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Friday, 07/17/2009 8:24:07 PM

Friday, July 17, 2009 8:24:07 PM

Post# of 2904
Athabasca Potash forms committee to evaluate proposals for Burr project

By: Esmarie Swanepoel
16th July 2009

JOHANNESBURG ( – Canadian potash explorer Athabasca Potash (API) has established a special committee to consider and evaluate proposals for the development of its Burr project, in Saskatchewan, as a low-cost conventional potash mine.

API said it had broadly solicited expressions of interest from qualified third parties in respect of a strategic alliance to develop the Burr project and reported that it had held in-depth discussions and meetings with many of these parties to advance a possible alliance.

In response to initial indications of interest received from third parties, API has expanded the scope of transactions it was considering from joint ventures and other forms of direct participation in the development and financing of the Burr project, to include potential mergers or potential acquisitions of all or a portion of the company or its business.

"We are committed to delivering value to our shareholders in the most efficient way possible," said special committee chairperson John King Burns.

"With the definition of a measured and indicated mineral resource of 425-million tons at the Burr project and the advancement of work on our upcoming prefeasibility study, API believes it is well-positioned to actively seek out a strategic alliance with an established, global industry player to support development of the Burr project.”

Burns added that during the company’s efforts to advance an alliance, however, it had also became clear that it might need to consider a broader range of transactional structures that were being presented to us and which might provide value to its shareholders.

"API has a number of potential opportunities arising during its search for a potential strategic alliance which need to be advanced. I am fully committed to working in the best interest of API and its shareholders," said API founder Dawn Zhou.

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