IC Potash Appoints Senior Vice President of Business Development
Feb 16, 2012, 07:00 ET
TORONTO, Feb. 16, 2012 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSX: ICP, OTCQX: ICPTF) is pleased to announce the appointment of Mr. Mark Shonnard as Senior Vice President, Business Development. Mr. Shonnard is an experienced mining executive with 25 years of management in natural resource development. His responsibilities at the Company will include strategic planning, formulating and negotiating joint-venture and Sulphate of Potash Distribution agreements, establishing and negotiating commercial relationships, and coordinating with regulators and other stakeholder groups.
Mr. Sidney Himmel, President and CEO of ICP, commented: "Mr. Shonnard's appointment complements and enhances our market intelligence and channel development as the Ochoa project advances through its feasibility study. Mark is an excellent addition to ICP and brings deep experience relevant to the Company's goals, so when we break ground, we will have a world class market development strategy in place. On behalf of the ICP team, I extend a warm welcome to Mr. Shonnard. "
Mr. Shonnard has a wide array of experience in natural resource exploration, development and operations. He has been the Chief Financial Officer for various international mining companies. Mr. Shonnard holds a Bachelor's degree in Mathematics (Hon) from the University of Nevada, Reno and is a Certified Public Accountant.
About IC Potash Corp.
ICP intends to become a primary producer of Sulphate of Potash ("SOP") and Sulphate of Potash Magnesia ("SOPM") by mining its 100%-owned Polyhalite Ochoa property in New Mexico, a highly advanced mineral deposit containing proven and probable reserves of more than 400 million tons of ore within the proposed mine plan. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of regular potash known as Muriate of Potash ("MOP"). MOP contains chloride and is therefore not the optimal potash for numerous crops and in situations where there is high soil salinity. ICP is focused on becoming the lowest cost producer of SOP in the world. The SOP market is towards six million tonnes per year. SOP is a significant fertilizer in the fruit, vegetable, tobacco, potato, and horticultural industries. SOP is also applicable in soils where there is substantial agricultural activity with varieties of crops and therefore where the salinity of the soil has increased, and in areas where soils are dry. SOPM is a highly desirable potash product for soils with magnesium deficiency, including those found in Europe and Southeast Asia and has a total global market size of over one million tonnes. 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.
For further information:
please visit www.icpotash.com or contact Lisa Faiella at +1-778-838- 2887 or Sidney Himmel at +1-416-624-3781.
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