TORONTO, ONTARIO--(Marketwired - July 5, 2016) - Potash Ridge Corporation (the "Corporation") (TSX:PRK), a near term producer of premium fertilizer in North America is pleased to announce that SNC-Lavalin ("SNC") (TSX:SNC) has been engaged for the first phase of an Engineering, Procurement and Construction (EPC) program for the Valleyfield project, located in Valleyfield, Quebec.
The contract for the Valleyfield project comprises two distinct phases. The first phase is expected to be a four-month process during which SNC-Lavalin will finalize engineering and process drawings, prepare equipment lists, schedule long lead items, and award early vendor works contracts such as the Mannheim furnace package, for a 40,000 tonnes per year sulphate of potash facility, with the potential to increase the size of the facility to 80,000 tonnes per year. The second phase of the project involves procurement and site works, which will occur shortly upon completion of the detailed engineering. The Valleyfield Project is expected to be fully operational by late 2017.
The Corporation is now focused on obtaining the required environmental and construction permits, entering into SOP off-take arrangements, and raising the construction financing.
Potash Ridge recently awarded SNC-Lavalin a development contract for the Corporation's Blawn Mountain project located in Utah, USA to assess the plant design and capacity.
Guy Bentinck, President and Chief Executive Officer, commented: "We are very pleased to continue our long-standing relationship with SNC as our engineering partner on both our Blawn Mountain and Valleyfield projects. SNC's familiarity with our corporate projects will allow for an efficient path to success as we move forward to secure our position as a leading sulphate of potash producer."
About Potash Ridge
Potash Ridge's strategy is to become a premier producer of sulphate of potash or SOP in North America. The Corporation owns two SOP projects: the Valleyfield Project that plans to produce SOP through the Mannheim Process; and the Blawn Mountain Project in Utah that plans to produce SOP by processing an alunite material. Potash Ridge has a highly qualified and proven management team in place with significant financial, project management and operational experience and the ability to take projects into production.
This press release contains forward-looking statements, which reflect the Corporation's expectations regarding future growth, results of operations, performance and business prospects. These forward-looking statements may include statements that are predictive in nature, or that depend upon or refer to future events or conditions, and can generally be identified by words such as "may", "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", "guidance" or similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements are not historical facts but instead represent the Corporation's expectations, estimates and projections regarding future events. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to: the future financial or operating performance of the Corporation and its subsidiaries and its mineral projects; the anticipated results of exploration activities; the estimation of mineral resources; the realization of mineral resource estimates; capital, development, operating and exploration expenditures; costs and timing of the development of the Corporation's mineral projects; timing of future exploration; requirements for additional capital; climate conditions; government regulation of mining operations; anticipated results of economic and technical studies; environmental matters; receipt of the necessary permits, approvals and licenses in connection with exploration and development activities; appropriation of the necessary water rights and water sources; changes in commodity prices; recruiting and retaining key employees; construction delays; litigation; competition in the mining industry; reclamation expenses; reliability of historical exploration work; reliance on historical information acquired by the Corporation; optimization of technology to be employed by the Corporation; title disputes or claims and other similar matters.
If any of the assumptions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such assumptions include, but are not limited to, the following: that general business, economic, competitive, political and social uncertainties remain favorable; that agriculture fertilizers are expected to be a major driver in increasing yields to address demand for premium produce, such as fruits and vegetables, as well as diversified protein rich diets necessitating grains and other animal feed; that actual results of exploration activities justify further studies and development of the Corporation's mineral projects; that the future prices of minerals remain at levels that justify the exploration and future development and operation of the Corporation's mineral projects; that there is no failure of plant, equipment or processes to operate as anticipated; that accidents, labour disputes and other risks of the mining industry do not occur; that there are no unanticipated delays in obtaining governmental approvals or financing or in the completion of future studies, development or construction activities; that the actual costs of exploration and studies remain within budgeted amounts; that regulatory and legal requirements required for exploration or development activities do not change in any adverse manner; that input cost assumptions do not change in any adverse manner, as well as those factors discussed in the section entitled "Risk Factors" in the Corporation's Annual Information Form (AIF) for the year-ended December 31, 2015 found on sedar.com. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.