PhosCan Chemical Corp.
TSX : FOS

PhosCan Chemical Corp.

April 27, 2011 15:35 ET

PhosCan Chemical Announces Results for Year Ended January 31, 2011

TORONTO, ONTARIO--(Marketwire - April 27, 2011) -

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

PhosCan Chemical Corp. (TSX:FOS) today released its results for the year ended January 31, 2011.

PhosCan reported a net loss of $290,307 for the year ended January 31, 2011 compared to net income of $347,027 for the previous year. Net income for the three months ended January 31, 2011 was $143,484 compared to net income of $2,068,521 for the same period of the previous year.

Cash and cash equivalents plus short-term investments were $67,904,058 at January 31, 2011 versus $68,566,048 at January 31, 2010. Working capital was $67,890,731 versus $68,440,606.

Capitalized expenditures on the Martison Project were $87,289,650 at January 31, 2011 as compared to $86,628,497 at January 31, 2010. The Company continues to advance the bench and pilot plant beneficiation testing of phosphate ore from the Martison Project and phosphoric acid pilot plant testing. Subsequent to year end, the Company elected to pay an $812,800 fee-in-lieu of additional claim assessment work to complete its application to take a majority of the claims surrounding the Martison phosphate deposit to lease.

During the year the Company announced that it was commencing a program to find a process to profitably recover niobium and rare earths contained in the Martison Deposit. If successful and the recoverable niobium and/or rare earths yield a sufficiently large by-product credit, PhosCan may consider developing the Martison Project as a stand-alone phosphate concentrate producer. Operating and capital costs for the Martison Project could be significantly lower under this development scenario.

For a more complete review of the Company's results, copies of PhosCan's financial statements and management's discussion and analysis for the year ended January 31, 2011 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