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KCL.v: Potash One Exercises Its Right To Subscribe To Private Placement In A Potash Development Company
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Vancouver, B.C., June 16, 2008 - Potash One Inc. (the "Company" or
"Potash One") is pleased to announce that it has exercised its right
(as previously announced on May 13, 2008) to fully subscribe to the
initial private placement financing of Potash North Resource Corp.
("PON"). The Company has subscribed for 27 percent of the private
placement, which equates to 6,583,850 units at $0.35 per unit, for
total consideration of $2,304,347. Each unit consists of one common
share and one common share purchase warrant, each warrant exercisable
to acquire a further common share at a price of $0.50 per share for two
years. As a result of this transaction Potash One holds approximately
13% of PON's outstanding shares. In addition, Potash One holds
warrants which, if exercised, could result in Potash One holding
13,167,000 shares of PON, increasing its ownership interest to up to
23% of the outstanding shares of PON, assuming no other dilutive
securities of PON are exercised.

Paul F. Matysek, President and Chief Executive Officer of Potash One
Inc., said: "This decision provides the Company with a number of
attractive options, such as, 1) a non-dilutive source of funding for
the Company, through partial or full monetization of PON shares; and
2) a continued exposure to the conventional mining Potash sector while
allowing Potash One to focus on developing its large 336,343 acres of
solution mining amenable potash lands with particular emphasis on the
Legacy Project. "

The completion of this private placement coincided with the completion
of the acquisition of Permits KP 416 and 417 pursuant to which PON paid
the balance of the purchase price for the permits, in the amount of
$2,587,880. In connection with that transaction, Potash One entered
into an Assignment, Assumption, Release and Consent Agreement with PON
and Peninsula Merchant Syndications Inc. (the "Assignment Agreement").
Pursuant to the Assignment Agreement, PON has confirmed Potash One's
(i) right to purchase up to 20% of any equity securities issued by PON
in financing transactions until the earlier of such time as Potash One
holds less than 5% of the outstanding shares of PON and such time as
PON has completed 3 further equity financings, and (ii) nominate a
director to the board of PON until the later of one year following
closing of the acquisition of the permits and such time as Potash One
holds less than 5% of the outstanding shares of PON. Potash One's
nominee to the board, Paul Matysek, was appointed concurrently with the
closing of the acquisition.

Potash One has acquired securities of PON for investment purposes, and
may acquire additional shares of PON pursuant to the exercise of its
rights under the Assignment Agreement.