TORONTO, Jan. 26 /CNW/ - IC Potash Corp. ("ICP"or the "Company") (TSXV: ICP) announced today that the Company has commenced the tendering of contracts for the New Mexico Ochoa potash project pre-feasibility study, scheduled to commence by March 2010.
"This pre-feasibility study is an important milestone for ICP," said Mr. Sidney Himmel, President and CEO of ICP. "It is a critical element in our strategy as ICP strives to become one of the world's lowest cost producers of Sulphate of Potash. It will enable us to determine the lowest cost mining and processing methods to achieve our goals and will provide us with valuable market entry information."
Results to date from the exploration program are consistent with the Preliminary Economic Assessment published as part of the National Instrument 43-101 Compliant technical report filed on SEDAR, regarding the economic potential of the Ochoa Project polyhalite resource.
While MOP has the largest potash market share at present, it is not the most desirable source of potassium crop nutrient due to its high chloride content. SOP contains no chloride. SOP contains, in addition to potassium, sulphate which is one of the five most important plant nutrients. As such SOP has very strong demand from farmers in the production of fruits, vegetables, horticultural plants, tobacco and many other non-row crops. Many world agricultural soils are becoming salty due to atmospheric conditions and aridity. This is enhancing the demand for SOP because Sulphate of Potash has a lower salinity index than MOP.
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. 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.
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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, firstname.lastname@example.org