/NOT FOR DISTRIBUTION IN THE UNITED STATES/
TORONTO, Oct. 19 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV:ICP) is pleased to announce the
commencement of work to provide an NI-43-101 compliant updated resource
estimate, and the commencement of all work to provide the "updated" NI
43-101 compliant preliminary economic assessment ("the 2010 Preliminary
Economic Assessment or "2010 PEA"). The expected publication date for
these reports is December 2010. The reports will be for the Ochoa
Sulphate of Potash Project in Lea County, New Mexico. The 2010 PEA will
include an updated resource estimate based on data from two recently
completed core drilling programs.
The results of the 2010 PEA, which should be completed within two
months, together with additional information to be obtained regarding
process optimization, hydrology, and marketing will be utilized in the
production of a Pre-Feasibility Study (the "Pre-Feasibility Study"),
scheduled for completion by no later than during the third quarter of
2011. The 2010 PEA is being prepared primarily by Gustavson Associates,
LLC. of Denver, with significant contributions from Intera Geosciences
and Engineering of Albuquerque ( Hydrology), Feltchem Engineering of
Carlsbad (Mineral Processing), Lyntek Incorporated, Global Mining and
Mineral Processing of Lakewood (Mineral Processing), Advanced Terra
Testing of Lakewood (Rock Mechanics), and British Sulphur, a division
of CRU (Sulphate of Potash Marketing).
Mr. Sidney Himmel, President and Chief Executive Officer of IC Potash
Corp stated: "We are all very pleased with the operating progress made
on the project this year, and with the completion of the recent private
placement financing (Press Release Sep 23, 2010) which will provide
funding for the 2010 PEA, and the Pre-feasibility Study, and as well
for the balance of the definition drill programs, permitting, and for
the Bankable Project Feasibility Study which is expected to begin the
last half of 2011."
The successful completion of phase II drilling program has confirmed
previous drill results and indicates excellent Polyhalite bed thickness
and grade (Press Release Aug 25, 2010). Polyhalite is the feedstock
material to produce Sulphate of Potash. The recently completed detailed
metallurgical design ("Metallurgical Study" - not NI 43-101 compliant,
Press Release June 23, 2010), recommended to management that the
planned metallurgical process to convert polyhalite to Sulphate of
Potash is robust and should be considered as the primary processing
In the opinion of management of the Company, the aforementioned items
are material to the company's valuation, and therefore NI 43-101
compliant updates of project resources and economics are required. The
2010 PEA will be updated to incorporate land status reports, updated
resource estimates, hydrological information, permitting requirements
primarily related to the National Environmental Policy Act 40 CRF Part
1500, mine plan studies including mining thicknesses and dilution,
processing plans, and capital and operating cost estimates, SOP price
forecasts, and a new cash flow model.
All scientific and technical disclosures in this press release have been
prepared under the supervision of William J Crowl, a consultant to IC
Potash who is a Qualified Person within the meaning of National
About IC Potash Corp.
IC Potash intends to become a primary producer of Sulphate of Potash
("SOP") by mining its 100%-owned Polyhalite 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 over 40% to MOP. ICP is focused on being the lowest cost
producer of SOP in the world. The SOP market is over five million
tonnes per year and 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, such as for example in China,
India, the Mediterranean, and the United States. ICP's Ochoa property
consists of over 100,000 acres of federal subsurface potassium
prospecting permits and State of New Mexico Potassium mining leases.
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 ICP, 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE IC Potash Corp.
For further information: For further information:
please visit www.icpotash.com or contact: Sidney Himmel, 1-416-624-3781