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Western Potash Corp. Executes Drilling Agreement With Red Dog Drilling Inc.
Tue Apr 21, 2:34 PM
http://ca.news.finance.yahoo.com/s/21042009/60/western-potash-corp-executes-drilling-agreement-red-dog-drilling-inc.html
VANCOUVER, BRITISH COLUMBIA -- Western Potash Corp. (the "Company") (TSX VENTURE: WPX.V)(FRANKFURT: AHE.F) is pleased to announce that it has signed a drill contract agreement to commence its 2009 potash exploration drilling program within the Milestone Property, in Saskatchewan, and the Russell South Property in Manitoba.
Under the terms of the agreement, the Company has secured a telescopic-double drill rig supplied from Red Dog Drilling Inc. based out of Estevan, Saskatchewan to complete up to an 8 month term drilling program. The Company will drill three wells within the Milestone property in Saskatchewan, followed by an additional two wells within the Russell South property in Manitoba.
Saskatchewan
The Milestone property comprising approx. 500 square km, is located approximately 30 km southeast of Regina, and to the southeast of the Mosaic Company's Belle Plaine KL-106-R mining lease, which hosts one of the largest producing potash solution mines in the world. The property is immediately adjacent to potash permits held by BHP-Billiton, Vale (through a recent sale by Kennecott Canada Exploration) and Potash One.
During 2008, the Company purchased, reprocessed, and interpreted 138 line-km of two-dimensional seismic data in order to map out the extent of the potash prospective beds within the property. The interpretation of the seismic data has confirmed the presence of potash prospective salt beds continuing onto the eastern portion of the property, within 15 km of the potash wells drilled by Kennecott during 2008 (subsequently sold to Vale), and covering an area of over 185 square kilometers highlighting a sizeable and attractive new exploration target area. The Company has designed an initial, three well exploratory drill program to define the extent, grade, thickness and type of potash mineralization present on the property. Geological data suggests that all three potash bearing members of the Prairie Evaporite formation are present within the target area at depths amenable to solution mining.
The first well license has been issued by the Saskatchewan Ministry of Energy and Resources, and two other well license applications are currently being processed. Drilling of these wells will commence immediately after spring vehicle load restrictions are lifted by the Province of Saskatchewan, and weather conditions permit the use of heavy equipment on the well sites. The Company has budgeted approximately $5.4 million CAD for this drill program, and will be well positioned to prepare a NI 43-101 compliant resource calculation on the Milestone property during 2009 should drilling results be positive.
Manitoba
The Russell South property comprising approx. 640 square km, is located approximately 40km southeast of Potash Corp of Saskatchewan's Rocanville mine, and lies adjacent to BHP Billiton's Potash Lease and Agrium's Exploration Permits along the Manitoba-Saskatchewan border.
During 2008, the Company carried out exploration activities on its Manitoba properties that included the completion of nine exploratory wells and the acquisition of several line-km of two-dimensional seismic data. The Company is encouraged by the extent of the mineralization discovered and outlined by holes in the Russell South area, which, together with historical drilling data to the north, and the interpreted seismic data, suggests the presence of an important potash resource adjacent to the St Lazare potash resource controlled by Agrium. Further two-dimensional seismic geophysics and the completion of two additional potash wells will allow the Company to prepare a NI 43-101 compliant resource calculation on the Russell South property during late 2009. The Company has budgeted approx. $2.3 million CAD for its exploration efforts. Drilling will commence immediately upon completion of the potash wells in Saskatchewan.
Further to the Company's information circular filed on SEDAR on February 27, 2009 and the motion that was passed by shareholders at the annual general meeting ("AGM") on March 26, 2009, the Company is re-pricing 8,000,000 incentive stock options (the "Options") for Directors, Officers and employees at a price of $0.50. Of the 8,000,000 Options; 7,000,000 were originally priced at $1.10, and the remaining 1,000,000 were originally priced at $1.25. The Options expire on May 6, 2013, and May 15, 2010, respectively.
Western Potash Corp. is a mineral exploration company engaged in the evaluation, exploration and development of potash mineral properties in Western Canada. The Company intends to define and develop a world-class potash deposit in an ecologically sustainable, economically efficient and socially responsible manner.
The in-house qualified persons for the purposes of NI 43-101 guidelines are J. Patricio Varas, P. Geo and Dean Pekeski, P. Geo, both of whom have reviewed and approved the contents of this news release.
For more information on Western Potash Corp.'s projects, please visit the Company's website at: www.westernpotash.com.
ON BEHALF OF THE BOARD OF DIRECTORS
J. Patricio Varas, President and CEO
This news release contains Forward Looking Statements regarding our intentions and plans. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices and success and failure of the exploration and development carried out at various stages of the program. Readers should review risk factors applicable to junior mining exploration companies generally to understand the variety of risks that can affect the Company.
FOR FURTHER INFORMATION PLEASE CONTACT:
Western Potash Corp.
J. Patricio Varas
President and CEO
604 689-9378
604 689-8199 (FAX)
www.westernpotash.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CORRECTION FROM SOURCE: Potash One Completes Business Combination With Potash North
Friday April 17, 9:40 am ET
http://ca.us.biz.yahoo.com/iw/090417/0492204.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 17, 2009 -- The following corrects and replaces the release issued at 8:30 am Eastern time on April 17, 2009, for Potash One Inc. Paragraph 6 ("Shares and warrants of PON held...exchange and shareholder approval.") was missing. The complete, corrected release follows.
Potash One Inc. (Toronto:KCL.TO - News) is pleased to announce that effective April 17, 2009, it has completed a business combination with Potash North Resource Corp. ("PON"). Pursuant to the business combination, Potash One acquired all the issued and outstanding shares of PON, with each outstanding PON share exchanged for 0.3125 common shares of Potash One.
PON share purchase warrants remain exercisable according to their terms, however when exercised, will entitle the holder to acquire Potash One shares on the basis of the above noted exchange ratio. Incentive stock options of PON were exchanged for stock options of Potash North with appropriate adjustments to the number of shares issuable on exercise and the exercise price, and in the case of holders of options not continuing with Potash One, the options will expire in 12 months.
As a result of the business combination completing, PON is now a wholly owned subsidiary of Potash One. Effective April 16, 2009, the common shares of PON have been halted from trading on the TSX Venture Exchange pending delisting. Potash One remains listed on the Toronto Stock Exchange.
Paul Matysek, President and CEO of Potash One stated: "We are very pleased to have completed the acquisition of Potash North in a timely fashion and we welcome our new shareholders from PON. With the transaction finalized, Potash One has solidified its position as the leading junior potash mine developer in Canada. Potash One now has working capital in excess of the costs to complete the feasibility of its Legacy project and now controls over 500,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada."
Refer to the management information circular of PON, dated March 5, 2009 and available at www.sedar.com, for additional information regarding the Business Combination and matters related thereto.
Shares and warrants of PON held by Potash One prior to the closing of the business combination were disposed of by Potash One to a trust established for the purpose of operating a share compensation plan for the benefit of eligible Potash One employees, officers, directors and consultants. The compensation plan with the trust is subject to exchange and shareholder approval.
About Potash One Inc.:
Potash One Inc. is a TSX-listed Canadian resource company engaged in development of advanced potash properties amenable to solution mining. The Company owns 100% of more than 515,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada. This includes the 97,240 acre Legacy Project which has an NI 43-101-compliant Indicated Mineral Resource of 40.8 million tonnes of K2O and an Inferred Mineral Resource of 391.5 million tonnes of K2O. The Legacy Project is adjacent to the largest producing solution potash mine in the world. Solution mining is scalable, shorter time to production and has significantly lower capex.
On behalf of the Board of Directors:
POTASH ONE INC.
Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive Officer
Cautionary Statements: Investors are cautioned that, except as disclosed in the management information circular of PON prepared in connection with the Business Combination, any information released or received with respect to the Business Combination may not be accurate or complete and should not be relied upon. Trading in the securities of exploration and development stage resource companies should be considered highly speculative.
U.S. Cautionary Statements: We advise US investors that while the terms "measured resources", "indicated resources" and "inferred resources" are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize these terms. US investors are cautioned not to assume that any part or all of the material in these categories will ever be converted into reserves.
This press release does not constitute an offer of securities in the United States. The securities referenced herein have not been and will not be registered under any federal or state securities law of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.
Contact:
Contacts:
Potash One Inc.
Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer
(604) 331-4431
(604) 408-4799 (FAX)
info@potash1.com
http://www.potash1.com
Source: Potash One Inc.
So KCL essentially spun off PON and now they're merging? I'll bet the execs are really loving this.
Potash North Resource Corporation Shareholders Approve Business Combination With Potash One Inc.
Thursday April 9, 7:31 pm ET
http://ca.us.biz.yahoo.com/iw/090409/0490331.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 9, 2009 -- Potash North Resource Corporation (CDNX:PON.V - News) ("Potash North") and Potash One Inc. (Toronto:KCL.TO - News) ("Potash One") are pleased to announce that Potash North's shareholders voted over 99% in favour of the previously announced business combination with Potash One at a special meeting of shareholders held today. Assuming final approval is obtained from the British Columbia Supreme Court, the business combination is expected to close on or about April 16, 2009.
Additional information concerning the Arrangement is provided in Potash North's Management Proxy Circular dated March 5, 2009, which is available at www.sedar.com.
ADVERTISEMENT
POTASH NORTH RESOURCE CORPORATION
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 corporations' 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 final court approval to the business combination, and the companies' other 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 companies' business, including risks inherent in resource exploration and development. The companies do not assume the obligation to update any forward-looking statement. In particular, no representation is made in this release as to the timing of the business combination, whether the business combination will complete on the terms described herein or at all, the success or value of the combined companies after the business combination. In addition, there are numerous risks and other factors that will influence a development decision, including concluding resource evaluations on resource properties, mine design limitations, permitting risks and economic factors, all of which may be beyond our control.
This press release does not constitute an offer of securities in the United States. The securities to be issued by Potash One pursuant to the business combination have not been and will not be registered under any federal or state securities law of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Potash North Resource Corporation
Craig Angus
President & CEO
(604) 697-6262
Website: http://www.potashnorth.com
Potash One Inc.
Paul Matysek
President & CEO
(604) 697-5686
Website: http://www.potashone.com
Source: Potash North Resource Corporation and Potash One Inc.
Canasia Industries Corporation: High Probability of Potash-Bearing Beds Underlying the Eyehill Creek Property
Tue Apr 7, 3:01 AM
http://ca.news.finance.yahoo.com/s/07042009/28/link-f-ccnmatthews-canasia-industries-corporation-high-probability-potash-bearing-beds.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2009) - Canasia Industries Corporation ("Canasia") (TSX VENTURE: CAJ.V) (OTCBB: CANSF.OB) (FRANKFURT:45C) has engaged Boyd PetroSearch of Calgary, Alberta for the analysis of the pre-existing seismic data on lands presently within the Eyehill Creek Property ("the Property"). Boyd PetroSearch is a national leader in seismic analysis, specializing in mapping potash zones for risk analysis and mine planning. The interpretation of the data is expected to be completed in the Second Quarter of 2009, at which time a more detailed proposed drill plan will be evaluated with the expectation to commence drilling shortly thereafter.
According to the pending 43-101 compliant report submitted by Jocelyn Klarenbach, P.Geol., "The analysis of well logs has revealed a high probability of potash-bearing beds underlying the Eyehill Creek Property. More specifically, it appears the east-central and southeastern areas of the property have very high potential for economic-grade potash beds. Gamma-ray responses from historic oil and gas wells suggest that the grades of potash-bearing beds underlying the property could attain grades of up to approximately 25% K2O across thicknesses of 1 to 3 metres. These responses all occur in the uppermost 60 metres of the Prairie Evaporite Formation, which correspond to descriptions of potash deposits in Saskatchewan (Holter, 1969)." A copy of the report will be filed on SEDAR on April 7, 2009.
Graeme Sewell, a director of Canasia stated, "Management is encouraged that the Eyehill Creek Potash Project has potential for economic concentrations of Potash, in an industry friendly province such as Alberta, where the tax regime and royalty structure is far more favorable than other locations within Canada. This economic environment combined with the immense size of the project (453,058 acres) and indications of historic potash mineralization at depths favorable for solution mining, bode very well for the future of this project. The company intends to aggressively pursue the development of this project given its belief that agricultural products and foodstuffs could experience significant inflation over the next several years. Canasia is a well diversified junior exploration company with active operations in coal, copper and gold."
If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com.
Graeme Sewell, Director
Canasia Industries Corporation
Disclaimer for Forward-Looking Information
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) inability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, (10) other factors beyond the Company's control); and (11) the ability of the Company to acquire the services of contract trades to perform work programs in a timely manner. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts
Graeme Sewell
Canasia Industries Corporation
Director
1-877-225-6755
(604) 689-1733 (FAX)
Email: info@canasiaind.com
Website: www.canasiaind.com
Allana Resources Completes Initial Reconnaissance Exploration at Ethiopian Potash Project
Mon Apr 6, 7:30 AM
http://ca.news.finance.yahoo.com/s/06042009/28/link-f-ccnmatthews-allana-resources-completes-initial-reconnaissance-exploration-ethiopian-potash.html
TORONTO, ONTARIO--(Marketwire - April 6, 2009) - Allana Resources Inc. (TSX VENTURE: AAA.V) ("Allana"), is pleased to announce that it has completed its initial reconnaissance exploration programme on its Ethiopian Potash Project located in the Danakil Depression. This programme focused on structural mapping of the salt domes in the centre of the basin, structural mapping of the west side of the Danakil Graben and sampling of geothermal hot springs to determine the chemistry of the brines. The reconnaissance programme was completed by the consulting firm ERCOSPLAN and Allana geologists.
Structural mapping of the salt domes concentrated on Dallol Mountain and Ashe Ale. Faults trending NW-SE dominate the salt domes and conjugate NE-trending faults occur locally. Data suggests that Dallol likely has an intrusive source at depth that may be generating the hydrothermal system and causing doming of the overlying salt layers. Ashe Ale is interpreted as a small diapir and may consist of salt from the lowest part of the stratigraphic section. Possible potash layers may have been dragged to the surface with the dome however more work including drilling is required to confirm this interpretation.
Structural mapping of the western flank of the Danakil Graben was completed to gain a better understanding of possible fault offsets in the potash horizon by the northeast trending faults. This mapping indicates that the stratigraphy on the flank is complex, the age of the known faults is unknown; however the faults that were identified showed only minor offset, typically less than 5 metres. Geophysical studies, including ground magnetic and seismic surveys, have been recommended by ERCOSPLAN to provide the additional data required to determine the detailed effects of these faults, if any, on the potash mineralization.
Sampling of brines from geothermal hot springs in the Dallol area indicated that the brines are rich in NaCl, with subordinate KCl and MgCl2. The brines at various hot springs reach temperatures of 105 degreesC and densities of 1.25 g/cm3. The relative abundances of the different components and the lack of MgSO4 suggest that the KCl and MgCl2 content of the brines is not due to partial dissolution of the potash horizon.
