we
move towards the completion of bulk sampling, metallurgical testing,
and the commencement of engineering planning, including process
optimization, mine location selection, equipment and process selection,
and all related logistics. The commencement of detailed environmental
work is a significant milestone for the Company as we progress towards
the building of a world class Sulphate of Potash production facility."
Under the National Environmental Policy Act ("NEPA"), the United States'
Department of Interior Bureau of Land Management ("BLM") requires an
Environmental Impact Statement ("EIS") as part of approving mine plan
operations. The EIS is a detailed report compiled by the BLM that
outlines environmental and social aspects of the proposed mine plan and
analyzes possible alternatives. In support of the EIS, the Company has
initiated the collection of baseline environmental data that will be
used to characterize the existing environment in the project area.
Baseline environmental work will include the collection of data related
to water resources, wildlife, vegetation, cultural resources, air
quality, socioeconomic resources, and other resources identified by the
BLM and project stakeholders. The data will be used to evaluate the
potential impacts to the natural, physical, and human environment
associated with the proposed mining operations. ICP has begun data
collection efforts for biological and water resources. The company has
also begun an assessment of air quality.
ICP has contracted with INTERA Geosciences and Engineering of
Albuquerque, New Mexico to manage the environmental permitting process
and lead the team of specialized scientists and engineers that will
complete the work. INTERA is an international geoscience and
engineering consulting firm with over 110 employees and offices in the
United States, France and Switzerland. Established in 1974, INTERA has
a thirty-seven year history of providing environmental and water
resources services. The Project Manager for INTERA, Mr. Peter
Castiglia, is a Senior Hydrogeologist with experience in managing EIS,
water-supply development projects and baseline studies for permitting
The Company is also working with Walsh Environmental Scientists and
Engineers, LLC ("Walsh"). Walsh's services include mine permitting,
NEPA compliance, renewable energy, and oil and gas, as well as a
variety of services to government and industry including engineering,
remediation, ecological investigations, permitting and compliance, and
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject
to numerous risks and uncertainties, certain of which are beyond the
control of the Company, including, but not limited to, risks associated
with mineral exploration and mining activities, the impact of general
economic conditions, industry conditions, dependence upon regulatory
approvals, and the uncertainty of obtaining additional financing.
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
About the Ochoa Project
As previously reported in the recent Preliminary Economic Assessment
("PEA"), the Ochoa project contains a Measured mineral resource of
239,000,000 tons at a grade of 82.7% polyhalite, equivalent to 23.4%
Sulphate of Potash, and an Indicated resource of 461,000,000 tons at a
grade of 82.4% polyhalite, equivalent to 23.4 % Sulphate of Potash,
each of which with a cut-off thickness of 5 feet. The PEA projects a
base case production level of 660,000 tons per year of SOP, a mine life
of 40 years and a capital cost of $662 million. Operating cost is
projected to be $164 per ton. All dollars are in United States
Mineral resources that are not mineral reserves do not have demonstrated
About IC Potash Corp
IC Potash intends to become a primary producer of Sulphate of Potash
("SOP") by mining its 100%-owned potash Ochoa property in New Mexico.
SOP is a non-chloride based potash fertilizer that sells at a
substantial premium over the price of Muriate of Potash ("MOP"), the
most widely used fertilizer in the world. Typically SOP sells at a
premium of 50% to MOP. ICP is focused on being the lowest cost producer
of SOP in the world. The SOP market is six million tonnes per year.
SOP is a significant fertilizer in the fruit, vegetable, tobacco,
potato, and horticultural industries, and for agriculture in saline and
dry soils and soils in which there is much agriculture with varieties
of crops. Much of the agricultural soil in China, India, and the
United States is salty. ICP's Ochoa property consists of over 100,000
acres of federal subsurface potassium prospecting permits and State of
New Mexico Potassium mining leases.
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ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE IC Potash Corp.
For further information:
please visit www.icpotash.com or contact Sidney Himmel at 416-624-3781 or 575-993-2758