TSX: ST and ST.WT
TORONTO, April 23, 2012 /CNW/ - Stonegate Agricom Ltd. ("Company") (TSX: ST) today announced the appointment of Andy J. Jung as Vice President, Business Development and Product Marketing, effective June 1, 2012.
"Andy has been a highly respected analyst and consultant in the phosphate fertilizer industry during the past decade and we are very pleased that he is joining as Vice President, Business Development and Product Marketing of both Stonegate and our 100%-owned Paris Hills Agricom Inc. subsidiary," said Mark Ashcroft, Stonegate's President and Chief Executive Officer.
"Andy will be responsible for the development of our customer and strategic relations and for actively marketing the phosphate rock concentrate that we are planning to produce at the Paris Hills Phosphate Project in Idaho," Mr. Ashcroft added.
Mr. Jung has an outstanding record of accomplishments as a fertilizer industry consultant with CRU, which is an independent business analysis and consulting group based in London, England. He joined CRU in April 2002 with responsibility for research and production of publications pertaining to phosphate rock and phosphate fertilizers, including the 10-year outlook for phosphate rock concentrate, phosphoric acid, diammonium phosphate (DAP), monoammonium phosphate (MAP) and triple superphosphate (TSP). He also worked on numerous single-client studies related to fertilizer, sulphur and sulphuric acid, and animal feed phosphates, as well as providing agricultural and shipping analysis for the group. In 2007, Mr. Jung took on the role of managing the phosphate research program for CRU, including regular analysis reports and consultancy assignments. In 2010, he joined CRU Strategies to participate in growing the portfolio of fertilizer and chemical consulting assignments undertaken by CRU. He has, in various advisory capacities, worked on the vast majority of new merchant phosphate rock projects undertaken worldwide over the past several years, including a marketing study for the Paris Hills direct-shipping phosphate rock concentrate product. He is a regular contributor of papers to fertilizer conferences on world phosphate markets. Mr. Jung holds a Bachelor of Science in Economics from North Dakota State University and a Master of Science in Applied Economics from Marquette University in Wisconsin.
On March 26, 2012, Stonegate Agricom announced the positive results of a Pre-Feasibility Study (PFS) for the development of an underground mine in the Lower Phosphate Zone at Paris Hills. The mine would produce direct-ship, concentrate-quality phosphate rock without the need for beneficiation, would have competitive operating costs and would be well-positioned as a supplier of phosphate rock to North American fertilizer producers and/or via U.S. west coast ports to Asian fertilizer producers.
Stonegate plans to publish updated information on mineral resources and reserves, initiate permit applications, and complete a bankable Feasibility Study by the end of 2012. If permitting proceeds as expected, the Company would be in a position to begin construction in the third quarter of 2014 and begin production by the end of that year.
The PFS study was compiled by Agapito Associates Inc. of Grand Junction, Colorado, supervised by Leo J. Gilbride, P.E., Vanessa Santos, P.G., and Gary L. Skaggs, P.E., P.Eng., each of whom are independent qualified persons under the standards set forth by National Instrument 43-101. Additional information is available in the 43-101 Technical Report on the Paris Hills Phosphate Project filed March 26, 2012 on SEDAR (www.sedar.com) and posted on the Company's website.
About Stonegate Agricom
Stonegate Agricom, which is actively engaged in acquiring and developing agricultural nutrient projects, is currently focused on the development of two potentially world-class, long-life phosphate deposits, the Paris Hills Phosphate Project located in Idaho and the Mantaro Phosphate Project located in Peru. The Company is confident that the two deposits have sufficient size and grade to become strategic, cost-effective sources of phosphate supply for major fertilizer producers. The Company intends to continue definition and exploration drilling to confirm and expand estimates of NI 43-101 compliant mineral resources in the deposits and then complete feasibility studies leading to a decision to proceed with extracting and processing the phosphate. More information is available at www.stonegateagricom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable law. Generally, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company as at the date of such information. Forward-looking statements and forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements and forward-looking information, including but not limited to: risks relating to assumptions used in preparation of the Pre-Feasibility Study on the Lower Phosphate Zone of the Paris Hills Phosphate Project including government regulation, phosphate prices, labour costs and capital costs, and project risks including a project location, permitting requirements, project delays, ground control and dilution and water management; the general risks associated with the speculative nature of the Company's business, commodity prices, current global financial conditions, uncertainty of additional capital, price volatility, the Paris Hills and Mantaro projects are advanced exploration stage projects, limited operating history, no history of earnings, government regulation in the mining industry, environmental risks and hazards, impending climate change legislation, required approvals and permits, foreign subsidiaries, risks relating to the retention of the Paris Hills project, expiration of leases and permits for the Paris Hills Project, political and economic risk in Peru, risks relating to the retention of the Mantaro project, title to mineral properties, obtaining and converting mineral concessions and surface rights, community relations and project support, water rights, exploration, development and operating risks, uncertainty in the estimation of mineral reserves and resources, uncertainty of inferred mineral resources, mineral exploration, reliability of historical exploration work, absence of public trading market, risks associated with having a controlling shareholder, arbitrary offering price, dilution to the common shares, dependence on key personnel, currency fluctuations, insurance and uninsured risks, competition, legal proceedings, conflicts of interest and lack of dividends as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recently filed annual information form available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or forward-looking information. The forward-looking statements and forward-looking information contained in this press release are included for the purpose of providing investors with information to assist them in understanding the offering as well as the Company's expected financial and operational performance and may not be appropriate for other purposes. Stonegate does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable securities laws.
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