Athabasca Potash Inc.
TSX : API

Athabasca Potash Inc.

August 06, 2009 08:30 ET

Athabasca Potash Appoints New President and CEO

SASKATOON, SASKATCHEWAN--(Marketwire - Aug. 6, 2009) - Athabasca Potash Inc. ("API" or the "Company") (TSX:API) is pleased to announce the appointment of Mr. Robert T. Boyd as the Company's new President and Chief Executive Officer. Mr. Boyd's appointment is effective immediately. He has also been appointed to API's Board of Directors.

Jim Gardiner, Chairman of the Executive Committee of the Board of Directors stated, "We are extremely pleased to have Robert Boyd join our team at Athabasca Potash. Robert is a solid, experienced chief executive from the Canadian mining sector. He has the qualifications now needed to take the Company successfully forward as we move to advance development of the Burr Project towards feasibility, financing and either a strategic alliance with an established global industry player or an alternative strategic transaction."

Mr. Boyd brings strong mining industry management and governance credentials, to API. Mr. Boyd is currently Lead Director of Peregrine Diamonds Ltd., Chairman of True North Gems Inc., and serves on several other corporate and mining association boards. He was formerly Chief Executive Officer of Ashton Mining of Canada Inc. from 2000 to 2007. Prior to joining Ashton, Mr. Boyd was a Partner and Principal in Geographe International, a boutique mining advisory firm providing strategic joint venture, mergers & acquisitions and technical advisory services to mining companies. He spent over a decade with Homestake Mining Co., as Director, Canadian Exploration and later Vice President Exploration of Homestake Canada Limited, where he was responsible for Homestake's Canadian exploration, financial and administrative group. Mr. Boyd holds a degree in Geology from the University of Western Ontario.

His background includes more than 30 years of experience in corporate management, project development, mergers and acquisition evaluations and preparation of feasibility studies. Mr. Boyd's appointment will also strengthen the API's contacts in the capital markets, as he brings with him good relationships with industry analysts and investors.

"Joining API is an exciting opportunity," said Mr. Boyd. "The Company has made great progress in positioning itself as a possible low-cost conventional potash producer. The Burr Project is a "best-in-class" project supported by a strong board and excellent professional team and staff. I look forward to working with this team and its advisors to move the Burr Project through the completion of its pre-feasibility and feasibility studies and, at the same time, continuing to evaluate the range of strategic options for the Company that will deliver value for our shareholders."

The targeted mining members of the Burr Project, including both the Upper Patience Lake ("UPL") and Lower Patience Lake ("LPL") Sub-Members, contain Measured Mineral Resources of 125,800,000 tonnes at a grade of 21.27% potassium oxide ("K2O"), Indicated Mineral Resources of 299,000,000 tonnes at a grade of 23.07 % K2O, and Inferred Mineral Resources of 186,900,000 tonnes at a grade of 23.55% K2O. Mineral resources do not have demonstrated economic viability. Susan Lomas, P.Geo. of Lions Gate Geological Consulting Inc., is the Qualified Person (as defined by NI 43-101) for having prepared the mineral resource estimates and scientific and technical information in this press release and has reviewed the results reported herein. For more scientific and technical information relating to the estimated mineral resources for the Burr Project, please refer to API's press release dated May 29, 2009 and the technical report entitled NI 43-101 Technical Report for a Resource Estimation on the Burr Project, Athabasca Potash Inc., Saskatchewan, Canada, with an effective date of September 18, 2008 (the "Technical Report"). The May 29 press release and the Technical Report are available at www.sedar.com or www.athabascapotash.ca.

About Athabasca Potash Inc.

API is a Canadian-based corporation and was founded with a goal of establishing itself as a pre-eminent Canadian public company engaged solely in potash exploration and development with focus on the Company's wholly owned Burr Project in Saskatchewan, and to provide its shareholders with a unique investment opportunity focused entirely on potash.

Caution Regarding Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements with respect to the Company's strategic review process and its ongoing pre-feasibility study on the Burr Project. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of API, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, exploration risks, lack of historic drill hole documentation, challenges or impairments to title, the negotiation of access to certain potash mineralization, permitting requirements, governmental regulations, aboriginal land use, environmental risks and competition in attracting and retaining personnel. In addition, the forward-looking information contained in this press release is based upon what management believes to be reasonable assumptions, including, but not limited to, assumptions regarding the mining and processing methods to be used in connection with any future development at the Burr Project, mining and processing costs, transport costs, minimum mining widths, metallurgical recovery rates, the long term price of potash, the bulk density of potash mineralization and the estimated extraction ratio. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, API undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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