Farhad Abasov, President and CEO of Allana, commented "Allana has successfully completed a reconnaissance programme of structural and geological mapping as well as evaluation of hydrothermal brine geochemistry on its Danakil Potash Project. While more work is required, we have been encouraged that all studies to date indicate continuity of the potash horizon. It is also encouraging that the brine chemistry indicates that dissolution of the potash horizon by hot brines is not a major factor. Allana plans to move forward with approximately 1,500 metres of diamond drilling, down hole seismic studies and 2D-seismic surface studies in the remainder of 2009".
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally and recently optioned a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource estimated at over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl. Allana has approximately 61 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future exploration; results and costs of exploration; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts
Farhad Abasov
Allana Resources Inc.
(416) 309-2691
fabasov@allanaresources.com
Peter MacLean
Allana Resources Inc.
(416) 861-2262
peter@allanaresources.com
Amazon forms Opportunities Review Committee and provides Cerrado Verde Potash project update
Fri Apr 3, 2:51 PM
http://ca.news.finance.yahoo.com/s/03042009/30/link-f-cnw-amazon-forms-opportunities-review-committee-provides-cerrado-verde.html
TORONTO, April 3 /CNW/ - Amazon Mining Holding Plc (TSX-V symbol: "AMZ")("Amazon" or the "Company") announces that its Board of Directors has unanimously approved the formation of an Opportunities Review Committee ("ORC") to investigate new opportunities where Amazon's strong treasury could be utilised to create additional shareholder value.
The ORC will comprise of two independent directors (Simon J. Lawrence and Kevin J. van Niekerk) and will work as necessary with management and the Technical Advisory Board to assist with evaluation. The ORC will make recommendations to the Board of Directors on special situations and merger and acquisition opportunities that could be value accretive.
Due to current market conditions, opportunities continue to be presented to the Company by various parties. Such opportunities may come from a variety of sources, including, but not limited to, current board members, management, investment banking and investment community professionals.
President and CEO Cristiano Veloso said: "In the 2nd half of 2008 Amazon implemented effective cost saving measures that allowed the company to preserve cash and position it to benefit from new opportunities. The participation of Simon Lawrence and Kevin van Niekerk on the ORC maximizes our efforts, expands our capacity to analyze such opportunities and represents an additional conduit to generate shareholders value."
Cerrado Verde Potash Project
Given the current economic climate, Amazon focused on identifying options to advance Cerrado Verde Potash Project ("Cerrado") by way of governmental participation and agricultural corporations support rather than through traditional cash intensive development means. Initial progress has included the engagement of metallurgical engineers and agronomy experts that successfully developed and tested thermo potash in the 1980's. Contributions by this team have improved Amazon's knowledge of the mineral and its likely market options. Further, this work is enabling the Company to build a business model to advance Cerrado, which if successful, should offer Brazilian growers a slow and controlled release, non-chloride and multi-nutrient fertilizer. As evidenced in initial laboratory test work conducted by Dr Eichler in 1983, this product can provide effective nutrient delivery outperforming conventional potash salts on corn plantation over a growing cycle.
Cerrado's close proximity to its target market combined with consumer eagerness to reduce reliance on costly potash imports are significant advantages that will be weighed against the key risks which include higher operating costs (due to elevated energy requirements in manufacturing) and the development of a market for the product. Before committing significant funds, Amazon will continue to work to address these risks with assistance and contribution from development partners including governmental institutions and potential consumers such as large agricultural corporations.
Amazon's management and board of directors are committed to advancing the Cerrado Verde project in order to establish its full potential.
Commenting, Cristiano Veloso said: "We are very thankful to all the Brazilian agronomists, researchers, politicians, government authorities and agriculture companies that have actively assisted us during the last months in identifying the optimal route to advance Cerrado. It is our mission to reciprocate such assistance by employing our best efforts to overcome any challenges ahead in order to supply Brazil's rapidly expanding agricultural demand for fertilizer."
Other Matters
Amazon has re-priced 250,000 options previously issued to Jed Richardson, VP Corporate Development, from $1.20 to $0.65 per share (being the closing share price of AMZ on the TSX-V on the day his appointment was announced; June 19, 2008). Amazon has issued 250,000 options to Cristiano Veloso CEO at $1.20 per share.
The Company has also granted an aggregate of 70,000 options at $0.35 per share to other management personnel.
All re-priced and new grants aforementioned are subject to TSX and regulatory approval.
About Amazon
Amazon is engaged in creating shareholder value via cost effectively advancing the Cerrado Verde Potash project and the Madeira Gold project while diligently assessing additional value-adding opportunities. Given the current and foreseeable uncertain economic climate, Amazon is preserving cash and adopting a highly conservative and risk mitigating approach to opportunity assessment and project development.
On behalf of the Board of Directors of Amazon Mining Holding Plc,
Cristiano Veloso, President & Chief Executive Officer
-------------------------------------------------------------------------
Cautionary Language and Forward Looking Statements
--------------------------------------------------
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE AND THE INFORMATION CONTAINED HEREIN. THIS
PRESS RELEASE CONTAINS CERTAIN "FORWARD LOOKING STATEMENTS", WHICH
INCLUDE BUT IS NOT LIMITED TO, STATEMENTS WITH RESPECT TO THE FUTURE
FINANCIAL OR OPERATING PERFORMANCE OF THE COMPANY, ITS SUBSIDIARIES AND
ITS PROJECTS, STATEMENTS REGARDING USE OF PROCEEDS, EXPLORATION
PROSPECTS, IDENTIFICATION OF MINERAL RESERVES, COSTS OF AND CAPITAL FOR
EXPLORATION PROJECTS, EXPLORATION EXPENDITURES, TIMING OF FUTURE
EXPLORATION AND PERMITTING, REQUIREMENTS FOR ADDITIONAL CAPITAL,
GOVERNMENT REGULATIONS OF MINING OPERATIONS, ENVIRONMENTAL RISKS,
RECLAMATION EXPENSES, TITLE DISPUTES OR CLAIMS, AND LIMITATIONS OF
INSURANCE COVERAGE. FORWARD LOOKING STATEMENTS CAN GENERALLY BE
IDENTIFIED BY THE USE OF WORDS SUCH AS "PLANS", "EXPECTS", OR "DOES NOT
EXPECT" OR "IS EXPECTED", "ANTICIPATES" OR "DOES NOT ANTICIPATE", OR
"BELIEVES", "INTENDS", "FORECASTS", "BUDGET", "SCHEDULED", "ESTIMATES" OR
VARIATIONS OF SUCH WORDS OR PHRASES OR STATE THAT CERTAIN ACTIONS, EVENT,
OR RESULTS "MAY", "COULD", "WOULD", "MIGHT", OR "WILL BE TAKEN", "OCCUR"
OR "BE ACHIEVED". FORWARD LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN
RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL
RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY
DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED
OR IMPLIED BY SAID STATEMENTS. THERE CAN BE NO ASSURANCES THAT FORWARD-
LOOKING STATEMENTS WILL PROVE TO BE ACCURATE, AS ACTUAL RESULTS AND
FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SAID
STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON
FORWARD-LOOKING STATEMENTS.
Readers are cautioned not to rely solely on the summary of such
information contained in this release and are directed to the complete
set of drill results posted on Amazon's website (www.amazonplc.com) and
filed on SEDAR (www.sedar.com) and any future amendments to such. Readers
are also directed to the cautionary notices and disclaimers contained
herein.
-------------------------------------------------------------------------
Contacts
Cristiano Veloso
President & Chief Executive Officer
Tel: +44 (0) 20 8133 7607
Fax: +44(0)20 7405 7773
Email: cv@amazonplc.com
OR Jed Richardson
VP Corporate Development
Tel: (416) 866-2966
Fax: (416) 866-8829
Email: jed@amazonplc.com
www.amazonplc.com
Spur Ventures Announces Fourth Quarter 2008 Results and Business Updates
Tue Mar 31, 6:42 PM
http://ca.news.finance.yahoo.com/s/31032009/28/link-f-ccnmatthews-spur-ventures-announces-fourth-quarter-2008-results-business.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - All amounts are expressed in US dollars, unless otherwise stated
Spur Ventures Inc. ("Spur" or the "Company") (TSX: SVU.TO)(OTCBB: SPVEF.OB) announced today its results for the fourth quarter ending December 31, 2008.
There were no revenues or gross profit in Q4-2008 because the Company's NPK plant was idled in August of 2007. Net Income was $2,484,417 or $0.041 per share compared to a loss of ($468,688) or ($0.008) per share in Q3-2008 due to a $3.45 million foreign exchange gain during the quarter, primarily from the conversion of $20.37 million into $24.73 million Canadian dollars.
Revenue and gross profit for 2008 were $333,210 and $124,083 respectively (2007: $7,042,959 and $133,173), and Net Income was $533,976 or $0.009 per share compared to a loss of ($4,837,391) or ($0.082) per share in 2007.
KEY DEVELOPMENTS
New Strategy
In its November 14th press release, the Company announced the temporary suspension of construction of the Company's MAP project due to the slowness of the transfer of the two mining licenses and the uncertainty of the Chinese and global fertilizer markets. The Company also announced its intention to use its financial resources to make strategic investments in stressed natural resource opportunities with an initial focus on Canadian companies with assets in low risk jurisdictions.
"Spur has two main assets in China," Dr. Rob Rennie, Spur's President and CEO explained. "First we have a major phosphate mining and fertilizer project that has been fully approved by the Ministry of Commerce (MofCom) and NDRC (National Development Reform Commission). This approval would take over 5 years for any start up to achieve and would be very difficult indeed in today's environment for a foreign company. Second, the mining licenses have actually been issued by the Central Ministry of Land and Resources."
Spur is continuing to seek an investment partner for its Chinese operations to reduce its exposure in China while working with YPCC to finalize the new value of the two mines and secure the transfer of the mining licenses to the Company's other subsidiary in China, Yichang Maple Leaf Chemicals (YMC), before the end of November, 2009.
"Spur has no doubt regarding the growth potential of agriculture and fertilizers in China," Rob Rennie stated, "but the key to Spur's continued participation in the Chinese fertilizer market is the transfer of the two mining licenses to YMC."
Consistent with the change in strategy announced in the Company's November 14, 2008 Press Release, the Company is also exploring other investment opportunities.
Controlling Costs
Until the mining licenses have been transferred to YMC, Spur is controlling all possible costs in its China operations. Approximately 120 employees have been laid off at YSC and YMC with appropriate compensation in accordance with Chinese employment law, leaving a core of 20 to maintain the facilities and to serve as a nucleus when operations resume.
Spur Remains in a Strong Working Capital Position
As of December 31, 2008 Total Assets were $28.27 million and Current Liabilities were $1.83 million, with no bank loans outstanding, versus $30.98 million and $0.77 million respectively at December 31, 2007.
As of December 31, 2008 Spur had approximately $20.80 million in cash and term deposits of which $184,000 was in China and approximately CDN $24.8 million in Canadian dollar deposits in Canadian banks.
Spur Ventures Inc. aims to be the premier integrated fertilizer manufacturer in China, with plans to produce up to one million tonnes per year of high-quality compound phosphate fertilizer for domestic consumption.
This news release includes certain statements that may be deemed to be "forward-looking statements" regarding the timing and content of upcoming programs. Although Spur Ventures believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include phosphate and potash prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Dr. Robert Rennie
Spur Ventures Inc.
Email: rrennie@spur-ventures.com
Mr. Michael Kuta
Spur Ventures Inc.
(604) 697-6201
Email: mkuta@spur-ventures.com
Website: www.spur-ventures.com
Trigon's Intercontinental Potash Corp. Provides Update of Operations
Wed Apr 1, 6:00 AM
http://ca.news.finance.yahoo.com/s/01042009/30/link-f-cnw-trigon-s-intercontinental-potash-corp-provides-update-operations.html
/NOT FOR DISTRIBUTION IN THE UNITED STATES/
GOLDEN (DENVER), CO, April 1 /CNW/ - Mr. Sidney Himmel, President and CEO of Trigon Uranium Corp. (TSX-V: TEL; "Trigon"), and President and CEO of Intercontinental Potash Corp. ("ICP", "Intercontinental Potash" or the "Company"), is pleased to provide an update regarding ICP.
During the first quarter of 2009, ICP has been very active in multiple areas including:
(1) Planning the late second Quarter drilling program for the Ochoa
Polyhalite project in Lea County, New Mexico; including arrangements
with contractors, applications for additional prospecting permits
located east of the present property boundary, and negotiations
regarding access rights with the surface holders.
(2) Carrying out initial analysis regarding polyhalite mineral ore
processing; including studying the treatment of ore to produce
directly pure polyhalite, and the possibility of producing additional
potassium fertilizer minerals for which there are established
markets.
(3) Carrying out marketing studies including researching historical
international agronomy work done on the use of polyhalite as a
fertilizer mineral, and establishing international marketing
relationships for polyhalite as a potash fertilizer mineral.
(4) Adding to staffing including senior potash engineering and
administrative capabilities.
Trigon owns 37% of ICP. The strategy of ICP is to explore and develop potassium fertilizer minerals in the Southwest United States; with particular emphasis on polyhalite. ICP's development concept for polyhalite is based on its characteristics as a potash and multinutrient fertilizer. Polyhalite is a potash mineral which contains four essential plant macronutrients: potassium, sulphate, magnesium and calcium. Polyhalite should be acceptable as an organic food production input. In addition, polyhalite is a non-chloride fertilizer with slow release characteristics.
Drilling Program and Related Activities:
The Company has been active year to date planning and preparing for the upcoming polyhalite drilling program in New Mexico. The drilling program on the Ochoa property is anticipated to commence during the later portion of the second quarter. Historical information has been acquired from oil and gas logs and past government drilling programs focusing on potassium resources. ICP has been able to acquire drill cuttings from previous drilling in the area. This material is being analyzed to determine regional ore qualities and statigraphic relationships. Historical core from drilling in the locale of the Ochoa project may be available. If obtained, the core will be geologically and chemically analyzed to assist in the evaluation of the nature of polyhalite disposition, rock mechanics, and processing.
Sean Muller B.A. M.S., a seasoned geologist with over 35 years of exploration, permitting, and mine development experience, is finalizing commitments with drilling, construction, geophysical logging, and other contractors for the drilling program. The Company has been conducting related analysis, planning, and quality assurance and control procedures for the New Mexico Delaware Basin Ochoa polyhalite drilling program. ICP is negotiating land access agreements and protection agreements with the holders of surface rights in Lea County. Such access is required to build drilling pads on locations, establish water access and roads for the transportation of equipment.
