TORONTO, Sept. 20, 2011 /CNW/ - IC Potash Corp. ("ICP" or the "Company")
(TSX: ICP) (OTCQX: ICPTF), announced today the signing of a Memorandum
of Understanding ("MOU") with the United States Bureau of Land
Management ("BLM") for the purpose of commencing the formal portion of
environmental approvals for the Company's New Mexico Sulphate of Potash
Sidney Himmel, CEO of the Company, stated: "The signing of both the
Memorandum of Understanding with the BLM and the related Cost
Reimbursement Agreement represent significant progress in the
permitting process. We are on track for planned production in 2015 and
full production in 2016 and are committed to sound environmental
practices. Substantial environmental work has already been completed
and we look forward to continuing the work through the formal EIS
The BLM is the federal agency responsible for reviewing and processing
the Company's Mine Plan of Operations ("MPO"). As part of reviewing
ICP's Mine Plan of Operations, the BLM requires that an Environmental
Impact Statement ("EIS") be prepared. The EIS will be consistent with
the requirements of the National Environmental Policy Act ("NEPA") and
the Council on Environmental Quality ("CEQ").
Memorandum of Understanding
The MOU defines the respective responsibilities, conditions, and
procedures to be followed by the Company and the BLM during the
preparation of the EIS. The EIS will assess the environmental impacts
of the proposed mine facilities described in the Mine Plan of
Operations. The MPO will define all alternatives for mining and
processing. The studies will include mining methods, land usage, water
sources, tailings ponds, processing methods, and reclamation. The BLM
will use the EIS to make a decision regarding the awarding of permits
to construct and run the Sulphate of Potash operations.
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.
IC Potash's Ochoa property consists of over 100,000 acres of federal
subsurface potassium prospecting permits and the State of New Mexico
Potassium mining leases.
IC Potash is focused on being the lowest
cost producer of SOP in the world, a market that is six million tonnes
per year and growing. SOP is a non-chloride based potash fertilizer
that sells at a substantial premium over the price of Muriate of Potash
("MOP"). 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 agriculture with
varieties of crops.
SOURCE IC Potash Corp.
For further information:
please visit www.icpotash.com or contact Lisa Faiella at 778-838-2887 or Sidney Himmel at 416-624-3781.