TORONTO, March 24, 2017 (GLOBE NEWSWIRE) -- IC Potash Corp. (TSX:ICP) (OTCQX:ICPTF) (“IC Potash” or the “Company”) is pleased to announce that it has received further funding from Cartesian Capital to advance the development of the Ochoa project. 710,000 common shares of Intercontinental Potash Corp. (USA) (“ICPUSA”) have been issued for proceeds of $360,000 USD.
Mehdi Azodi, President & CEO of IC Potash stated, “The rapid development of the Ochoa project continues to demonstrate that it can become a low-cost producer of Polyhalite with robust development economics based on the work study completed to date. Current negotiations are in progress, which could account for approximately half of the scheduled off-take from the Ochoa deposit. Current production from Israeli Chemical and the development of Sirius Minerals highlight the growing demand for Polyhalite globally.”
In preparation for the development of the Ochoa deposit and the announcement of the Feasibility Study, IC Potash is pleased to announce the following appointments to the board of ICPUSA.
Mr. Grant Sawiak will join the board of ICPUSA and resigns from his current role at IC Potash Corp. Mr. Sawiak, has over 30 years of experience in all avenues of securities law and is going to focus directly on the development, strategic financing and corporate governance of the Ochoa project to ensure maximum value is attained for all stakeholders and shareholders.
Mr. Lew Lawrick has also been appointed to the board of ICPUSA, to assist in accelerating the development of the Ochoa deposit. Mr. Lawrick, as Managing Partner of Thorsen-Fordyce Merchant Capital Inc., has over 20 years of capital markets experience investing in and financing junior mining and exploration companies through all stages of development.
“The addition of Grant Sawiak & Lew Lawrick to the board of ICPUSA represents the strong commitment to all shareholders of the Ochoa project. Mr. Sawiak & Mr. Lawrick are highly respected professionals in the legal and mining community, known to be very tough advocates of shareholder rights. It’s a great opportunity for all stakeholders and shareholders of IC Potash to have their support,” Azodi stated.
Mr. John Stubbs, Chairman of the Company, continues to maximize shareholder value and further evaluate assets and opportunities the Company may consider. Mr. Stubbs shall resign from the board of ICPUSA and continue as lead director of the Company and a strong contributor to the advancement and restructuring of the Company.
Mr. Sidney Himmel has played the most significant role in the development of the Ochoa project over the past decade. Mr. Himmel will resign from the board of ICPUSA and act as an advisor to the Company. All stakeholders are grateful for the continued support and dedication of Mr. Himmel.
About IC Potash Corp.
IC Potash has previously demonstrated a method to make Sulfate of Potash (“SOP”) from its Ochoa polyhalite deposit in Southeast New Mexico and is currently examining ways to become a low-cost fertilizer producer. The current review of IC Potash’s existing feasibility study is being extended to determine a viable positive economic path to the production of direct application polyhalite. The Ochoa project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. IC Potash’s land holdings consist of nearly 90,000 acres of federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of IC Potash to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential” or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements regarding trends in the markets for Sulfate of Potash and polyhalite, the completion of an update review of the feasibility study by the Company, the Company’s intention to investigate the feasibility of polyhalite product production and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IC Potash, including, but not limited to, changes in market trends, the completion, results and timing of studies undertaken by IC Potash, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. 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.