POTASH
ONE COMPLETES ACQUISITION OF REMAINING INTEREST IN KP289 POTASH PERMIT
Vancouver, B.C., July 24, 2008 - Potash
One Inc. (KCL:TSX)
(the "Company" or
"Potash One") is pleased to announce that it has completed
the acquisition of the remaining 75% interest in Potash Permit KP289
(the "Legacy Project") through the purchase of all of the
issued and outstanding shares of Invictus
Minerals Corporation, a private company. Potash One previously
acquired its initial 25% interest in the Legacy Project pursuant to an
option agreement dated May 10, 2006, as amended May 15, 2007. The
Company paid $3,250,000 in cash for the shares of Invictus,
which is the same as the cash value of the consideration payable under
the option agreement. The shares were purchased from a group of eleven
individuals, all of whom are at arms length to the Company.
Paul F. Matysek,
President and Chief Executive Officer of Potash One Inc., said,
"This transaction combined with the previously completed acquisitions
of KP355, KP356 and KP357 gives Potash One, one hundred per cent
ownership of over 300,000
acres in the immediate vicinity of the world's
largest producing potash solution mine, Belle Plaine
in southern Saskatchewan."
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul F. Matysek,
M.Sc., P.Geo.
President and Chief Executive Officer
Telephone: (604) 331-4431
Fax: (604) 408-4799
info@potash1.com
About Potash One Inc.
Potash
One Inc. is a Canadian resource
company engaged in the identification, acquisition, exploration and
development of advanced solution mine amenable potash properties. The
Company owns 100% of a 97,240 acre Potash Subsurface
Exploration Permit in Saskatchewan, Canada
(the "Legacy Project"). The Legacy Project was
previously explored by Imperial Oil Ltd. (now Exxon) and Lumsden Potash Corporation and is adjacent to the
largest producing solution potash mine in the world. In addition,
the Company owns 100% of three other Potash Subsurface Exploration
Permits over 230,000
acres that are contiguous to the Legacy
Project. The Company has NI 43-101 resource, a solid balance
sheet, and experienced technical and corporate management to advance
the Legacy Project to the next stage.
For Investor Relations Contact:
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Suite 210 -
736 Granville Street
Vancouver, BC V6Z 1G3
(T) 604.684.6730 (F) 604.684.6740
Toll Free 866.684.6730
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Web: www.kincommunications.com
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