Potash One Inc. TSX: KCL

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 3, 2008) - Potash One Inc. ("Potash One" or the "Corporation") (TSX:KCL) is pleased to announce that it has completed an oversubscribed, non-brokered private placement of flow-through shares of 8,300,000 at $1.25 per share ("FT Share") for net proceeds of $10,375,000 (the "Placement"), as previously reported on October 22, 2008. The Corporation paid to certain finders cash fees aggregating $310,000 and 248,000 finders' warrants for introducing the subscribers to the Corporation. Each finder's warrant will entitle the holder to purchase one non-flow-through common share at a price of $1.50 until October 30, 2009.

The proceeds from the Placement will be used for general exploration expenditures on the Corporation's Legacy Project, which will constitute Canadian exploration expenditures (as defined in the Income Tax Act) and will be renounced to the investors.

All securities issued in the Offering will have a hold period in Canada for a minimum of four months from the closing of the financing.

Paul F. Matysek, President and Chief Executive Officer of Potash One Inc., said: "We are very pleased that despite the difficult world credit conditions, there continues to be a strong interest in the company. These funds provide us with a working capital position of over $27 million dollars and will be used to advance the Legacy Project to bankable feasibility."

ON BEHALF OF THE BOARD OF DIRECTORS,

Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive Officer

About Potash One Inc.

Potash One Inc. is a TSX listed Canadian resource company engaged in the exploration and development of advanced solution mine amenable potash properties. The Company owns 100% of a 97,240 acre Potash Subsurface Exploration Permit in Saskatchewan, Canada (the "Legacy Project"). The Legacy Project is adjacent to the largest producing solution potash mine in the world and has NI 43-101 Inferred Mineral Resources of 391.5 million tonnes of K2O and Indicated Mineral Resources of 40.8 million tonnes of K2O.

This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.