As described in the press release of January 14, 2009, the large number of drill holes in the area of interest provides geophysical logs which have been used to infer the presence of polyhalite mineralization in the Tamarisk member of the Rustler Formation. Exploration drilling by ICP will be necessary in order to provide core that can be examined and sampled directly. Physical examination of drill core will allow accurate measurement of the thickness of the polyhalite unit. Correlation between drill holes, and comparison with the geophysical log data will permit assessment of the continuity of polyhalite mineralization.
The isopach map of the polyhalite unit, as derived from geophysical well log data indicates that it is of a thickness averaging 8 ft or 2.4 m that may be mineable by conventional underground mining methods. It should be noted that there are no current resources in accordance with National Instrument 43-101 standards. See "Independent Technical Report on the Ochoa Polyhalite Project, New Mexico", November 2008, Micon International Limited, which has been filed on SEDAR (www.sedar.com) and is also available on the web site of the Company (www.intercontinentalpotash.com or www.trigonuraniumcorp.com).
ICP has recently applied to the Bureau of Land Management for additional prospecting permits for potassium mineral exploration and development permits. The location of these permits is east of the current eastern boundary of the Ochoa project where a thickening trend appears to occur based on various geophysical logs. Currently, the Ochoa project includes federal prospecting permits and drilling permits covering an area of 36,980 acres or 59 square miles. Should the new permit applications be accepted by the Bureau of Land Management, ICP intends to extend the drilling program towards the east.
Analytical Work Regarding Polyhalite Mineral Ore Processing and Marketing:
The rich combination of fertilizer salts contained within the polyhalite mineral indicates that it is possible, that in addition to direct application, the mineral may be processed into other fertilizer products; such as potassium sulphate or magnesium sulphate for which are there established international markets. Recently acquired polyhalite samples are being utilized to establish the basic parameters of mineral processing. Studies in these regards are under way with the assistance of Mr. Randy Foote, an experienced potash engineer who has recently joined the company. ICP is also carrying out a program to establish international polyhalite marketing relationships. The company believes that the countries where polyhalite may best be suited as a slow release multinutrient mineral would include China, India, and Brazil. The non-chloride sulphate potash markets would include most agricultural countries of the word including the United States.
Agricultural greenhouse research testing performed at Colorado State University (CSU), by agronomist Dr. Ken Barbarick, has demonstrated that polyhalite may be an effective source of potassium, magnesium, calcium, and sulfur as plant fertilizer nutrients. These studies are provided on the web site of the company. The chemical formula for polyhalite is K2SO4 MgSO4 2CaSO4 2H2O. The percentage weights of the fertilizer elements are K2O 15.66%, Sulphur 21.27%, Magnesium, 4.03%, and Calcium 13.29%. The results of this study were released in 1989 and 1991 papers. The experiments demonstrated that finely ground Polyhalite showed excellent liberation of potassium, magnesium, calcium, and sulphur for plant uptake.
ICP has recently obtained agronomy research reports regarding studies performed in Poland from the mid-1960's to the mid 1970's using polyhalite from Polish salt mines. These studies were done for the purpose of examining the use of polyhalite as a fertilizer mineral for ryegrass, barley, buckwheat, oats, tobacco and other commercial crops. These studies concluded positively on the use of polyhalite as a fertilizer nutrient. Translations of these papers will be posted on the web site upon completion of translations. In addition, ICP has found Asian studies documenting the use of polyhalite as a fertilizer on acidic soils that had significant loss of fertilizer nutrients due to leaching. Such soils should be ideal a market for slow release multinutrient fertilizer, such as polyhalite. ICP is in the process of determining whether reports of these studies are available. ICP is currently establishing relationships with international fertilizer product marketing companies who would have an interest in testing polyhalite in field agricultural conditions once sufficient product is available.
Operational and Administrative Staffing:
Ms. Patricia Nicol has been appointed as Senior Vice President. In this capacity her responsibilities will include the identification and development of strategic opportunities, risk assessment, business strategy, corporate development and the development and maintenance of relationships with business partners including suppliers, regulators, and other stakeholders. Ms. Nicol has a business development and operations background.
Mr. Kevin Strong, CGA, CIM is the Chief Financial Officer and Vice President of Administration. Mr. Strong has a degree in commerce and actuarial science and is a Certified General Accountant. From 1999 to 2007, Mr. Strong was the Manager of the Winnipeg Office of the TSX Venture Exchange. In his new role as Vice President, he will be responsible for all administration including human resources.
Mr. Randy Foote B.Sc., mining engineer, has joined the company as Vice President, Business Development. Mr. Foote has 27 years experience in the potash industry. His previous work experience includes work for Mississippi Chemical Corporation, and more recently Intrepid Potash. At Mississippi Chemical he was initially appointed as General Mine Superintendent in 1981. He was subsequently promoted to General Manager in which position he was responsible for all the activities at the Carlsbad potash mining location including mine production and mineral processing. In 1997 he was promoted to Vice President and General Manager responsible for two mines and three surface operations mining over 5,000,000 tons of ore per year. On April 1, 2004, the New Mexico potash facilities of Mississippi Chemical were sold to Intrepid Mining. Mr. Foote was retained in the same capacity as General Manager. Mr. Foote will provide strategic advice and analysis in the areas of business growth, potash development, technical operational development, and mineral processing. He will also provide input regarding market development. Mr. Foote is also experienced in Uranium mining working as a Project Engineer and later as Mine Superintendent on Site for United Nuclear Corporation. Most recently, he held the position of Director of New Mexico Operations for Uranium Resources Inc.
Mr. Sean Muller B.A. M.Sc. is responsible for the efficacy of the polyhalite drilling program and for regional geological planning. Sean's duties include exploration and development planning, mineral processing analysis, quality and assurance control, and research and study of historical data. Marc Melker, an experienced geologist has joined ICP as Senior Resource Geologist. Susan Wager, an experienced sedimentary geologist, continues working in the technical analysis of geological and geophysical data regarding polyhalite exploration and development. Susan and Marc report to Mr. Muller.
Other Matters:
Trigon holds a 37% interest in Intercontinental Potash through its ownership of fifteen million (15,000,000) shares of IPC. ICP has 40,800,001 shares outstanding. On September 16, 2008, it was announced that Trigon was awarded an extension of the option by ICP to acquire sufficient common shares in IPC so as to maintain its original 50% interest. The cost of exercising the option would have been $5,000,000. The option expired on March 21, 2009 as under current market conditions Trigon was unable without serious dilution to raise that amount of funds at a price considered acceptable by the Board of Directors. Therefore Trigon continues to holds 37% of ICP.
The geological aspects of this press release were reviewed by Sean Muller, P. Geo., and a Qualified Person under NI43-101. Mr. Muller is an independent contractor.
About Trigon Uranium Corp. and Intercontinental Potash Corp.
Trigon Uranium Corp. is a uranium exploration and development company focused on deposits in the western and southwestern United States, with operations based in its Golden, Colorado office. Intercontinental Potash Corp. is a private company with 37% ownership by Trigon and is involved in the acquisition, exploration, and development of potash and potash-related mineral lands in the United States Southwest with particular emphasis on polyhalite, a multinutrient potash mineral. The shares of Trigon trade on the TSX Venture Exchange under the symbol "TEL".
Should you wish to receive news regarding Trigon Uranium Corp. or Intercontinental Potash Corp. please e-mail shimmel@intercontinentalpotash.com.
Neither TSX Venture Exchange nor its Regulation Services Provider as that term is defined in the policies of the TSX Venture Exchange accepts responsibility for the adequacy of accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address future developments that Trigon expects to occur are forward-looking statements. Although Trigon believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market, or business condition. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking-statements.
Contacts
please visit www.trigonuraniumcorp.com or www.intercontinentalpotash.com or contact: Trigon Uranium Corp.
Sidney Himmel
President and CEO
Golden
Colorado
T: (303) 216-2916
KCL Readies For Breakout
Please link back one post in this thread for the chart.
fringe
gain is already 50% today alone i'm happy and not greedy
Just Getting Going -e-
News today really punched it and with the Gas deal down Financing is next too close.Possible next week
Sweet Man
It's been building since you called it.
fringe
Did you see MAA today :)))
MagIndustries' Potash Subsidiary Signs Gas Agreement With ENI
Thu Mar 26, 10:17 AM
http://ca.news.finance.yahoo.com/s/26032009/28/link-f-ccnmatthews-magindustries-potash-subsidiary-signs-gas-agreement-eni.html
TORONTO, ONTARIO--(Marketwire - March 26, 2009) - MagIndustries Corp. (TSX VENTURE: MAA.V) ("MagIndustries") is pleased to report that its Republic of Congo subsidiary, MagMinerals Potasses Congo S.A. ("MagPotasses"), has signed a gas supply agreement (the "Agreement") with Eni Congo S.A. ("EniCongo"), a subsidiary of international oil major Eni S.p.A. of Italy, for the supply of gas to MagPotasses' Kouilou potash project (the "Project"). The agreement represents the last significant cornerstone contract required for the full development of the Project. The Project is located 25 kilometers from the port city of Pointe-Noire, one of West Africa's best deep-water ports and the Republic of Congo's industrial capital.
The Agreement is based on a contracted supply of associated gas from EniCongo which operates the on-shore M'boundi oil field. EniCongo will supply the gas from its treatment plant to be located at Djeno, 25km southwest of the Project. The gas supply will support all the requirements of the potash processing plant. Additional gas quantities will also be made available to support the Project's back-up power facilities if electricity supplies fail.
MagPotasses is now working with Eni to complete detailed engineering for the gas pipeline from Djeno to the Project site. The installation of the gas pipeline is being considered within the same corridor as EniCongo's other pipeline installations which are currently under construction.
MagPotasses is owned 90% by MagMinerals Inc. (a wholly owned subsidiary of MagIndustries) and 10% by the government of the Republic of Congo
About the Kouilou Project
MagPotasses owns exclusive rights to the Project, one of the world's largest potash deposits. The immediate focus of MagPotasses is to construct and commission a 600,000 tonne per year potash plant to produce agricultural-grade potash fertilizers to meet growing demand from markets in South America, South Africa, South Asia and Europe. The facility is scheduled for start-up late in 2011 or early 2012 and will be among the world's lowest-cost producers due to its highly efficient solution mining technologies, access to local gas, and its proximity and existing links to port facilities which are situated close to its principal markets.
In late 2008 MagPotasses signed a twenty-five year Potash Investment Agreement with the government of the Republic of Congo granting exclusive rights to MagPotasses for the development of the Project and all fiscal aspects of its operations. An independent feasibility report completed in 2008 detailed capital and operating costs and was announced together with a National Instrument 43-101 compliant technical report (the "Technical Report") indicating proven and probable reserves of 33.5 million tonnes of potassium chloride which can support a reserve life of more than fifty-four years at a projected production rate of 600,000 tonnes per year.
Also in late 2008 a twenty-four month contract was signed for the drilling of the first fifty production wells that will feed potash-rich brines to the production facility. All related equipment has been on site since November 2008 and drilling is advancing on schedule and within budget. In October 2008 MagPotasses began pre-construction activities at the plant site such as tree cutting (by MagIndustries' MagForestry division) and preliminary earthworks.
MagPotasses is in the late stages of arranging project debt financing with a consortium of development finance institutions and export credit agencies for 70% of the total capital cost of the facility. MagMinerals' management expects to complete this phase shortly. The debt financing is supported by an off-take agreement concluded with Switzerland's Ameropa AG for the marketing and sale of 100% of the first phase of the potash production, as well as the second phase if and when additional capacity is completed.
MagIndustries has engaged Morgan Stanley as its financial advisor to help identify sources for the remaining equity financing (approximately $130 to $180 million) for the project. Construction of the production facility is expected to commence shortly thereafter with a projected production start-up date late in 2011 or early 2012. Later in 2009 planning will begin for an expansion of the facility, doubling capacity to 1.2 million tonnes per year.
Once operational, MagPotasses' facility is expected to be the world's first new entrant into the potash industry with little new supply forecasted over the next five years. Additionally, the Project's feasibility study forecasts that FOB potash costs will be amongst the lowest in the world. Due to high barriers to entry, and a number of distinct competitive advantages, MagMinerals is positioned to generate significant returns for MagIndustries' shareholders in the coming years.
About MagIndustries Corp.
MagIndustries Corp. is a Canadian company whose common shares are listed on the TSX-Venture Exchange and trades in Canadian currency under the symbol "MAA". The Company has 288,079,962 shares outstanding on an undiluted basis. MagIndustries' resource subsidiaries are operating and developing major industrial projects in the Republic of Congo and the Democratic Republic of Congo.
Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions, and other risks detailed from time-to-time in the Company's ongoing filings. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
The authors of the Technical Report, Dr. Henry Rauche and Dr. Sebastiaan van der Klaw, Eur Geol., are the qualified persons with respect to the technical reporting and have reviewed and approved the contents of this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Rich Morrow
MagIndustries Corp.
Vice-President
416-368-7911
416-368-5048 (FAX)
C: 416-258-0829
www.magindustries.com
Update PON.V
Weekly view
Should be able too get 50 to 100% move i figure
I Think You Are Right
Bought MAA think its ready too roll out soon
UPDATE 2-Potash Corp further curtails potash production
Tue Mar 17, 2009 5:01pm EDT
http://www.reuters.com/article/marketsNews/idAFN1751430620090317?rpc=44
* To cut potash production by 1.5 mln tonnes
* Still expects strong rebound in second half
* Jobs of 940 employees to be temporarily affected
* Shares close up 2.7 pct on Toronto Stock Exchange (Adds details on jobs affected, share price move, by-line)
By Euan Rocha
TORONTO, March 17 (Reuters) - Potash Corp of Saskatchewan (POT.TO), the world's largest fertilizer producer, plans to further curtail potash production after recent industry data showed that North American potash inventories have risen.
The output cuts reflect a continuing near-term drawdown of inventories as customers work through stockpiles built up before the global economic crisis hit, Potash Corp said in a statement posted to its website on Monday.
The company said it plans to reduce 2009 potash production by an additional 1.5 million tonnes, bringing the total expected curtailments of operational capacity this year to at least 3.5 million tonnes.
Potash Corp said it still expects a strong rebound in potash demand in the second half of 2009 that should continue into 2010.
The latest data from the Fertilizer Institute indicates that potash inventories at North American producers are 42 percent higher than the previous five-year average. At the end of February, they were 110,000 tonnes higher than the month before.
North American potash shipments in both domestic and export markets were nearly nonexistent in February, down 80 percent from the year-earlier level to another record low of 200,000 tonnes, Bank of America/Merrill Lynch analyst Steve Byrne said in a note to clients.
In a separate research note, BMO Capital Markets analyst Edwin Chee lowered his 2009 and 2010 earnings estimates for Potash Corp and also cut his share-price target for the company.
The new round of production curtailments will affect about 940 workers at the company's Lanigan, Allan and Rocanville mines in Saskatchewan, a company spokesman said.
Only about two-thirds of the 940 employees will be temporarily laid off, while the remainder will be recalled to handle maintenance-related functions.
