TORONTO, June 4, 2012 /CNW/ - IC Potash Corp. (TSX: ICP) (OTCQX: ICPTF) ("ICP" or the "Company") announced today that the management information circular for the annual and special shareholders' meeting to be held at the offices of Cassels Brock at 2100 Scotia Plaza, 40 King Street West, Toronto, Ontario on Thursday, June 28, 2012 at 3:00 p.m. Eastern Standard Time will be mailed on June 4, 2012 to shareholders of record on May 24, 2012.
The nominated directors for election at the shareholders' meeting are Sidney Himmel, Dr. George Poling, The Honourable Pierre Pettigrew, P.C., Randy Foote, Ernest Angelo, Jr., Knute Lee, Jr., Anthony Grey, and Jørgen Stenvold.
Knute H. Lee Jr. of Albuquerque, New Mexico, has been appointed to the board of directors of ICP. Mr. Lee is an independent resource landman with 35 years experience in the oil, gas and mining industries. He is Past President of the American Association of Professional Landmen and is a Hall of Fame recipient of the Independent Petroleum Association of America. He is a member of the Board of Directors of the Independent Petroleum Association of New Mexico and the Mountain States Legal Foundation. He is also a past officer and director of the Rocky Mountain Association of Mineral Landmen. Additionally, he has also served on numerous Boards of Directors, including: Santa Fe Trust, Zia Title, Fellowship of Christian Athletes/New Mexico, Hoffmantown Church and the New Mexico Baptist Foundation. Duane Parnham and Mark Frewin will not seek to be re-elected at the shareholders' meeting and have resigned from the board of directors.
Jørgen Stenvold, of Oslo, Norway, is currently the project development director of Yara International ASA. Mr. Stenvold is a mining professional with 12 years of experience from developing mining projects in Norway and globally. For the last two years, Mr. Stenvold has been responsible for evaluating and developing phosphate and potash projects globally. Mr. Stenvold holds a master's degree in economic geology from the Norwegian University of Technology and Science supported by executive management courses in innovation from MIT Sloan.
Mr. Sidney Himmel, President, CEO and Director of ICP commented, "We are delighted that Mr. Lee has agreed to join the Board of Directors. His regulatory and business experience, and background in resource development will provide great value to the Company."
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.
For further information:
please visit www.icpotash.com or contact Sidney Himmel at +1-416-624-3781 or +1-303-898-3890 or Lisa Faiella at 1-778-838-2887.