Legacy Project
NI 43-101 In-Situ 400M tonnes of Potash -Saskatchewan.
Message: Appoints Robert M. Friedland to Assist in Securing Financing
| May 12, 2009 |
| Potash One Appoints Robert M. Friedland as Chairman, to Assist in Securing Financing for New Canadian Potash Production Project |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2009) - Potash One Inc. (the "Company" or "Potash One") - Paul Matysek, President and Chief Executive Officer of Potash One Inc. (TSX:KCL), announced today that international financier Robert M. Friedland has agreed to become Chairman of the Board of Potash One. Mr. Friedland will advise the Company on its selection of strategic financing partners to develop Potash One's world-class potash (potassium) fertilizer resources in Saskatchewan, Canada. In conjunction with Mr. Friedland's appointment as Chairman, Mr. Friedland's Singapore-based venture capital Company, Ivanhoe Capital Pte. Ltd., will work under a non-exclusive contract to introduce Asia-based investors to Potash One. Potash One's portfolio of exploration permits covers a total of 515,000 acres in Saskatchewan's potash-rich basin, northwest of Regina, which presently supplies approximately one-third of the global demand for this essential food-growing nutrient. Potash One's initial focus is on the completion of a definitive feasibility study prior to arranging financing to construct a world-scale potash mine utilizing in-situ solution-mining technology for the recovery of potash on the Company's Legacy Project. The Legacy Project currently hosts indicated resources of 40.8 Mt and inferred resources of 391.5 Mt of K20 (measurement of potassium content), with an updated resource estimate pending as part of a nearly completed Pre-Feasibility Study. Mr. Matysek stated: "Potash One's Legacy Project subject to positive feasibility and financing will be one of the world's first new potash mines to be brought into production since 1987. Mr. Friedland has the experience and understanding of international capital markets that will help fast-track Legacy's development as a reliable and competitive supplier. On behalf of the Board, I look forward to working with one of the world's most influential mining financiers and visionaries." Mr. Friedland said he accepted the opportunity to participate in this major Canadian potash development after a review of the industry and the importance of the Legacy Project to the agriculture sector in Asia. "Potash, or potassium, truly is the mineral of life," Mr. Friedland said. "Potash One represents the best new opportunity to develop a world-class potash operation using in-situ recovery technology that will produce a vitally important fertilizer ingredient that is indispensible for hundreds of millions of farmers who produce the food for the world's human and animal populations." "Ivanhoe Capital is privileged to build a bridge for long-term, strategic capital investment between Canada and our friends in Asian sovereign-wealth funds and state-owned enterprises." Mr. Friedland has been developing business links in Greater China and the Asia Pacific region for the past 25 years. He is Chairman of Ivanhoe Capital Corporation, his family's private company that specializes in venture capital and project financing from bases in Singapore and Beijing. With his leadership, Ivanhoe executives and affiliated benefiting companies have raised several billion dollars on international capital markets since 1993 to support a variety of natural resources, energy and technology companies. Mr. Friedland is founder and Executive Chairman of Ivanhoe Mines - a Canadian public company whose shares trade on the New York, NASDAQ and TSX exchanges, and co-founder, Executive Chairman, President and Chief Executive Officer of Ivanhoe Energy, an established oil and gas producer that is developing heavy-oil projects in Canada and Ecuador using its advanced, proprietary, HTL heavy-oil upgrading technology. Ivanhoe Energy is listed on NASDAQ and the Toronto Stock Exchange. He also is Co-Chairman of Sunwing Energy, which is Ivanhoe Energy's operating subsidiary in China and Southeast Asia. The Board of Directors also announces that Glen MacDonald has resigned as director of Potash One effective May 12, 2009. The Company would like to extend its gratitude to Mr. Macdonald for his contributions and commitment to the Company since joining the Company's board in 2003. Further, the Board would like to thank Mr. David Berg for his stewardship as chairman of the Board since 2007 and thank him for continuing on as a director of the Board. |
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