Potash Corp has about 5,300 employees across the globe, with a little less than half of those based within Canada.
Many of the impacted employees had already been out of jobs for the last eight weeks, due to the company's initial round of potash production curtailments, which were announced in December.
The temporary lay-offs at Rocanville will last for four weeks, while those at Allan and Lanigan will be in place for another eight weeks, the company spokesman said.
Shares of Potash Corp closed up C$2.56 at C$98.98 Tuesday on the Toronto Stock Exchange. ($1= $1.2686 Canadian) (Reporting by Euan Rocha; Editing by Peter Galloway)
Pacific Ridge's Tumbler Ridge Property, Defined Phosphate Potential
Tue Mar 17, 9:30 AM
http://ca.news.finance.yahoo.com/s/17032009/28/link-f-ccnmatthews-pacific-ridge-s-tumbler-ridge-property-defined-phosphate.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2009) - Pacific Ridge Exploration Ltd. (TSX VENTURE: PEX.V) reports that successful land acquisition and initial exploration programs in 2008 have defined attractive phosphate mineralization at numerous locations within a cumulative 127 kilometre length of favorable geologic setting. The 517 square kilometer Tumbler Ridge property is located in east central British Columbia.
The 2008 exploration program has identified widespread sedimentary or "blanket-type" and laterally continuous phosphate mineralization. Of particular note are the Wapiti and Tunnel zones which yielded values to 29.1% P2O5 over 3 metres and 19.4% P2O5 over 3 metres respectively. The exploration program also outlined five additional targets where thicker and higher grade zones of phosphate are exposed. Although the early stage Tumbler Ridge project has only seen its first year of exploration drill-ready targets directed to tonnage and grade definition have been selected.
EXPLORATION TARGETS
Wapiti Zone
The drill-ready Wapiti zone, located within the southern portion of the property, consists of an 18 kilometre length of exposed phosphate bearing strata with higher than average grade mineralization. Pacific Ridge sampled and trenched a 4.9 kilometre long portion of the 18 kilometre zone with trench values reaching to 29.1% P2O5 over 3 metres. In several locations, the phosphate horizon occurs as dip sloping beds suggesting opportunity for open pit extraction.
As previously announced, Wapiti is held under option from Lateegra Gold Corp wherein Pacific Ridge may earn up to a 65% interest by making prescribed payments and expenditures over a 5-year period.
Tunnel Zone
The 100% owned Tunnel zone, located in the northern portion of the property, covers a 900 metre length of the regional phosphate horizon where seven trenches excavated across the zone and spaced roughly equidistant along the 900 m. length of mineralization, averaged 16.1% P2O5 over 3.6 metres. Opportunity for definition of near surface large tonnages occurs within areas of dip sloping mineralization. The Tunnel zone warrants drill testing.
Additional Zones
Initial exploration has also discovered five additional phosphate targets; Muinok, Mount Palsson, Meosin, Hook Lake and Windy Camp, within the 127 kilometre long property. Initial sampling yielded assay values to 26.4% P2O5 suggesting potential for defining multiple areas of phosphate mineralization. Continued exploration to define future drill targets is warranted.
LOCATION
Tumbler Ridge Phosphate is located near the communities of Tumbler Ridge and Dawson Creek. Located within close proximity to, rail power and road access plays an important role in determining positive economics for potential future production.
GENERAL PHOSPHATE INFORMATION
Phosphate is one of several key components for generation of fertilizers utilized globally in the agriculture industry as well as the production of industrial supplies, pharmaceutical products and battery technology development. Phosphate mineralization is mined and then concentrated to phosphate rock, from which phosphoric acid (SPA) is an end product. Recent contract sales of SPA, grading in the range of 70% P2O5 had pricing over $800 per tonne.
Pacific Ridge's disclosure of a technical or scientific nature has been reviewed by Wayne J. Roberts, P. Geo., Vice President, exploration of Pacific Ridge and a Qualified Person under the definition of National Instrument 43-101.
John S. Brock, President
Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Such statements may be identified in this release by the use of words such as 'plans", "will" and "expects" and "may" as well as the use of the future or conditional tense. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
John S. Brock
Pacific Ridge Exploration Ltd. - Corporate Information
President
(604) 687-4951
Website: www.pacificridgeexploration.com
(604) 742-9990 or NA Toll Free: 1-866-742-9990
G2 Consultants Corporation - Investor Inquiries
(604) 742-9991 (FAX)
Email: info@g2consultants.com
Let go of CF today above 70!
Potash One's Resource Confirmation Wells Average a Total of 32.4 Meters of Potash Mineralization With Average Grade of 17.7% K2O
Thursday March 12, 1:42 pm ET
http://ca.us.biz.yahoo.com/iw/090312/0481721.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 12, 2009 -- Potash One Inc. (the "Company" or "Potash One") (Toronto:KCL.TO - News) is pleased to announce that the company has completed the resource confirmation drilling program on the Southern Area of the 100% owned 97,240 acre Potash One Legacy Project. All 6 drill holes are located within an area of approximately 35 km2 on a 3.2 km (2 mile) spacing that forms the Resource Confirmation Area (RCA). Results of the resource confirmation drilling are summarized in Table 1:
Table 1: Thickness and weighted average grade of each zone including all
assay intervals within the zone for all Southern Area resource confirmation
wells
---------------------------------------------------------------------------
Total
Patience Belle Ester- Potash Average
Lake Patience Plaine Belle hazy Ester- Zone Potash
Thick- Lake Thick- Plaine Thick- hazy Thick- Zone
ness % ness % ness % ness %
Well Name (m) K2O (m) K2O (m) K2O (m) K2O
---------------------------------------------------------------------------
South-1(i) 18.3 20.0 7.8 20.0 13.5 15.6 39.6 18.3%
---------------------------------------------------------------------------
South-2(i) 17.4 18.4 7.4 16.9 6.6 15.6 31.4 17.5%
---------------------------------------------------------------------------
South-14 17.3 17.6 9.0 15.8 11.7 15.5 38.1 16.5%
---------------------------------------------------------------------------
South-15 17.2 20.1 8.5 16.2 7.3 16.6 33.0 18.3%
---------------------------------------------------------------------------
South-16 18.2 18.5 8.2 18.1 10.1 22.6 36.6 19.6%
---------------------------------------------------------------------------
South-3 15.9 15.8 N/A N/A N/A N/A 15.9 15.8%
---------------------------------------------------------------------------
Average 17.4 18.4 8.2 17.4 9.8 17.2 32.4 17.7%
---------------------------------------------------------------------------
(i) Note: South-1 and South-2 Assay results were previously released
Table 4: South-14 - Thickness and weighted average grade of each zone
including all assay intervals within the zone
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Potash Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Patience Lake 1523.5 1540.9 17.3 17.6 0.1 10.1
-------------------------------------------------------------------------
Belle Plaine 1544.0 1553.0 9.0 15.8 0.1 4.8
-------------------------------------------------------------------------
Esterhazy 1564.2 1575.9 11.7 15.5 0.0 2.6
-------------------------------------------------------------------------
Total Thickness &
Averages 38.1m 16.5% 0.1% 6.5%
-------------------------------------------------------------------------
Table 5: South-14 - Thickness and weighed average grade distribution
within each zone
---------------------------------------------------------------------------
Totals and
Patience Lake Belle Plaine Esterhazy Averages
------------- ------------- ------------- -------------
Avg Avg Avg Avg
% % % %
meters K2O meters K2O meters K2O meters K2O
---------------------------------------------------------------------------
Average Grade
greater
than 30% K20 7.7 30.0 2.6 30.0 4.1 30.8 14.3 30.2
---------------------------------------------------------------------------
Average Grade
greater
than 25% K20 11.0 25.2 4.2 25.3 6.4 25.1 21.6 25.2
---------------------------------------------------------------------------
Average Grade
greater
than 20% K20 15.1 20.0 6.8 20.0 8.8 20.1 30.7 20.0
---------------------------------------------------------------------------
Average Grade
greater
than 15% K20 17.3 17.6 9.0 15.8 11.7 15.5 38.1 16.5
---------------------------------------------------------------------------
Table 6: South-14 - Thickness and weighted average grade including
inter-bedded salt layers
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Geological Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Belle Plaine 1523.5 1553.0 29.5 15.4% 0.1% 8.1%
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Esterhazy 1523.5 1575.9 52.4 12.9% 0.1% 6.2%
-------------------------------------------------------------------------
Table 7: South-15 - Thickness and weighted average grade of each zone
including all assay intervals within the zone
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Potash Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Patience Lake 1501.2 1518.4 17.2 20.1 0.1 8.6
-------------------------------------------------------------------------
Belle Plaine 1521.5 1530.0 8.5 16.2 0.1 3.8
-------------------------------------------------------------------------
Esterhazy 1547.1 1554.4 7.3 16.6 0.0 2.2
-------------------------------------------------------------------------
Total Thickness &
Averages 33.0m 18.3% 0.1% 6.0%
-------------------------------------------------------------------------
Table 8: South-15 - Thickness and weighed average grade distribution
within each zone
---------------------------------------------------------------------------
Totals and
Patience Lake Belle Plaine Esterhazy Averages
------------- ------------- ------------- -------------
Avg Avg Avg Avg
% % % %
meters K2O meters K2O meters K2O meters K2O
---------------------------------------------------------------------------
Average Grade
greater
than 30% K20 9.4 30.0 2.6 30.9 2.6 30.1 14.6 30.2
---------------------------------------------------------------------------
Average Grade
greater
than 25% K20 13.3 25.0 4.4 6.8 3.9 25.0 21.6 21.3
---------------------------------------------------------------------------
Average Grade
greater
than 20% K20 17.2 20.1 6.8 20.0 5.8 20.2 29.8 20.1
---------------------------------------------------------------------------
Average Grade
greater
than 15% K20 17.2 20.1 8.5 16.2 7.3 16.6 33.0 18.3
---------------------------------------------------------------------------
Table 9: South-15 - Thickness and weighted average grade including
inter-bedded salt layers
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Geological Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Belle Plaine 1501.2 1530.0 28.8 17.1% 0.1% 7.3%
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Esterhazy 1501.2 1554.4 53.2 12.9% 0.1% 5.1%
-------------------------------------------------------------------------
Table 10: South-16 - Thickness and weighted average grade of each zone
including all assay intervals within the zone
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Potash Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Patience Lake 1508.0 1526.2 18.2 18.5 0.1 10.2
-------------------------------------------------------------------------
Belle Plaine 1529.4 1537.6 8.2 18.1 0.1 3.3
-------------------------------------------------------------------------
Esterhazy 1553.2 1563.3 10.1 22.6 0.0 3.6
-------------------------------------------------------------------------
Total Thickness &
Averages 36.6m 19.6% 0.1% 6.8%
-------------------------------------------------------------------------
Table 11: South-16 - Thickness and weighed average grade distribution
within each zone
---------------------------------------------------------------------------
Totals and
Patience Lake Belle Plaine Esterhazy Averages
------------- ------------- ------------- -------------
Avg Avg Avg Avg
% % % %
meters K2O meters K2O meters K2O meters K2O
---------------------------------------------------------------------------
Average Grade
greater
than 30% K20 8.6 30.2 2.0 30.7 6.9 30.0 17.6 30.2
---------------------------------------------------------------------------
Average Grade
greater
than 25% K20 12.5 25.1 4.4 25.2 8.7 25.4 25.6 25.2
---------------------------------------------------------------------------
Average Grade
greater
than 20% K20 16.7 20.2 7.2 20.0 10.1 22.6 34.0 20.9
---------------------------------------------------------------------------
Average Grade
greater
than 15% K20 18.2 18.5 8.2 18.1 10.1 22.6 36.6 19.6
---------------------------------------------------------------------------
Table 12: South-16 - Thickness and weighted average grade including
inter-bedded salt layers
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Geological Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Belle Plaine 1508.0 1537.6 29.6 16.7% 0.1% 7.7%
-------------------------------------------------------------------------
Top of Patience Lake
Through Bottom of
Esterhazy 1508.0 1563.3 55.3 14.4% 0.1% 5.5%
-------------------------------------------------------------------------
Table 2: South-3 - Thickness and weighted average grade of each zone
including all assay intervals within the zone
-------------------------------------------------------------------------
Depth Depth Thick-
From To ness
Potash Zone (m) (m) (m) % K20 % MgO % Insols
-------------------------------------------------------------------------
Patience Lake 1569.6 1585.5 15.9 15.8 0.1 10.3
-------------------------------------------------------------------------
Belle Plaine 1597.4 1598.5 1.0 8.2 0.0 1.9
-------------------------------------------------------------------------
Esterhazy 1625.0 1627.9 2.9 4.9 0.0 1.5
-------------------------------------------------------------------------
Total Thickness &
Averages 19.8m 13.8% 0.1% 8.6%
-------------------------------------------------------------------------
Table 3: South-3 - Thickness and weighed average grade distribution within
each zone
---------------------------------------------------------------------------
Totals and
Patience Lake Belle Plaine Esterhazy Averages
------------- ------------- ------------- -------------
Avg Avg Avg Avg
% % % %
meters K2O meters K2O meters K2O meters K2O
---------------------------------------------------------------------------
Average Grade
greater
than 30% K20 5.9 30.0 0.0 N/A 0.0 N/A 5.9 30.0
---------------------------------------------------------------------------
Average Grade
greater
than 25% K20 9.0 25.1 0.0 N/A 0.0 N/A 9.0 25.1
---------------------------------------------------------------------------
Average Grade
greater
than 20% K20 12.1 20.2 0.0 N/A 0.0 N/A 12.1 20.2
---------------------------------------------------------------------------
Average Grade
greater
than 15% K20 15.9 15.8 0.0 N/A 0.0 N/A 15.9 15.8
---------------------------------------------------------------------------
Potash One Inc.: Update on Business Combination
Wednesday March 11, 4:45 pm ET
http://ca.us.biz.yahoo.com/iw/090311/0481426.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 11, 2009 -- In connection with Potash One Inc.'s ("Potash One") (Toronto:KCL.TO - News) proposed business combination with Potash North Resource Corporation (CDNX:PON.V - News) ("Potash North"), the Company announces that today Potash North obtained an interim order from the Supreme Court of British Columbia approving various matters in connection with the special meeting of Potash North shareholders to consider the proposed arrangement transaction with Potash One, including the mailing of the notice of special meeting of shareholders, the management proxy circular, the form of proxy and the letter of transmittal.
Potash North intends to complete the mailing of the notice of special meeting of shareholders, the management proxy circular, the form of proxy and the letter of transmittal to its shareholders on or about March 13, 2009. In addition, the foregoing meeting materials will be available on Potash North's website at www.potashnorth.com and the website maintained by the Canadian Securities Administrators at www.sedar.com.
