Approval Eliminates Certain Permitting and Future Monitoring Requirements Related to Mine and Plant Construction and Operations, Saving Time and Costs
TORONTO -- (Marketwired) -- 06/11/13 -- IC Potash Corp. ("ICP" or the "Company") (TSX: ICP) (OTCQX: ICPTF) today announced that the U.S. Army Corps of Engineers ("Corps") has issued the Company a Jurisdictional Determination confirming that there are no Waters of the United States on the Ochoa Sulphate of Potash ("SOP") Project site in southeastern New Mexico. The Corps determined that the Project area is comprised entirely of uplands and upland drainage, therefore seeking certain federal permits relating to water will not be required.
In accordance with Section 404 of the Clean Water Act and Section 10 of the Rivers and Harbors Act of 1899, the Corps is tasked with the responsibility of regulating the discharge of dredged and fill materials into waters of the United States. Given its determination that ICP's polyhalite mining and processing operations, currently in the advanced development phase, will not impact U.S. waters, the Company will not require the Corps' authorization to proceed with constructing the mine and processing plant, nor will it be subject to ongoing monitoring once in commercial operations.
Sidney Himmel, ICP President and CEO, stated, "This Jurisdictional Determination by the Corps represents a significant development for ICP, ultimately saving us considerable time, cost and manpower in the overall permitting process for our Project."
ICP is currently engaged in completing the Feasibility Study on its Ochoa SOP Project in Lea County, New Mexico -- the results of which are expected to be published in September 2013. Moreover, the Company remains on schedule to have its Environmental Impact Statement published in the third quarter of 2013, with a Record of Decision documenting approval of the Project by the U.S. Department of Interior, Bureau of Land Management expected by the end of March 2014.
About IC Potash Corp.
ICP intends to become a primary producer of Sulphate of Potash ("SOP") and Sulphate of Potash Magnesia ("SOPM") by mining its 100%-owned Ochoa property in southeast New Mexico, a highly advanced polyhalite mineral deposit containing proven and probable reserves of more than 340 million tons of ore within the proposed mine plan. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of regular potash known as Muriate of Potash ("MOP"). MOP contains chloride and is therefore not the optimal potash for numerous crops and in situations where there is high soil salinity. ICP is focused on becoming the lowest cost producer of SOP in the world, a market that is towards six million tonnes per year. SOP is a significant fertilizer in horticultural industries, particularly fruits, vegetables, tobacco and potatoes. SOP is applicable for soils where there is substantial agricultural activity, high soil salinity, and in arid regions. SOPM is a highly desirable potash product for soils with magnesium deficiency, and has a total global market size of over one million tonnes. ICP's Ochoa property consists 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.
All scientific and technical disclosures in this press release have been prepared under the supervision of Terre Lane, an employee of ICP who is a Qualified Person within the meaning of National Instrument 43-101.
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 ICP 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, reserve estimates, statements regarding the expected results of the FS and completion of the FS on schedule and on budget, ICP's expected position as one of the lowest cost producers of SOP in the world, the timing of receipt and publication of ICP's environmental permits, the sufficiency of ICP's cash balances, the timing of 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 ICP, including, but not limited to, 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.
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