TORONTO, April 15 /CNW/ - IC Potash Corp. ("ICP" or the "Company") (TSXV: ICP) today announced a quarterly exploration and development summary.
Key Highlights Include:
- Completed the regional geological analysis of the Ochoa polyhalite
project located in South East New Mexico including the analysis of
approximately 200 geophysical logs;
- Obtained cores with thicknesses ranging from 5 feet to over six feet
with average grade of 80% based on X- ray diffraction and chemical
- Announced positive results for the Phase I Ochoa Potash drill program
in New Mexico;
- Contracted Upstream Resources LLC to provide expertise in polyhalite
exploration, resource evaluation and processing; and
- Received an independent engineering report demonstrating solar
evaporation is the optimal method of producing Sulfate of Potash
("SOP") from polyhalite and related operating costs of production.
"During the quarter, we achieved a number of key milestones by executing our exploration and development program. Most importantly, an independent report concluded solar evaporation is the optimal method to produce Sulfate of Potash from polyhalite," said Sidney Himmel, President and CEO of IC Potash Corp. "With a significant inferred polyhalite resource, and successful Phase I exploration program, ICP intends begin its Phase II exploration program in May."
The Phase II program will include the acquisition of a bulk sample of polyhalite ore for additional production process optimization. The bulk sample will be obtained by horizontal coring and will provide material for additional process testing. Additional Process testing procedures, aimed at optimization, are currently being established to fine-tune processing methods which will be studied as part of a pre-feasibility study.
About IC Potash Corp
ICP is developing its Ochoa New Mexico property with the primary purpose of using polyhalite as feedstock to produce Sulphate of Potash ("SOP"). SOP is premium priced potash that generally sells at premiums of 30% to 50% over the price of to sylvite or Muriate of Potash ("MOP"). Currently MOP sells in the range of $375 per tonne, in international markets compared to SOP, that sells in the range of $500 per tonne in international markets.
The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer 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. Polyhalite may also be developed as a slow release multi-nutrient fertilizer which contains the plant macronutrients Potassium, Sulphate, Magnesium and Calcium.
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. All reclamation plans, environmental plans, and archeological work have been approved by BLM. The Company is currently conducting a Phase I drill program, which commenced in November, described in the press release of Trigon Uranium Corp., December 8, 2009, and which is available at www.intercontinentalpoash.com. 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. 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.intercontinentalpotash.com or contact: Investor Relations: Christina McCarthy, Account Executive, The Equicom Group, (416) 815-0700 ext. 266, email@example.com