| April 1, 2010
Potash One Hosts Two Open Houses in Support of the Legacy Potash Solution Mine
Vancouver, BC - Potash One Inc. ("Potash One" or the "Company") (TSX:KCL) is pleased to announce that a key milestone was reached last week in relation to the development and licensing of its Legacy Potash Solution Mine ("Legacy" or the "Project") in southern Saskatchewan. On March 24th and 25th , 2010, Potash One hosted two open houses in the communities of Bethune and Lumsden, Saskatchewan (the "Open Houses"). The Open Houses follow on the submission of the Environmental Impact Statement ("EIS") to the Saskatchewan Ministry of the Environment ("MOE" or the "Ministry") in late February 2010.
As hosts of the Open Houses, Potash One had several technical experts providing information and answering questions about the Project and the EIS. These included members from Legacy's solution mining and processing leadership teams, environmental specialists from Golder Associates, and representatives from the companies providing supporting infrastructure to the Project. Using a variety of print and visual presentation materials, the Open Houses provided local residents with up to date information about the key components of the Project, the implementation schedule and the results of the EIS. The events were well attended in both communities with over 125 people attending in Bethune and over 75 people attending in Lumsden.
The Open Houses are part of Potash One's broader and ongoing Community Relations Program (the "Program"). To date the Program has included face to face meetings with local residents and Aboriginal elders, and presentations to elected representatives of local rural municipalities, towns, and First Nations and M�tis councils. A previous open house was held in Bethune in June 2009 utilizing a similar format. The Program will continue to evolve as the Project progresses and site activity is initiated, thus providing continuing opportunities for dialogue with the local communities.
Following the Project Specific Guidelines developed by the Ministry for the Legacy Project, the EIS provides project information and data upon which the MOE will be in a position to consider granting environmental approval ("Environmental Approval") for the Project. Once the MOE completes its internal technical review of the EIS later this spring, the EIS will be made publicly available as part of the Ministry's public review process. Environmental Approval from the Minister of Environment is required under the Saskatchewan Environmental Assessment Act before the proponent of a development (in this case, Potash One) may apply for and receive detailed construction and operating permits under other legislation. The Company is anticipating the final decision on the Environmental Approval before the end of 2010.
Paul F. Matysek, President and Chief Executive Officer of Potash One, stated: "We are very pleased with the high level of interest and support we have received for the Legacy Project from the local communities. Through our community relations efforts, our focus has been on providing information to local stakeholders about all aspects of the Legacy Project in order to understand how best to weave the development into the existing rural fabric. From our interactions we know that the residents are clearly interested in ensuring three things: that the local environment is protected, their quality of life is maintained, and jobs and business opportunities accrue locally. We are confident that with the engineering and environmental measures we've implemented as part of the Project design and through on-going community dialogue, we will be able to deliver Saskatchewan's first new green field mine development in over forty years in a socially and environmentally responsible manner."
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive Officer
About Potash One Inc.: Potash One Inc. is a well-funded TSX-listed Canadian resource Company engaged in the exploration and development of advanced potash properties amenable to solution mining. The Company owns a 100% interest in the 97,240 acre Legacy Project which has an NI 43-101 compliant Measured Resource of 29 million tonnes of recoverable KCl, Indicated Mineral Resource of 222 million tonnes of KCl and an Inferred Mineral Resource of 853 million tonnes of KCl. The Company has recently completed a pre-feasibility study with SNC-Lavalin with robust economics at current potash pricing. The Legacy Project is adjacent to the largest producing solution potash mine in the world. The Company also owns more than 515,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada.
Forward Looking Statements: Statements in this release that are forward looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. The Company does not assume the obligation to update any forward looking statement. There are numerous risks and other factors that will influence a development decision, including concluding resource evaluations on mineral properties, extraction and processing design limitations, financing requirements, permitting risks and economic factors, all of which may be beyond the control of the Company.
The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release. |