Potash One Inc.
TSX : KCL

Potash One Inc.

September 15, 2009 08:45 ET

Potash One Submits Project Proposal for Its Legacy Project to Saskatchewan Ministry of Environment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Potash One Inc. (TSX:KCL) (the "Company" or "Potash One") is pleased to announce that it has submitted its project proposal (the "Project Proposal") to the Ministry of Environment of the Province of Saskatchewan (the "Ministry"). The Project Proposal was filed electronically on September 11, 2009 and represents the first formal step towards obtaining environmental approval for Potash One's Legacy potash solution mining project in Saskatchewan, Canada.

The lead regulator for Saskatchewan potash projects is the Ministry of Environment. The process, defined by the Ministry, formally begins with the submission of a project proposal. Based on the information contained in a project proposal, project-specific guidelines are provided to the proponent by the Ministry, which serve to focus the environmental assessment activities for the project. Potash One's environmental assessment activities will culminate with the submission of the Environmental Impact Statement (EIS). The EIS will form the basis for environmental approval of the project; an approval required before construction licensing may be obtained.

It is important to note, that while the Project Proposal is the first formal step in the assessment process, Potash One and its specialized consultants have been actively collecting environmental baseline data, carrying environmental assessment activities and engaging stakeholders for over 18 months. Potash One elected to take this comprehensive and proactive approach to the Project Proposal based on the experience and leadership of its environmental consultant Golder Associates of Saskatoon. Their experience has found that where the Project Proposal contemplates and addresses fully all the relevant issues and is transparent, it facilitates a full and complete assessment of the project in the Regulator's initial review. This can result in a smoother and more expedient review and approval process for Potash One. Potash One believes its Legacy Project and the design work completed to date is environmentally sound and looks forward to working with the Ministry to obtain environmental approval.

Paul F. Matysek, President and CEO of Potash One Inc., commented: "The submission of the Project Proposal for Legacy is a key corporate milestone. It has taken significant resources to arrive at this point, however, Potash One's commitment to being thorough on environmental matters demands a significant level of investment and effort. Environmental stewardship and sensitivity along with open and transparent dialogue with the regulators will continue to be a part of our corporate mandate as an emerging potash producer. From a project development perspective, the submission of the Project Proposal initiates the formal environmental assessment process, leading to construction licensing. We now look forward to working with the regulators to obtain the required licenses and to Legacy becoming the first new potash production facility in Saskatchewan in over 40 years."

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 well-funded TSX-listed Canadian resource company engaged in the exploration and development of advanced potash properties amenable to solution mining. The Company owns a 100% interest in the 97,240 acre Legacy Project which has a NI 43-101 compliant Measured Resource of 29 million tonnes of recoverable KCl, Indicated Mineral Resource of 222 million tonnes of KCl and an Inferred Mineral Resource of 852 million tonnes of KCl. The Company has recently completed a pre-feasibility study with SNC-Lavalin with robust economics at current potash pricing. The Legacy Project is adjacent to the largest producing solution potash mine in the world. The Company also owns more than 515,000 acres of Potash Subsurface Exploration Permits in Saskatchewan, Canada.

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. The Company does not assume the obligation to update any forward-looking statement. There are numerous risks and other factors that will influence a development decision, including concluding resource evaluations on mineral properties, extraction and processing design limitations, financing requirements, permitting risks and economic factors, all of which may be beyond the control of the Company.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Potash One Inc.
    Paul F. Matysek, M.Sc., P.Geo.
    President and Chief Executive Officer
    (604) 331-4431
    (604) 408-4799 (FAX)
    Email: info@potash1.com
    Website: www.potash1.com