Potash North's special meeting of shareholders will be held on Thursday, April 9, 2009 at 2:00 p.m. (Vancouver time). If the proposed arrangement transaction is approved by at least 66 2/3% of the votes cast at the special meeting by shareholders present in person, or represented by proxy, then a final hearing on the arrangement will be sought from the Supreme Court of British Columbia on or about April 14, 2009. Assuming all other conditions are satisfied or waived, the arrangement is expected to close on or about April 16, 2009.
Cautionary Statements Regarding the Business Combination: Completion of the transaction is subject to a number of conditions, including regulatory approval, shareholder approvals, completion of satisfactory due diligence, a definitive agreement and approval of the British Columbia Supreme Court. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the transaction, any information released or received with respect to the business combination may not be accurate or complete and should not be relied upon. Trading in the securities of exploration and development stage resource companies should be considered highly speculative.
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 corporations' 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 companies' 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 companies' business, including risks inherent in mineral exploration and development. The companies do not assume the obligation to update any forward-looking statement. In particular, no representation is made in this release as to the timing of the business combination, whether the business combination will complete on the terms described herein or at all, the success or value of the combined companies after the business combination. In addition, there are numerous risks and other factors that will influence a development decision, including concluding resource evaluations on mineral properties; mine design limitations, permitting risks and economic factors, all of which may be beyond our control.
U.S. Cautionary Statements: We advise US investors that while the terms "measured resources", "indicated resources" and "inferred resources" are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize these terms. US investors are cautioned not to assume that any part or all of the material in these categories will ever be converted into reserves.
About Potash One Inc.:
Potash One Inc. is a TSX-listed Canadian resource company engaged in the exploration and development of advanced potash properties amenable to solution mining. The Company owns 100% of more than 330,000 acres of contiguous Potash Subsurface Exploration Permits in Saskatchewan, Canada. This land package includes the 97,240 acre Legacy Project that has a NI 43-101-compliant Indicated Mineral Resource of 40.8 million tonnes of K2O and Inferred Mineral Resource of 391.5 million tonnes of K2O. The Legacy Project is adjacent to the largest producing solution potash mine in the world.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Potash One Inc.
Paul Matysek
President & CEO
(604) 331-4431
(604) 408-4799 (FAX)
Website: http://www.potashone.com
Source: Potash One Inc.
Potash Poker: Miners Play The Discount Card To Revive Sales, But Importers Are In No Hurry To Buy Into This Particular Game
By John Helmer in Moscow
http://www.minesite.com/nc/minews/singlenews/article/potash-poker-miners-play-the-discount-card-to-revive-potash-sales-but-importers-may-be-in-no-hurry/985.html
The Belarusian Potash Company (BPC), which trades on behalf of the global swing-sellers in the international potash market, Uralkali and Belaruskali, has announced that its selling price for potash will be at a 25 per cent discount to the spot price of potash currently being sold into Brazil. This in effects takes BPC’s price down from US$1,000 per tonne to between US$750 and US$765 per tonne, including cost and freight (CFR). The offer is good from this month to the end of May.
Brazil is one of the drivers of the spot market for potash. Whither the Brazilians lead, the Chinese, Indians, Malaysians, and Indonesians are bound to follow. And if together, they start showing signs of fresh buying demand, then the stock prices of the potash majors and juniors will rally. US listed Mosaic, for example, rose four per cent in trading on Wednesday, following the news. London and Moscow-listed Uralkali rose seven per cent.
To date, the potash miners have managed to defend pricing at the nominal US$1,000 per tonne CFR which was reached in mid-summer 2008 by concerted production and supply cuts. In practice, during the grim second half of last year only a small percentage of global potash sales actually achieved the US$1,000 per tonne price. The de facto average price on the market has been in the US$600 to US$650 per tonne range since August.
Industry analysts claim that Brazil has been hit hard by the liquidity crisis and economic slowdown, and that fertilizer purchasing activity has virtually come to a halt. Back in 2008 Brazil imported more potash than China, India, and or South East Asia, and the accumulated inventories have not yet been run down to the point where importing can start again. For importing to start again, anecdotal evidence says that buyers are demanding what’s known as a "Carnival discount", amounting to 50 per cent. The name, apparently relates to the price at which boxes from which to watch the Rio Carnival's closing pageant were sold – they were reportedly cut to 50 per cent of the 2008 level in dollar terms. And the BPC discount price offer is less than it seems, as the new price represents a three per cent to five per cent increase over the average price for potash sold into Brazil for all of 2008, which was US$725 per tonne CFR.
Brazil is the largest single-country market for Uralkali’s potash. The country accounted for approximately 21 per cent of Uralkali’s sales in 2007 and 2008, while the proportion of the company’s sales that went into China shrank from 25 per cent in 2007 to 19 per cent in 2008. Brazil accounted for 11 per cent of sales by volume from BPC as a whole last year. The reason for this geographic shift in the potash market was a jump in sales driven by higher spot market pricing, which made it more profitable for producers to sell to Brazil than to China or India. In Brazil, according to BPC sources, most sales are made to the top two or three customers. These buy potash with prices fixed for a particular bulk delivery on a quarterly basis. Prices are set taking into account the expected purchase volume for the period.
While the potash mines that feed BPC are currently operating at between 30 per cent and to 35 per cent of their production capacity, BPC's lower price offer for Brazil, if accepted, should stimulate an increase of deliveries to the region. According to one analyst, a new benchmark of US$750 per tonne will have a flow-through effect to the Southeast Asian spot market.The three-month limit of term indicates a certain amount of wishful thinking on BPC's and Uralkali's part that market demand for potash may firm enough by early summer, allowing producers once again to attempt to adjust prices upwards. Moscow industry sources say they expect an agreement with the Indians in May, while the Chinese contract may not be concluded until June.
Unicredit analyst in Moscow, Anna Kochkina, reported to clients on Thursday, in typical analyst-speak, that: "The new price leads us to believe that Uralkali may be able to obtain at least last year’s average price from other markets, including $410/tonne for China rail deliveries. We estimate that our target price for Uralkali would increase to roughly $32 per GDR (more than 375% upside from yesterday’s close), if the company begins shipment to Brazil at $750/tonne in April 2009 and at average 2008 prices to other destinations in June 2009. In this case, we estimate Uralkali’s EBITDA at $1.0bn in 2009F and $1.7bn in 2010F, which should be sufficient to cover all government charges, including those for lost reserves, previously estimated at $3 billion."
Uralkali's future remains dependent, however, on a decision by the Russian Deputy Prime Minister, Igor Sechin, on whether to charge Uralkali a possible US$3 billion penalty on a serious charge of alleged mismanagement of one of its major mines. Sechin is evidently in no hurry. In what amounts to a statement of the obvious, "the stock is likely to be volatile until the political risks are resolved," Kochkina reported. A report from Uralsib Bank is more guarded on the implications of the BPC price offer. "We estimate", reports analyst Anna Kupriyanova, that "the 25% price decrease by BPC is only symbolic in nature and has little to do with actual potash prices”.
That May Be Key Going Forward -e-
Bonaparte shelves diamond projects, shifts focus to Namibia’s phosphates
http://www.miningweekly.com/article/bonaparte-shelves-diamond-projects-shifts-focus-to-namibias-phosphates-2009-03-05
By: Chanel Pringle
5th March 2009
JOHANNESBURG (miningweekly.com) – A significant drop in rough diamond prices over the past three months has led to ASX-listed exploration company Bonaparte Diamond Mines suspending its South African diamond mining and exploration operations.
It would now focus on developing its Sandpiper/Meob marine phosphate joint-venture (JV) project in Namibia, it announced in a statement on Thursday.
The Savanna mine, located about 175 km from Kimberley, would be placed on care-and-maintenance, the company said, adding that it had also suspended funding for the Vaalbos alluvial diamond project.
Bonaparte Diamonds MD Michael Woodborne stated that its JV partner in the Vaalbos project, the Sydney-on-Vaal Land Restitution Trust, had not made significant progress in securing a prospecting licence for the 18 000-ha property.
The Savanna mine was 74%-owned by Bonaparte, while it would have earned a 51,8% stake in the Vaalbos project, had a prospecting right been granted.
The company, which also became the takeover target of phosphate producer Minemakers on Thursday, would continue to review its positions with regard to the projects in the event of any significant changes in market conditions, it stated.
Bonaparte, with a 42,5% stake, was the exploration manager of the Sandpiper/Meob project, while Namibian company Union Resources held another 42,4% stake and Tungeni Investments a 15% stake.
Woodborne announced in January that the project had the potential for rapid development into production.
The JV partners were planning to start mining at the project, with an initial output of three-million tons a year of phosphate.
TAKEOVER OFFER
Meanwhile, the company also cautioned shareholders not to take any immediate action regarding a takeover offer by ASX-listed diversified miner Minemakers Limited.
On Thursday, the diversified miner had made a conditional scrip offer for all the shares in Bonaparte on the basis of one Minemakers share for every ten Bonaparte shares.
Minemakers stated that the transaction would “significantly expand” its phosphate assets and activities and pave the way for it to become a significant global producer of phosphate.
It was already developing a 461-million ton rock phosphate project, Wonarah, in Australia.
Bonaparte’s Sandpiper/Meob project had an inferred mineral resource of 196,1-million tons.
“This is a logical and value-adding proposal for both our shareholders and Bonaparte’s shareholders, given the common strength of phosphate projects in both companies and the expertise we are gaining from our fast-track development of Wonarah,” said Minemakers independent chairperson George Savell.
As there were three common directors on the two companies’ boards of directors, namely Bonaparte chairperson Ted Ellyard, Andrew Drummond and the financial director of both companies Dennis Wilkins, a separate committee comprising Bonaparte’s independent directors would be established to consider the offer and make recommendations to shareholders.
The committee would include Woodborne and John Robertson.
Minemakers would lodge its bidder’s statement with the Australian Securities and Investments commission in early April.
Let go of these at 43.
Potash One talking to China, India, Brazil on share in Saskatchewan project
http://www.miningweekly.com/article/potash-one-talking-to-china-india-brazil-on-share-in-saskatchewan-project-2009-03-03
By: Liezel Hill
3rd March 2009
Updated 6 hours ago
TORONTO (miningweekly.com) – Vancouver-based junior Potash One, which hopes to build the first new Canadian potash mine in almost three decades, has begun confidential talks with State-owned enterprises in three key markets for the fertiliser ingredient: China, India and Brazil, president and CEO Paul Matysek said on Monday.
The company's Legacy project, in Saskatchewan is currently in prefeasibility stage, and the firm expects to have the study completed by April or May this year, Matysek said in an interview on the sidelines of the Prospectors and Developers Association of Canada convention.
The project is in an attractive zip code, located just next door to Mosaic's Belle Plaine mine, which is the biggest potash solution operation in the world.
The Legacy project currently has an indicated resource of 36,8-million tons, plus 360,4-million tons in the inferred category.
However, Potash One will publish new drilling results within the next week or two, followed by an updated resource statement, which Matysek is hoping will indicate support for a 2-million-tons-a-year mine, with a life-of-mine of more than 50 years.
As is the case for many juniors, however, at the end of the day, it all comes down to financing.
If the company settled for a smaller, 800 000-t/y operation, which may cost between C$600-million and C$800-million, Potash One would likely be able to finance the mine on its own, through a combination of debt and equity.
However, a larger operation – and Matysek is using back-of-the-matchbox numbers of as high as 2,4-million tons, could cost a cool C$1,6-billion, which is well out of the reach of a junior with a market capitalisation of C$100-million.
That is where a strategic partner would come in.
The firm has confidential agreements and is exchanging data with “two or three” State-owned firms in each of its target countries, and Matysek recently returned from visits to both China and India.
He would consider selling a stake from 10% to 20% of the company to a partner, plus up to 40% of the project, as well as concluding a “competitive” offtake agreement.
Both production and distribution of potash is relatively tightly held, with the top ten miners of the crop nutrient controlling around 95% of global capacity.
Potash One has until the third quarter of 2010 to finalise any strategic agreements, as it will need to settle on the final scope of the project for feasibility work, Matysek said.
Meanwhile, a prefeasibility study on the Legacy project is scheduled for completion by mid-year, which will be followed by a full feasibility study and, if the firm is able to source financing, production could start-up in late 2013 or early 2014.
Potash One will submit its environmental-impact study to Canadian authorities by the end of this year, and would then expect to obtain permitting approval for the mine in the third quarter of 2010.
The company is fully funded through to feasibility stage, after it announced in January it would merge with cashed-up compatriot Potash North.
Athabasca Potash Inc. Has Engaged Thyssen Mining for Shaft, Hoist & Headframe Studies
Tuesday March 3, 8:20 am ET
http://biz.yahoo.com/ccn/090303/200903030515085001.html?.v=1
SASKATOON, SASKATCHEWAN--(Marketwire - March 3, 2009) - Athabasca Potash Inc. ("Athabasca" or the "Company") (TSX:API - News) is pleased to announce that Thyssen Mining ("TMCC") has been awarded the contract for the shaft, hoist and headframe sections of the pre-feasibility study ("the Study") being undertaken on the Company's Burr Project.
TMCC is a leading North American mining contractor and part of the Thyssen Group, one of the world's most experienced shaft sinking contractors in the potash industry. Thyssen Group has completed more than 300 shaft sinking projects globally, including nine of the fourteen operating potash shafts in Saskatchewan. The Thyssen Group is currently completing four shaft sinking projects in three different countries, including a new service shaft at the PCS Rocanville Mine in Saskatchewan and a potash production shaft in Volgograd, Russia.
"Thyssen is a world leader in potash shaft sinking and we are pleased to be working with such a competent and experienced team" said Dawn Zhou, President and CEO. The scope of the shaft and hoist work for the Study will include the preliminary design and cost estimation of the shafts, head frames, hoists and all related material handling and control systems.
Please see the Company's press release dated January 22, 2009 for details regarding the selection of the preferred shaft and mill site location for the Burr Project. For additional information regarding the Burr Project please see the National Instrument 43-101 - Standards of Disclosure for Mineral Projects compliant technical report entitled NI 43-101 Technical Report for a Resource Estimation on the Burr Project, Athabasca Potash Inc., Saskatchewan, Canada, available at www.sedar.com or www.athabascapotash.ca.
About Athabasca:
Athabasca Potash Inc. is a Canadian based corporation and was founded with a goal of establishing itself as a pre-eminent Canadian public company engaged solely in potash exploration and development, and to provide its shareholders with a unique investment opportunity focused entirely on potash.
Caution Regarding Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of certain securities laws. This includes statements concerning Athabasca's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Athabasca, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, exploration risks, lack of historic drill hole documentation, challenges or impairments to title, the negotiation of access to certain potash mineralization, permit requirements, governmental regulations, aboriginal land use, environmental risks and competition in attracting and retaining personnel. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Athabasca undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Contact:
Dawn Zhou
Athabasca Potash Inc.
President and CEO
(306) 933-4298
Email: info@athabascapotash.ca
Website: www.athabascapotash.ca
Source: Athabasca Potash Inc.
Buying 1/2 MOS here below 39. May not hold long.
