TORONTO, Jan. 21 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV: ICP, OCTQX: ICPTF) announced today that the expiry date of warrants issued on December 2,
2009 and December 3, 2009 (the "Warrants") has been accelerated to
February 21, 2011. The Warrants remain exercisable at a price of
$0.65 per share. The accelerated expiry date is set out in the
subscription agreements and warrant certificates from the financings
that closed on December 2, 2009 and December 3, 2009.
"We believe that the recent performance of our share price reflects the
increasing value of our Ochoa Sulphate of Potash Project in New
Mexico," said Sidney Himmel, ICP's President and CEO. He continued:
"Sulphate of Potash prices continue to increase and maintain a price
that is 50% higher than the price of regular potash, which is known as
Muriate of Potash. The recent Preliminary Economic Assessment, which
was prepared in accordance with National Instrument 43-101, indicated
very robust economics for the Ochoa Project."
Warrants can be exercised in accordance with section 3 of the warrant
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.
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 at 416-624-3781 or 575-993-2758.