| March 1, 2010
Potash One Submits an Environmental Impact Statement for Its Legacy Potash Solution Mine
Vancouver, BC - Potash One Inc. (TSX:KCL) ("Potash One" or the "Company") is pleased to announce that on February 28th, 2010, the Company submitted to the Saskatchewan Ministry of the Environment ("MOE" or the "Ministry") an environmental impact statement ("EIS") for its Legacy Potash Solution Mine in southern Saskatchewan.
Following the submission of the Project Proposal to the MOE in September 2009, the Ministry developed and published Project Specific Guidelines for the Legacy Project ("Project"). These guidelines provided the basis for the EIS and defined the key items or issues that the Ministry required to be addressed in the EIS.
The submission of the EIS culminates a 2-year effort in environmental baseline data collection, environmental design work, impact assessment analysis and also provides a comprehensive view of the Legacy Project's expected impact on the local and regional environments. The EIS provides Project information and data upon which the MOE will consider granting environmental approval ("Environmental Approval") for the Project. 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.
It is expected that the technical review of the EIS and subsequent MOE advice with respect to public consultations and requests for specific additional information will require several months. On that basis, the Company expects the final decision on Environmental Approval before the end of 2010.
Paul F. Matysek, President and Chief Executive Officer of Potash One, stated: "We are very pleased to have achieved another key milestone in the development of the Legacy Project. Our initial decision to conduct a comprehensive two year study gives us great confidence that we fully understand the environmental impact of the Legacy Project and we can successfully address any concerns in our final development plan. We have always adopted a thorough, cooperative and transparent approach to regulatory and environmental matters and that is why we selected an experienced firm like Golder Associates Ltd. of Saskatoon, to be our lead consultant on our EIS study. We look forward to a positive outcome which will launch Legacy into its final stage of development."
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. |