Hell, of a kind, breaks loose in potash
Hostile tones as Agrium bids for CF Industries, after CF Industries bids for Terra; BHP Billiton and Vale, the world's two biggest miners, lurk in the background.
Author: Barry Sergeant
Posted: Friday , 27 Feb 2009
JOHANNESBURG -
http://www.mineweb.co.za/mineweb/view/mineweb/en/page72102?oid=79327&sn=Detail
Nitrogen-maker Terra Industries, based in Sioux City, Iowa, this week voiced an out-of-hand rejection of an unsolicited bid from CF Industries, a nitrogen-maker and phosphate miner. This week also, CF Industries found itself at the receiving end of an unsolicited bid from Agrium, which produces the holy three ingredients for fertiliser: nitrogen, mined and milled potash, and mined phosphate.
This may well signal the start of a consolidation phase in potash, arguable the most exclusive product in mass mining, and one increasingly under attraction from the biggest names in the business. Vale, the world's No 2 miner overall, already ranks as a potash miner, of sorts, but recently also bought debt-soaked Rio Tinto's potash assets in Argentina and Canada for USD 850m.
BHP Billiton, the world's biggest diversified resources group, in May 2008 bought for USD 282m Anglo Potash, which held 25% of a Canadian joint venture company, in which BHP Billiton already held the other 75%. The numbers in the potash game are invariably impressive; listed potash stocks (which also sometimes mine phosphate, and may also produce nitrogen) currently carry an aggregate market value of USD 90bn.
The Agrium bid for CF Industries is at a premium, for USD 3.6bn, of which some USD 1.5bn would be by way of cash, reflecting the relatively robust shape of the global fertiliser sector. While fertilisers require three key inputs, nitrogen, phosphate and potassium ("NPK"), potash, raw material for potassium, remains the Holy Grail, with the highest actual and potential margins. Potash is mined in only 12 countries; potash miners are specialist, and most are listed.
PotashCorp, based in Saskatchewan, ranks as the leader in global potash production, with around 20% of world capacity, amounting to around 40m tons a year. PotashCorp mines and produces the holy three; it also holds 28% of Jordan's Arab Potash, 10% of Israel's ICL, 32% of Sociedad Química, all potash miners, and 20% of Sinofert, the biggest distributor of potash and other fertilizers in China. Unlisted Belaruskali follows PotashCorp in terms of percentage of global potash output, followed by Mosaic.
Potash is not only exclusive, is it also a hugely capital intensive game, requiring monster long-term capital investments. According to recent calculations by PotashCorp, it requires USD 2.8bn to finally commission a 2m tons a year potash mine from scratch, a process that takes seven years; the cost quoted excludes costs outside plant gates - rail, road networks, utility, port systems, and so on. At Agrium's Vanscoy Potash Operations, potash is only encountered after mine shafts have been through 80 meters of glacial deposit, 440 meters of shale, 120 meters of water-bearing sandstone (the Blairmore formation), 420 meters of limestone, and 15 meters of salt.
During January, possible consolidation in the potash sector was also under the spotlight in Russia. Talk - now apparently abandoned - was that the Russian government would agree to form a mega mining entity where government would hold 25%, plus a vote, in return for absorbing the debt in a number of big mining names, including Siberian nickel miner Norilsk, plus Metalloinvest (unlisted), Evraz, and Mechel, three of Russia's biggest names in iron ore and steel. There was also a similar plan to merge Uralkali and Silvinit, two big potash miners, along with Apatit, a phosphate miner, and also possibly also Acron, a major distributor. Uralkali and Silvinit combined would hold around 20% of global potash capacity, roughly equal to that held by PotashCorp.
Phosphate mining is far less concentrated, being produced in at least 40 countries; here, PotashCorp ranks third in the world, but contributes just 5% of global output. A new 2m tons a year phosphate mine costs around USD 3bn, and takes three to four years to build. Nitrogen, produced in at least 60 countries, requires about USD 2.8bn for a new 2m tons a year facility, and a build time of about three years.
There was period during 2008 when PotashCorp's market value ranked as the biggest in Canada, outflanking Royal Bank of Canada. This time around, it appears that Barrick, the world's biggest gold producer, may challenge for Canada's top spot, but PotashCorp, the humble miner from Saskatchewan, remains a strong contender.
Cash-and-stock bid values CF at $72/share.
CF currently trading below 64. Picking up some CF here.
NEW YORK, Feb 25 (Reuters) - Canadian fertilizer maker Agrium Inc (AGU) said on Wednesday it has offered to acquire U.S. rival CF Industries (CF) for $3.6 billion in cash and stock.
The bid is conditioned on CF dropping its hostile takeover offer for U.S. rival Terra Industries (TRA), which Terra has rejected.
Agrium (AGU) said it has submitted a proposal to the board of directors of CF offering $72 in cash and stock for each CF share. The offer represents a 30 percent premium over CF's closing stock price on Feb. 24.
CF shareholders would receive one Agrium (AGU) common share and $31.70 cash for each CF share.
Agrium (AGU) said the proposal is not subject to a financing condition. The company said it has sufficient cash resources and committed financing underwritten by Royal Bank of Canada and Bank of Nova Scotia to fund the cash portion of the proposal.
Terra says CF's all-stock bid undervalues Terra and would not create value for shareholders of either company. (Reporting by Euan Rocha; editing by John Wallace)
Allana Resources Closes Previously Announced Ethiopian Potash Acquisition and Grants Stock Options
Tue Feb 10, 3:36 PM
http://ca.news.finance.yahoo.com/s/10022009/28/link-f-ccnmatthews-allana-resources-closes-previously-announced-ethiopian-potash-acquisition.html
TORONTO, ONTARIO--(Marketwire - Feb. 10, 2009) - Allana Resources Inc. (TSX VENTURE: AAA.V) ("Allana"), is pleased to announce that it has received final regulatory approval and closed its previously announced acquisition of three mineral concessions in Ethiopia's northeastern Danakil Depression totaling approximately 150 square kilometers. For more information, please refer to Allana's press releases dated September 17, 2008 and February 9, 2009.
Allana has agreed to acquire the properties from three private companies in consideration for an aggregate of $2.5 million in cash payments over 3 years and the issuance of 4 million shares. The shares issued will be subject to a four month regulatory hold period that shall expire on June 11, 2009. The property will also be subject to a 3% NSR of which 50% can be purchased for CDN $ 5,000,000.
Allana is also pleased to announce that it has granted 500,000 stock options to Mr. Farhad Abasov, President and C.E.O. under the Company's Stock Option Plan. The options are exercisable at $0.15 per option and expire on February 10, 2014. Such options shall vest quarterly in eight equal installments over a two year period subject to the four month regulatory hold period. The grant of options remains subject to regulatory approval.
Peter J. MacLean, Ph.D., P. Geo., Allana's VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally and recently optioned a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl. Allana has approximately 49 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts
Peter MacLean
Allana Resources Inc.
(416) 861-2262
Email: peter@allanaresources.com
Farhad Abasov
Allana Resources Inc.
(416) 309-2691
Email: fabasov@allanaresources.com
Legend International Holdings Inc. Announces Update to Phosphate Project, Queensland, Australia
Tuesday February 10, 7:00 am ET
http://ca.us.biz.yahoo.com/bw/090210/20090210005664.html?.v=1
MELBOURNE, Australia--(BUSINESS WIRE)--Legend International Holdings, Inc (OTCBB:LGDI - News) with phosphate projects in the State of Queensland, today announces an update to its phosphate project and a summary of progress and milestones achieved to date.
Highlights include:
* Project strategy includes low capex option whereby sufficient tonnage of high grade phosphate ore that requires little or no beneficiation is to be delineated for fast tracked export.
* Highly qualified project management team is now complete and fully operational.
* Priority drilling at the D-Tree project complete with full Exploration Results to be reported by the end of February 2009.
* Flotation beneficiation tests and phosphoric acid tests underway in India and U.S.A. with results to be reported by the end of February 2009.
* Notice of Proposed Grant of Exploration Permits recently advertised by the Queensland Government’s Department of Mines and Energy for six areas including Lady Annie and Lady Jane deposits.
* An area of land has been allocated to Legend on the Eastern Reclamation Area at the Port of Townsville to utilise for a storage, loading and materials handling facility.
* Phosphate rock transportation options by road and rail to the Port of Townsville are progressing well.
Project Strategy
Legend International Holdings Inc (Legend) has revised its project strategy due to the current financial and economic climate. The strategy aims to deliver positive operational cash flow as soon as possible with little capital outlay and the ability to pay for any required infrastructure from this cash flow. To achieve this aim a three stage approach has been adopted:
* Stage 1 – To focus on drilling near surface, high grade phosphate ore to delineate tonnage of direct shipping grade material that requires little or no beneficiation to export phosphate rock from the D-Tree phosphate deposit by the 4th quarter of 2009.
* Stage 2 – Ramp up export of phosphate rock to 5 MT by 2012 beginning at the end of 4th quarter 2009, sourced from a combination of either Lady Annie, D-Tree, Lady Jane, Lily & Sherrin Creek or any other phosphate deposits of which Legend has an interest.
* Stage 3 – Production of value added phosphate fertiliser products such as phosphoric acid, MAP, DAP and TSP.
Previously Legend was conducting a study with GHD to investigate the option of using a slurry pipeline to transport beneficiated product to the Port of Karumba. This option has now been abandoned due to high cost and port logistics. The transport option now considered feasible is via rail from Mt. Isa to the Port of Townsville.
Legend is now conducting its own studies closely with the Indian Farmers Fertiliser Cooperative (IFFCO) and various external consultants on all aspects of the project including studies into metallurgy, geology, environment, mining, transport and infrastructure. These studies will form the basis of a final feasibility study.
Worley Parsons is also working in association with Legend on various aspects of the project. Worley Parsons is a major international group with extensive experience offering technical, project and operational support in the resources and energy sector.
Legend has already achieved a number of milestones which are discussed below:
Project Management
Legend is pleased to announce that the Project Management Team for the phosphate project is now complete with the recent additions of a Mine Manager, Environmental Manager and Metallurgist.
* Mr. John Nguyen has been awarded the position of Mine Manager. Mr. Nguyen has a Bachelor Degree in Engineering (Mining), is a member of the Australian Institute of Mining and Metallurgy and has 12 years experience in the mining and resource industry in Australia. Recently, he was Assistant Mine Manager for Xstrata Zinc for Black Star Open Cut Mine in Mt Isa where he was responsible for assisting in the overall management of operations. He has held both technical and production roles in various commodities such as Gold, Mineral Sands, Tin, Iron Ore and Zinc.
* Mr. Damien Crawford has been awarded the position of Environment Manager. Mr. Crawford has a Bachelor of Engineering (Civil/Mining) from the University of Ballarat, Master of Water Resources from The University of Melbourne and Post Graduate Certificate of Environmental Engineering from Deakin University and is a Chartered Civil Engineer. Mr. Crawford has extensive experience in leading the investigation, design and development of infrastructure projects in Australia and internationally with particular emphasis on project approvals. He has 15 years industry experience including 4 years with Atkins engineering consultancy in the UK where he predominantly undertook projects for the Environment Agency. For the past 4 years he has been with multi-disciplinary engineering firm Parsons Brinkerhoff as Regional Executive (Water) responsible for business development and project delivery.
* Dr. Adam Teague has been awarded the position of Metallurgy Manager, which fulfils Legend’s need for a senior minerals processing professional. Dr. Teague has a Bachelor of Engineering (Metallurgical Engineering) and a PhD in Metallurgical Engineering. He is a Member of the Australian Institute of Mining and Metallurgy and has 12 years experience in the mining and resources industry. His PhD focussed on the flotation, grinding and leaching behaviour of refractory ores. Formerly with the AJ Parker Centre for Hydrometallurgy and Ian Wark Research Institute, recently he was Technical Services Manager for Orica Mining Chemicals responsible for managing the technical development and implementation of flotation chemicals at mine sites across Australia and the Asia Pacific.
These three additions to Legend complete the technical management team and will be great assets for the future successful development of the project. The full project management team now consists of:
* Project Manager – Mr. Ed Walker
* Geology Manager – Mr. Mark Edwards
* General Manager Logistics – Mr. Nigel D’Souza
* Mine Manager – Mr. John Nguyen
* Environment Manager – Mr. Damien Crawford
* Metallurgy Manager – Dr. Adam Teague
Geology
* Legend has completed all of the priority Reverse Circulation (RC) drilling at the D-Tree Phosphate Project with a total of 476 holes for 12,520 metres. Assay results from 9,320 of these metres (421 holes) have currently been returned from the assay laboratory and will be reported in a detailed announcement for Exploration Results by the end of February 2009.
* Once all drilling results have been received from the laboratory an Australian JORC code (2004) compliant Mineral Resource estimate will be completed. This is scheduled to occur by the end of March 2009 and will be used in the estimation of Ore Reserves.
Metallurgy
* Testing of bulk samples for phosphoric acid testing and flotation beneficiation are currently underway in both India and the United States of America and preliminary results will be reported in a detailed announcement on Exploration Results by the end of February 2009.
* A contract for conducting a testwork program in Australia, in conjunction with the design, construction and operation of a metallurgical testwork facility in Mt. Isa, has been awarded to Amdel Limited. Amdel Limited is Australasia’s leading provider of quality and innovative laboratory and technical services. Since 1960, Amdel has delivered accurate, timely and best practice services to a wide range of industry sectors including all the feasibility metallurgical work for BH South Ltd’s Lady Annie Phosphate Project in the 1970’s. This new facility in Mt. Isa will be used for bench scale and pilot scale testing of various beneficiation methods and phosphoric acid tests for all phosphate deposits in which Legend has an interest.
* The preliminary cost study on a beneficiation plant has been awarded to Worley Parsons.
Environmental & Mining
* Environmental and Mining permit applications are progressing well and will be closely supervised by the recent appointment of a Mine Manager and Environment Manager.
* A Mining Lease Application (MLA) will be submitted for the D-Tree Project once Ore Reserves have been estimated. The submission is expected to occur early Q2 2009.
* Environmental surveys and field studies have been awarded to Worley Parsons.
* On January 14th 2009 the Notice of Proposed Grant of Exploration Permits was advertised by the Queensland Government’s Department of Mines and Energy in local newspapers for the following leases:
* Lady Annie (EPM16942)
* Lady Annie East (EPM17447)
* Lady Jane (EPM17330)
* Johnstone Creek (EPM17441)
* Thorntonia (EPM17333)
* Epsom Creek (EPM17446)
Infrastructure & Logistics
* Legends current plan is to export phosphate rock via Mt Isa to Townsville through the Mt Isa – Townsville rail network. This plan has been endorsed and supported by Australian Railroad Group (ARG) and QR Network Ltd (QR) who operate the above and below rail services respectively. QR has recently produced the Mt Isa – Townsville Rail Infrastructure Master Plan which describes how increased capacity will be achieved on this network. Legend is working closely with both QR and ARG towards finalising an agreement.
