PhosCan Chemical Announces Results for Quarter Ended October 31, 2010 (ccnm)

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) -

(All dollar amounts are expressed in Canadian currency unless otherwise noted.)

PhosCan Chemical Corp. (TSX:FOS) today released its quarterly results for the period ended October 31, 2010.

PhosCan reported net income of $174,742 for the three months ended October 31, 2010 compared to a net loss of $287,238 for the same period of the previous year. The net loss for the nine months ended October 31, 2010 was $433,791 compared to a net loss of $1,721,494 for the same period of the previous year.

Cash and cash equivalents plus short-term investments were $68,083,976 at October 31, 2010 versus $68,566,048 at January 31, 2010. Working capital was $67,887,235 versus $68,440,606.

Capitalized expenditures on the Martison Project were $87,091,252 at October 31, 2010 as compared to $86,628,497 at January 31, 2010. The Company continues to advance the previously disclosed reduced development program and has recently commenced a program to find a process to profitably recover niobium and rare earths contained in the Martison phosphate deposit.

For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the three and nine months ended October 31, 2010 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.