PhosCan Chemical Corp.
TSX VENTURE : FOS

PhosCan Chemical Corp.

August 05, 2008 09:17 ET

PhosCan Announces Appointment of Executive Vice President, Operations and Projects

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2008) - PhosCan Chemical Corp. (TSX VENTURE:FOS) is pleased to announce the appointment of Mr. Ian Pritchard as Executive Vice President, Operations and Projects of the Company.

Mr. Pritchard was most recently Senior Vice President, Projects for De Beers Canada Inc. where he oversaw the development and engineering for the Victor and Snap Lake diamond mines. Prior to joining De Beers Canada, he was Senior Vice President and General Manager with SNC-Lavalin Engineers & Constructors Inc. overseeing the execution of projects. In 1981 Mr. Pritchard moved to South Africa to work for the state power company where he held various operational, technical and managerial positions. He moved to Botswana and into the mining industry in 1991, joining BCL Limited as a Project Manager. Mr. Pritchard relocated to Canada in 1996 and prior to joining DeBeers Canada in 2007 held project management and general management positions within various engineering procurement construction management services companies. He holds a Mechanical Engineering Diploma from Watford Technical College in England.

"We are pleased to welcome Ian to the PhosCan team", commented PhosCan's President and CEO, Stephen Case. "Ian brings a wealth of project management experience with him from around the world, including his very recent experience with the De Beers Canada projects in northern Canada. As we work to complete a bankable feasibility study on the Martison Project and prepare for construction, Ian's experience will be invaluable."

PhosCan has granted Mr. Pritchard stock options to purchase up to 400,000 common shares of the Company. The exercise price of each stock option granted is $1.25 per common share, which was the closing price of the Company's common shares on the TSX Venture Exchange on August 1, 2008. Each stock option has a five year term and is subject to vesting restrictions and the provisions of the Company's stock option plan.

About PhosCan

PhosCan is engaged in the development of the Martison Phosphate Project, which consists of the Martison Phosphate Deposit and a planned phosphate mine, beneficiation plant, phosphoric acid plant and solid fertilizer production facility. The Martison Deposit is located 70 kilometres north of Hearst, Ontario. If the Martison Project is successfully developed, phosphate ore from the mine will be processed into a concentrate in the beneficiation plant. The concentrate will be transported by slurry pipeline to a phosphoric acid plant near Hearst where it will be combined with sulphuric acid to produce phosphoric acid. Sulphuric acid is expected to be sourced either from existing nearby base metal smelters or a sulphuric acid plant which would be built by the Company. PhosCan will further process the phosphoric acid into superphosphoric acid (SPA) and/or mono-ammonium phosphate (MAP) fertilizer which will be sold to fertilizer dealers serving the agricultural regions of western Canada and mid-western United States. The Company's proposed operations will be strategically located in proximity to these target markets with ready access to excellent infrastructure including rail, power and labour.

In May 2008, PhosCan received the results of a pre-feasibility study on the Martison Project which concluded that the Company should proceed immediately with a bankable feasibility study of the Martison Project. The pre-feasibility study is summarized in an N.I. 43-101 compliant technical report entitled "Martison Phosphate Project Preliminary Feasibility Study" dated May 16, 2008, which is available on SEDAR (www.sedar.com) and on PhosCan's website at www.phoscan.ca.

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

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 972-9222
    or
    PhosCan Chemical Corp.
    James Pringle
    CFO
    (416) 972-9222
    Website: www.phoscan.ca