* Stage 1 of the phosphate project will utilise trucks for moving phosphate rock from site to Mt. Isa and then by rail to the Port of Townsville.
* Alternate transport options between the mine site and Mt. Isa are being investigated for stage 2 of the project.
* At the Port of Townsville 3.7 hectares of land has been allocated to Legend on the Eastern Reclamation Area to utilise for a storage, loading and materials handling facility.
Northern Territory Projects
Legend is increasing its diamond exploration activity in the proximity of the Merlin diamond mine in the Northern Territory and is continually sourcing promising new ground in this region which is one of the most diamond prospective areas in Australia. Accordingly, Legend has also taken a 14.9% stake in North Australian Diamonds Ltd which owns the Merlin mine and surrounding tenements.
About Legend
Legend International Holdings, Inc (OTCBB:LGDI - News) is a mining and agriculture resource development company. The Company is principally focused on developing its phosphate deposits in the Georgina Basin in Queensland, Australia. The Company’s exploration licences include approximately 5.2 million acres in Queensland and the Northern Territory, Australia. For further information please visit our website at www.lgdi.net.
Forward-Looking Statements
Forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated with environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s fiscal 2007 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Contact:
Legend International Holdings Inc
Mr. Joseph Gutnick, +011-613-8532-2866
Chief Executive Officer
Fax: +011-613-8532-2805
josephg@axisc.com.au
or
New York Office
General Manager Business
Tel: 212-223-0018
Fax: 212-223-1169
legendinfo@axisc.com.au
Source: Legend International Holdings, Inc
Canasia Industries Corporation: Work Program Initiated on 453,058 Acre Potash Prospect
Thu Feb 12, 3:01 AM
http://ca.news.finance.yahoo.com/s/12022009/28/link-f-ccnmatthews-canasia-industries-corporation-work-program-initiated-453-058.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2009) - Canasia Industries Corporation (TSX VENTURE: CAJ.V)(OTCBB: CANSF.OB)(FRANKFURT:45C) ("Canasia") has engaged Dahrouge Geological Consulting Ltd. of Edmonton Alberta, to initiate a work program on its 100% owned Potash Prospect located on the Alberta/Saskatchewan border. This initial work program will consist of acquiring and interpretation of seismic data over the highest priority potential drill sites. These permits encompass 453,058 acres of lands prospective for potash.
Graeme Sewell, a director of Canasia stated, "Canasia is now actively working on its Potash and Reed Lake copper/gold properties, and management anticipates an update on the Clone Gold property and the coal prospects in the near future."
If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com.
Graeme Sewell, Director
Canasia Industries Corporation
Contacts
Graeme Sewell
Canasia Industries Corporation
Director
1-877-225-6755
(604) 689-1733 (FAX)
Email: info@canasiaind.com
Website: www.canasiaind.com
Western Potash Corp. Reports Results From Eighth and Ninth Exploratory Wells on the Russell-Miniota Property and Seismic Results from Saskatchewan Pro
Wed Feb 11, 1:28 PM
http://ca.news.finance.yahoo.com/s/11022009/28/link-f-ccnmatthews-western-potash-corp-reports-results-eighth-ninth-exploratory.html
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2009) - Western Potash Corp. (the "Company") (TSX VENTURE: WPX.V)(FRANKFURT: AHE.F) is pleased to announce that it has received results from its eighth and ninth potash exploration wells drilled within the Russell-Miniota exploration permit in Manitoba, part of the continuing Phase I drill program announced in a press release dated October 22, 2008 within permits QP-168 and QP-172. These Permits cover over 1,000 square kilometers and are adjacent to BHP Billiton's Potash Lease and Agrium's Exploration Permits along the Manitoba border. All drill intercepts noted in this release can be considered to represent the true thickness of the mineralization, as the salt beds are flat lying and the holes were drilled vertically.
Wells RM-008 and RM-009 targeted salt sequences identified from the Company's two dimensional seismic program, completed in August, as well as from extensive historical data acquired by the Company in anticipation of the granting of the permit. The location of these wells is shown in Figure 1. To view Figure 1, please click on the following link: http://media3.marketwire.com/docs/WPX0211.jpg. The best interval reported from well RM-009 was from 1045.1m to 1046.6m (1.5m) returning 23.72 wt% K2O including a 0.9m section with grades averaging 31.4 wt% K2O. Well RM-008, drilled to test the southern extent of the salt beds 10 km south of well RM-006, intersected no potash mineralization. Field observations of the salt beds in well RM-008 indicate that localized dissolution and re-crystallization of the salt sequence has occurred at this location.
The Company is encouraged by the extent of the mineralization outlined by holes RM-006, 007 and 009 and the historical drilling that suggests the presence of an important potash resource extending some 11 km south east of the adjacent "St Lazare" historical potash resource controlled by Agrium. Plans for the continuation of the phase I drill program are in place allowing for additional holes to firm-up and test the extent of the indicated mineralization south of RM-006. Drilling should continue in the Russell South properties during the second quarter of 2009.
The Company is currently analyzing and modeling the results obtained from the data collected in the Russell South area with the intent to commission an initial NI 43-101 compliant resource.
A Summary of the results from all holes drilled in the Russell South property is presented in Table 1 and is shown in Figure 1.
Table 1.
-----------------------------------------------------------
Hole Number From (m) To (m) Interval (m) K2O Wt%
-----------------------------------------------------------
RM - 006 1015.6 1018.9 3.3 21.1
-----------------------------------------------------------
RM - 007 973.7 976.7 3.0 26.0
-----------------------------------------------------------
including 1.2 32.0
-----------------------------------------------------------
RM - 009 1045.1 1046.6 1.5 23.7
-----------------------------------------------------------
including 0.9 31.4
-----------------------------------------------------------
RM - 008 No Potash Mineralization
-----------------------------------------------------------
Update P1 From Dec.18 Call
Nice sustained move on KCL underway here as POT Weekly readies to blow through resistance on the turn
MOS CCI over 200 on the daily. Stochastics very overbought. Taking some off the table here. Will look for re-entry at lower prices.
PON.V Luk'n Gud Here Again Rocket -e-
Jennings on Potash Sector -- http://www.jenningscapital.com/reports/PotashSectorComment01122009.pdf
LC
UPDATE 1-Intrepid Potash slows production to trim inventory
Wed Jan 28, 2009 6:20pm ES
http://www.reuters.com/article/marketsNews/idCAN2854358520090128?rpc=44
SAN FRANCISCO, Jan 28 (Reuters) - Intrepid Potash Inc (IPI.N) said on Wednesday it would temporarily halt production and then cut shifts at its New Mexico facilities to pare back inventory as sales of crop nutrients remain weak.
"While Intrepid anticipates that this reduction in our production rates to be short-lived, the timing of market demand and sales conditions will ultimately drive the level of production," the company said in a statement.
Two of its three facilities in Carlsbad, New Mexico, will shut for two weeks starting Feb. 9, followed by a two-week shutdown at the third one after that. Operations would then resume with three crew shifts instead of four, Intrepid said.
Fertilizer prices jumped early last year, but the global credit crisis and deep economic downturn have weighed on the agricultural sector, and farmers have been deferring fertilizer application amid weakening grain markets.
Potash Corp of Saskatchewan (POT.TO), the world's biggest fertilizer company, reported strong quarterly profits last week but gave a weaker-than-expected 2009 forecast [ID:nN22490347].
Shares of Denver-based Intrepid, which are down by a third since their debut on the New York Stock Exchange last April, peaked at $76.24 in June. They closed at $21.90, up 9 cents, on Wednesday before the news was released. A few after-hours trades showed they were lower following the announcement. (Reporting by Braden Reddall; Editing by Phil Berlowitz)
Bonaparte defines Namibian offshore phosphate resource
http://www.miningweekly.com/article.php?a_id=151482
By: Esmarie Swanepoel
Published on 23rd January 2009
JOHANNESBURG (miningweekly.com) – ASX-listed marine diamond explorer Bonaparte Diamond Mines on Friday stated that the inferred mineral resource for its Meob marine project, off the coast of Namibia, was estimated at around 196,1-million tons, at 15,8% phosphate.
In its quarterly operations report, the company noted that the estimate was based predominantly on coverage from seabed surface grab samples, which had a lower grade than the deeper sediments accessed to date, with a limited programme of coring.
The estimate was based on the initial sampling programme completed in November last year, and was expected to be followed by a further resource update, after additional and deeper core sampling. The resource update would take place this year.
Bonaparte also entered into an agreement with Australia-based Union Resources to jointly develop their respective, and adjacent, Meob and Sandpiper marine phosphate projects.
The joint venture (JV), which also included Bonaparte’s JV partner Tungeni Investments, will hold a combined area of about 8 000 km2, and will include a significant part of the regional phosphate enriched province, to the south of Walvis Bay. It would also specifically include all the central enriched core areas, where published regional mapping shows phosphate concentration of more than 20% by weight.
“As such, the JV will be well placed to rapidly develop a new phosphate province in Namibia, and will control a substantial part of the most prospective areas,” Boneparte stated.
The combined Meob and Sandpiper area would now be operated as a single geological entity, and Bonaparte has rationalised the sampling programme to cover a combined resource development area of over 1 000 km2.
The sampling programme will cover some 800 km2 in the Sandpiper project area, and will provide coverage adequate for Joint Ore Reserve Committee (Jorc) compliant resource estimates in the inferred and indicated categories.
The programme of work would run concurrently with the Meob sampling programmes, and all samples will be sent to a laboratory in Cape Town. Resource estimates from this work was expected in early 2009, and in terms of the JV agreement, Bonaparte would fund 50% of the work programme in the Sandpiper project area.
The JV’s focus would be on an accelerated programme for the development of the combined areas, and it planned to start mining at a rate of three-million tons a year, by 2011.
OTHER OPERATIONS
The Peruvian Ministry of Energy and Mines has awarded Bonaparte five mineral exploration licences off the coast of Peru, where phosphate-enriched sediments had been identified. The new licences covered a total seafloor area of 427 km2.
Applications for an additional 200 km2 were still pending.
The licence and application areas incorporated the scientific sample sites where results from sea-bed core samples, recovered in the late 1980s, showed the most significant level of phosphate concentration.
Bonaparte’s Savanna alluvial diamond project, in South Africa, has increased its ore treatment capacity to about 35 000 t/m, following the installation and commissioning of two rotary concentration pans, and a high-capacity primary jaw crusher.
Application for a new-order mining right over the Savanna property has been lodged with the Department of Minerals and Energy, and approval has been granted for the continuation of operations, while the application was being processed.
Potash essential to feed the world's growing billions
http://www.miningweekly.com/article.php?a_id=151478
By: Keith Campbell
Published on 23rd January 2009
Potash is far from the most glamorous product of the global mining industry; it is, however, one of the most important commodities mining provides to the world.
Potash is the general name for any mineral that contains potassium, most usually potassium carbonate (K2CO3), or potassium hydroxide (KOH).In effect, potash is potassium ore. Indeed, the name potassium was coined in 1807 by the metal's discoverer, British chemist Humphry Davy, from the word potash.
Potassium is a metal, an alkali metal, that, in its pure form, is silver-white in colour. It is soft, waxy, and the second lightest metal, after lithium. Extremely reactive, it oxidises rapidly if exposed to air and reacts violently with water. Thus, it exists in nature only in the form of compounds. It is also essential to life.
Potassium is the primary base ion of the fluid found in the cells that make up animals and plants and, in conjunction with sodium, plays a key role regarding the electrical potential of the nervous system and, consequently, in the efficient functioning of muscle and nerve cells.
Nerve cells transmit information, in the form of nerve impulses, which are themselves travelling waves of chemical and electrical changes which cross the nerve cell membranes - the process sees potassium and sodium ions carry electrical impulses through the cells and across these membranes. (These nerve impulses are very fast movers - in humans, they can achieve a speed of 160 m/second.) Thus potassium is essential to thought, to intelligence, as well.
It is the third most abundant mineral in the human body, and there is no substitute for it, in any living thing. A shortage of potassium can result in muscular paralysis (although an excess can cause heart attacks). Humans and other animals get potassium from various foods (including meats, vegetables, fruits, dairy products, and nuts).
For plants, potassium is one of the three primary plant nutrients - the others are nitrogen and phosphorous - and is essential for normal and essential functions like water use, protein synthesis, and photosynthesis, and plants cannot complete normal life cycles without this metal.
In nature, plants get potassium from the soil. However, food and forage crops take up and use large amounts of potassium. According to the International Plant Nutrition Institute, a maize crop with a grain yield of 12,6 t/ha removes some 23 kg of potassium from the soil - this potassium is in the grain. Potassium-rich fertilisers are thus required to replace the potassium removed in harvested crops, as well as to enrich soils that are infertile.
POTASSIUM PARADOX
Potassium is, in its various compounds, very abundant throughout the Earth's crust - it is the seventh most abundant element in the crust. Yet, paradoxically and unfortunately, deposits of potassium compounds - potash - which can be economically exploited are uncommon.
"Good deposits are rare and only 12 countries produce potash," highlighted PotashCorp President and CEO Bill Doyle in a presentation last month.
The top producing country is Canada, followed by Russia, Belarus, Germany, and the US, while other important potash producers are Israel, Jordan, Brazil, and China. (The Canadian province of Saskatchewan holds more than 50% of the world's potash reserves - enough to meet global demand for several hundred years - and has 37% of current global production capacity.) Lesser producers include Chile, Spain and the UK.
"Potash is unlike traditional commodity businesses. There are only a limited number of players in the potash industry," he adds.
In fact, there are just 13 global competitors in the sector. They are (from biggest to smallest): Potash Corporation (PotashCorp) of Canada, Belaruskali (Belarus), Mosaic (Canada, US), Silvinit (Russia), Uralkali (Russia), ICL (Israel, Spain, UK), Kali+Salz (Germany), Sinofert (China), APC (Jordan), Agrium (Canada), Intrepid (US), Companhia Vale do Rio Doce (Brazil), and SQM (Chile). And, it must be noted, PotashCorp holds 32% of SQM, 28% of APC, 22% of Sinofert, and 11% of ICL. All told, PotashCorp controls 22% of global potash capacity.
The first ten of the companies listed above jointly hold more than 95% of global capacity
Nearly 95% of global potash production is used as fertiliser. Currently, the global credit crisis has hit the world fertiliser markets hard.
"Farmers cannot get a loan to buy fertiliser right now," leading US commodities analyst Jim Rogers pointed out to Fortune magazine last month.
Back in October, UBS Investment Research issued a report which stated that "crop prices could continue to remain at or below break-even levels over the coming months, putting farmers and hence fertiliser markets under renewed pressure."
"Right now, we're facing the same economic headwinds that many other industries are facing," PotashCorp spokesman Bill Johnson told the StarPhoenix newspaper in Saskatoon, Canada, in December.
"We're seeing that our customers do not have the access to credit."
