TORONTO, Feb. 25 /CNW/ - IC Potash Corp. ("ICP"or the "Company") (TSXV: ICP) announced today that an independent study has been commissioned to review the chemical engineering and cost aspects of processing and converting polyhalite into Sulphate of Potash, a premium quality and premium priced potash. The goal of IC Potash is to successfully mine polyhalite from its New Mexico Ochoa Polyhalite property, and to convert this mineral into Sulphate of Potash.
The study is being prepared by Chemfelt Engineering of Carlsbad, New Mexico, Mr. James Waters MET, MBA, PE, of Carlsbad, New Mexico, and Gustavson Associates, LLC, of Denver, Colorado. The study will assess the historical chemical, engineering and pilot plant work done on the processing of Sulphate of Potash. The Study will also make recommendations to further advance the processing methods for the polyhalite-to-SOP project processes, and report on metallurgical simulations that will be developed, and will project capital cost and operating cost estimates.
Currently regular potash, called sylvite or Muriate of Potash ("MOP") sells in the range of $375 per long ton, in international markets. Sulphate of Potash, also known as SOP, sells in the range of $500 per long ton in international markets. SOP generally sells at premiums of 30 % to 50 % over the price of MOP. SOP is used by farmers growing fruits, vegetables, potatoes, tobacco, nuts, horticultural plants and many other non-row crops. It is also used in areas which are heavily cultivated or saline, such as in the Mediterranean and India.
The principal of Chemfelt Engineering is Mr. Donald Felton, B.Sc. Chemical Engineering. Mr. Felton has been a consultant to the potash industry for many years and has recently completed metallurgical simulation for a major Canadian potash project. Mr. Waters has over 25 years experience in the Carlsbad potash industry working as a process engineer and in senior management at three of the Carlsbad potash mines. Gustavson Associates is a global consulting firm consisting of engineers, geologists, geophysicists, land and contracts managers, and economists, focusing on all aspects of natural resource evaluations.
About Intercontinental Potash Corp
ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash. Sulphate of Potash, "SOP" or Potassium Sulphate, is premium priced potash. The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer to sylvite (Muriate of Potash or MOP) for agricultural products such as fruits, vegetables, tobacco, potatoes, and horticultural plants. SOP has low "salinity" compared to MOP, and therefore is also used in various saline soils in the world, which are found for example in China, India, the Mediterranean, and the United States.
ICP's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. Exploration reclamation plans, environmental plans, and archeological work have been approved by BLM. The Company is currently planning its Phase II drill program, which will commence in the spring. ICP carries out all activities through its wholly owned subsidiary Intercontinental Potash Corp.
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, as well as any cost and processing risks associated with converting polyhalite to Sulphate of Potash. 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.
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SOURCE IC Potash Corp.
For further information: For further information: please visit www.intercontinentalpotash.com or contact: Investor Relations, Joanna Longo, Vice President, The Equicom Group, (416) 815-0700 ext. 233, email@example.com