PhosCan Chemical Corp.
TSX : FOS

PhosCan Chemical Corp.

September 10, 2010 09:00 ET

PhosCan Chemical Announces Results for Quarter Ended July 31, 2010

TORONTO, ONTARIO--(Marketwire - Sept. 10, 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 July 31, 2010.

PhosCan reported a net loss of $18,533 for the three months ended July 31, 2010 compared to a net loss of $704,661 for the same period of the previous year. The net loss for the six months ended July 31, 2010 was $608,533 compared to a net loss of $1,434,256 for the same period of the previous year.

Cash and cash equivalents plus short-term investments were $67,964,276 at July 31, 2010 versus $68,566,048 at January 31, 2010. Working capital was $67,611,268 versus $68,440,606.

Capitalized expenditures on the Martison Project were $87,029,902 at July 31, 2010 as compared to $86,628,497 at January 31, 2010. The Company continues to advance the following aspects of the Martison Project under the reduced development program: bench and pilot plant beneficiation testing of phosphate ore; phosphoric acid pilot plant testing; and taking a majority of the claims surrounding the Martison phosphate deposit to lease.

The Company continues to actively look for attractively priced acquisitions and investment opportunities that would be accretive to shareholders.

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 six months ended July 31, 2010 may be found on SEDAR (www.sedar.com) or the Company's website at www.phoscan.ca.

Contact Information

  • PhosCan Chemical Corp.
    Stephen Case
    President & CEO
    (416) 972-9222
    www.phoscan.ca