Thus, while PotashCorp's share price reached a peak of $240 in the middle of last year, it had fallen to $56 by late December - just three times projected earnings per share for 2009. Competitor Agrium's share price fell by 60% from mid-year to late October.
Regarding the price of potash, UBS Investment Research reduced its forecast for the period 2009-2011 from $1 100/t to $920/t, a cut of 19%. However, potash is holding up much better than other fertilisers - the UBS researchers slashed their price forecast for the same period for nitrogen-based fertiliser urea by 36%, from $690/t to $440/t.
Still, in early December, PotashCorp announced that it would cut its potash production by two million tons this year (2009), starting this month - the company produced 10-million tons in 2007. A week later, it announced that it was temporarily laying off 940 workers from three of its mines in Canada - in effect, closing the mines for eight weeks, from January 18 to March 15.
"Obviously this [layoff] will account for a substantial amount of that production [cut]," said Johnson. "We have not finalised any plans for the other sites at this point. Anyone who works at our sites would see that more inventory is coming out of the ground than is going out the door these days and they would understand why it is necessary to take these shutdowns."
The company's aim is to match supply with market demand. Canadian company BMO Capital Markets analyst Edwin Chee told the StarPhoenix that PotashCorp was "just continuing to operate with the same marketing business philosophy they've always continued to do, which makes the company very successful in good times and bad times. The key objective of that is to try to provide some stability in pricing. If you don't match supply to demand, you get into a situation where you have very volatile prices."
Potash is a bulky commodity, and requires proper covering and storage. "If you don't have customers for it in the short term it will quickly outgrow its available storage space," explained Johnson. "Once it starts moving, the marketplace will move through that inventory fairly quickly."
The first three quarters of last year saw strong markets, with the last quarter being weak, and PotashCorp expects this year to be a mirror image of this - a weak first quarter followed by stronger quarters through the rest of the year.
The company predicts a substantial market turnaround by the middle of the year. "This [cut in production] is very much skewed towards the first half of 2009," highlighted Johnson, " which coincides with the world economic slowdown."
REALLY FUNDAMENTAL FUNDAMENTALS
Analysts like to talk and write about the "fundamentals" underlying a commodity's price and which are likely to drive the course of that price, up or down, in the future. No commodity has more, and few have equally, fundamental fundamentals as potash.
To start with the minor stuff - a new potash mine has not been commissioned in more than 20 years. The barriers to entry are high. In the words of December's Fortune magazine, it is "brutally expensive to enter the business." Potash deposits were formed when primeval seas evaporated, and many are now covered by a couple of thousand or more metres of earth.
"A greenfield mine is a massive undertaking that takes time, expertise and significant capital, which is very difficult to raise in this economic environment," elucidated Doyle. "We estimate that a 2-million ton greenfield mine in Saskatchewan [Canada] would cost at least $2,8-billion to build - not including the significant costs of infrastructure outside the plant gates, such as roads, rail lines, utilities and port facilities. It would take at least five to seven years to bring that new mine to market - before generating a dollar of positive cash flow."
Once you have accessed the deposit, however, the mining is pretty straightforward.
"It's like coal-mining," BHP Billiton CEO Marius Kloppers told Mining Weekly last August.
Continuous mining machines are used, in a basic board-and-pillar mining operation. "You convey it out, you dissolve it, you recrystallise it, and that's the product."
Last July BHP Billiton acquired junior miner Anglo Potash, giving it 100% of the Jansen potash project, formerly a joint venture between the two. The Jansen area is in Saskatchewan, and the project is currently in at the pre-feasibility study stage. The deposit lies some 500 m below ground level.
But the really long-term driver behind potash is the world's rising population.
"Global population continues to grow by more than 200 000 people per day, meaning more people need food," stressed Doyle. "Added to this, stronger economies in China and India are giving more people the opportunity to eat nutritious food, especially protein from meat sources."
The world's population was 6,5-billion in 2005, and it is expected to continue to grow until at least 2050, when it could exceed 9-billion - in other words, 40% more people to be fed than today.
"Feeding more people and producing more animals takes more grain. Increasing production on a shrinking per-capita agricultural land base can only be achieved by protecting the soil and replenishing its nutrients through proper fertilisation," pointed out Doyle.
China is already the largest consumer of potash in the world, while India ranks third. (Second place is taken by low-population-density but major agricultural exporter Brazil.)
Over the 20 years from 1983 to 2003, Chinese protein consumption increased by some 40%, from 59 g per person per day to 82 g.
Over the past 40 years, meat consumption has increased by an annual average of about 2% in developed countries but by 5% to 6% in developing countries. Worldwide, more than 170-million tons a year of additional meat has been consumed as a result. And it takes several kilogrammes of grain to produce one kilogramme of meat.
Even though scientists are already working on technologies to manufacture meat in biotechnology factories, using tissue engineering (growing the meat from cells taken from animals), which would eliminate the need to maintain large herds of animals, this will only become a viable alternative in the long term. And the Earth's billions will still need to consume huge quantities of grain themselves.
Back to the short-term, and, as a result of rising global protein consumption, at present the world's grain stocks-to-use levels have fallen well below the 30-year average.
"It is estimated that current global grain stocks would feed the world for only nine weeks," warned Doyle. Add the current low crop prices, and it "is a very dangerous situation."
China, India, Brazil, and similar countries have to increase their crop yields, which currently are well below those of the US. For example, India's rice crop yields, and China's maize yields, are half of those in the US. This is the direct result of an underapplication of potash in comparison to nitrogen and phosphate. (Indeed, Brazil's soils are naturally deficient in potassium.)
In 2005, these three emerging countries consumed just 42% of the level of potash scientifically recommended for them.
"China, India and Brazil," he stated, "require a combined 25-million more potash tons annually to meet scientifically recommended application levels."
On existing farmland, China should increase its potash consumption by more than 100%, while India should increase its consumption by more than 6-million tons, and Brazil by 5-million tons, annually.
Even if all announced greenfields and brownfields potash projects come to fruition, demand is still expected to grow faster than supply. "While these are uncertain times, there is no question that the world needs more food - and that fertiliser will have a key role to play in meeting that demand," averred Doyle.
Potash Corp sees better H2, then 'terrific' 2010
http://www.miningweekly.com/article.php?a_id=151429
By: Liezel Hill
Published on 23rd January 2009
TORONTO (miningweekly.com) – Potash Corporation of Saskatchewan, the world's biggest fertiliser company, expects potash demand to rebound significantly over the course of this year, followed by a “terrific” year in 2010, president and CEO Bill Doyle said on Thursday.
Although the timing remains difficult to predict, farmers will likely increase their planting and fertiliser use “in the near future”, he told analysts and investors on a conference call.
Demand for potash surged in early 2008, boosting prices, but has since softened, as farmers, squeezed by the economic downturn and credit crisis, defer their use of fertiliser.
Potash Corp announced in December that it would cut production of the crop nutrient by two million tons this month, citing deferred demand for the product across the globe, but plans to bring the capacity back online as demand picks up.
On Thursday, Doyle said the company expects that the first three months of the year will be “very slow” but that consumption will begin to turn around in the second quarter of 2009.
“We believe 2009 will be a reverse image of 2008, with a slower start, followed by a strong surge as demand returns.”
Thereafter, 2010 will prove a “terrific year” for the fertiliser business in general, he said, arguing that the industry's fundamentals remain intact, despite the negative effects of the financial crisis.
“We are really excited about where we are going here in the second half of 2009, and 2010 is going to be a bang-up year,” Doyle said.
Still, “if, for any reason, demand does not materialise on the anticipated timelines, we will continue to follow our strategy of managing production to meet market demand,” he added.
For 2009, the group has forecast a gross margin for potash of between $4,5-billion and $5,5-billion, with total shipments flat or slightly below 2008 levels.
Doyle said he expects that price negotiations with China are likely to drag on into the second quarter, but that he was still confident of securing a price increase.
Potash Corp is spending billions of dollars to raise its Saskatchewan potash production capacity by almost 8-million tons a year, to 18-million tons a year, between 2008 and the end of 2012.
The company will continue to invest in its growth projects, Doyle said, in preparation for when demand rebounds.
RECORD EARNINGS
Potash Corp posted its best-ever fourth quarter earnings on Thursday, of $2.56 a share, or $788-million, which was more than double profit for the same period a year earlier.
Full-year earnings more than tripled year-on-year, to $11,07, making 2008 the group's fifth consecutive year of record earnings.
The company shipped 1,4-million tons of potash in the fourth quarter, which was 37% lower than in the same period of 2007.
Full-year potash volumes also declined 9%, to 8,5-million tons.
Potash Corp shares rose 5,3% on Thursday, to C$91,19 apiece by 16:10 in Toronto.
Potash minnows agree to tie-up
http://www.miningweekly.com/article.php?a_id=151423
By: Liezel Hill
Published on 22nd January 2009
TORONTO (miningweekly.com) – Two Vancouver-based potash hopefuls, Potash One and Potash North Resource Corp, have agreed to a share-based merger plan which, if successful, will produce a new potash junior with an advanced project and C$50-million in cash.
The firms have entered into a binding letter of intent, which envisages that each Potash North shareholders will receive 0,3125 common shares of Potash One for every Potash North share they hold.
The ratio represents a premium of about 29% for Potash North, based on the 20-trading-day period before the agreement was inked.
Potash One, which already owns about 11,5% of Potash North, hopes to build a mine at its Legacy project, in Saskatchewan.
The merged entity will be “one of the strongest junior potash development companies in Canada”, the firms said on Thursday.
“As a result of the turmoil in world capital markets, it is increasingly apparent that the successful companies in the junior potash space will be those that have large cash treasuries and advanced stage projects moving toward feasibility and development,” commented Potash North president and CEO Craig Angus.
Potash demand has declined over the last six months, as farmers, squeezed by the economic downturn and credit crisis, decrease their use of fertiliser. Shares of potash companies have declined, and large producers like Saskatchewan's Potash Corp have announced plans to curtail production until demand rebounds.
However, with an estimated $50-million in cash, Potash One will be fully funded through to the completion of a feasibility study on the Legacy project, the firms assured investors.
The companies have agreed not to solicit rival offers, and will pay a breakup fee of C$2,5-million under certain circumstances.
However, if all goes to plan, the merger, which requires Potash North shareholder and TSX approval, is expected to close by May 15.
Athabasca Potash Inc. Has Identified a Preferred Shaft and Mill Site Location on Burr Project
Thu Jan 22, 7:22 PM
http://ca.news.finance.yahoo.com/s/22012009/28/link-f-ccnmatthews-athabasca-potash-inc-identified-preferred-shaft-mill-site.html
SASKATOON, SASKATCHEWAN--(Marketwire - Jan. 22, 2009) - Athabasca Potash Inc. ("Athabasca" or the "Company") (TSX: API.TO) is pleased to announce it has identified the preferred shaft and mill site location for the Burr Project. The selection was based on a site location study performed by MDH Engineered Solutions Corp. ("MDH") and supported by the 2007 3D seismic survey interpretation program performed by Boyd Exploration Consultants Ltd. over the targeted potential shaft locations.
The planned site is located in the east central part of the Burr Project area. Approximately 3,600 acres of the 5,420 acres of surface lands Athabasca has acquired over the previous two years during an extensive land acquisition program is in the immediate area of the preferred shaft and mill site. "We are very pleased with the efforts of the Athabasca team and our consultants in identifying the preferred shaft location through an extensive review process. The excellent geological and geographic qualities of this location continue to support the development of the proposed potash mine" said Dawn Zhou, the Company's President and CEO.
In November 2008 Athabasca initiated a community consultation process in connection with its work program on the Burr Project and continues to solicit feedback from local residents regarding the preferred shaft and mill site location. Athabasca's community consultation process is ongoing and feedback from this process will be considered prior to any final determination regarding the shaft and mill site location.
MDH completed a detailed siting study in order to define the preferred shaft and Tailings Management Area (TMA) location within the Burr Project Area. Preliminary analysis of the area identified no high level impact risks from the proposed facility, and data from field investigations supported these findings. The final optimization of the shaft and TMA location took into account geological, environmental, geotechnical, hydrogeological, social, historical, operational, and economic considerations for the development.
As a component of the siting study, MDH completed a hydrogeological and geotechnical field investigation that included drilling of 48 boreholes, installation of instrumentation arrays, and gathering of baseline hydraulic and groundwater chemistry data for several potential TMA locations. The detailed hydrostratigraphic interpretation of the area was used in the siting study, and will also be used in support of the environmental permitting for the mine. Prefeasibility TMA design and cost estimates for the proposed facility are being undertaken as part of the complete Burr Project prefeasibility study which is currently ongoing. MDH is a full service geoenvironmental, hydrogeological, geotechnical and environmental consulting company, bringing over 25 years of experience in the Saskatchewan Potash mining industry to the Burr Project.
Bradley V.A. Fettis, P.Eng. and VP Mining, Athabasca's Qualified Person as defined by National Instrument 43101 - Standards of Disclosure for Mineral Projects ("NI 43101") supervised the preparation of the information contained in this press release and has reviewed and verified the data underlying this information. For additional information regarding the Burr Project please see the NI 43101 compliant technical report entitled NI 43101 Technical Report for a Resource Estimation on the Burr Project, Athabasca Potash Inc., Saskatchewan, Canada, available at www.sedar.com or www.athabascapotash.ca.
About Athabasca:
Athabasca Potash Inc. is a Canadian based corporation and was founded with a goal of establishing itself as a preeminent Canadian public company engaged solely in potash exploration and development with focus on the Company's wholly owned Burr Project, and to provide its shareholders with a unique investment opportunity focused entirely on potash.
Caution Regarding Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of certain securities laws. This includes statements concerning Athabasca's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Athabasca, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, exploration risks, lack of historic drill hole documentation, challenges or impairments to title, the negotiation of access to certain potash mineralization, permit requirements, governmental regulations, aboriginal land use, environmental risks and competition in attracting and retaining personnel. In addition, forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Athabasca undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Contacts
Dawn Zhou
Athabasca Potash Inc.
President and Chief Executive Officer
(306) 933-4298
Email: info@athabascapotash.ca
Website: www.athabascapotash.ca
Focus of board will be Canadian (Ozzy?) listed and/or based grass roots fertilizer plays.
Undeveloped potash and phosphate resources have the potential for huge gains in the future as the need for fertilizer increases.
This board is an offshoot of the informative Grains Oilseeds board. http://www.investorshub.com/boards/board.asp?board_id=4925
Creation of this board is with the intent to keep the focus of the original board on developing agricultural stories rather than junior mining plays and all that entails.
“We can substitute atomic energy for oil and coal, but there is absolutely no substitute for phosphorous.” - Isaac Asimov
"But we don't like buying the big guy. We like buying the little guy that no one else is buying." - Eric Sprott
"If you took conventional fertilizer away from the world, 40 per cent of the grain would disappear" - Agrium CEO Mike Wilson
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