IC Potash Corp. Initiates Environmental Permitting Work on Ochoa Project
11 Abril 2011 - 8:00AM
PR Newswire (Canada)
TORONTO, April 11 /CNW/ -- TORONTO, April 11 /CNW/ - IC Potash
Corp. ("ICP" or the "Company") (TSXV:ICP, OTCQX: ICPTF) announced
today the commencement of the environmental permitting work
necessary to open and operate the Ochoa Sulphate of Potash mining
project located in Lea County, southeast New Mexico. Sidney Himmel,
President and Chief Executive Office of the Company stated: "We are
very pleased to announce the start of the environmental analysis to
ensure that the needs of all stakeholders are met as we move
towards the completion of bulk sampling, metallurgical testing, and
the commencement of engineering planning, including process
optimization, mine location selection, equipment and process
selection, and all related logistics. The commencement of
detailed environmental work is a significant milestone for the
Company as we progress towards the building of a world class
Sulphate of Potash production facility." Under the National
Environmental Policy Act ("NEPA"), the United States' Department of
Interior Bureau of Land Management ("BLM") requires an
Environmental Impact Statement ("EIS") as part of approving mine
plan operations. The EIS is a detailed report compiled by the
BLM that outlines environmental and social aspects of the proposed
mine plan and analyzes possible alternatives. In support of the
EIS, the Company has initiated the collection of baseline
environmental data that will be used to characterize the existing
environment in the project area. Baseline environmental work will
include the collection of data related to water resources,
wildlife, vegetation, cultural resources, air quality,
socioeconomic resources, and other resources identified by the BLM
and project stakeholders. The data will be used to evaluate the
potential impacts to the natural, physical, and human environment
associated with the proposed mining operations. ICP has begun
data collection efforts for biological and water resources.
The company has also begun an assessment of air quality. ICP has
contracted with INTERA Geosciences and Engineering of Albuquerque,
New Mexico to manage the environmental permitting process and lead
the team of specialized scientists and engineers that will complete
the work. INTERA is an international geoscience and
engineering consulting firm with over 110 employees and offices in
the United States, France and Switzerland. Established in
1974, INTERA has a thirty-seven year history of providing
environmental and water resources services. The Project Manager for
INTERA, Mr. Peter Castiglia, is a Senior Hydrogeologist with
experience in managing EIS, water-supply development projects and
baseline studies for permitting mining operations. The Company is
also working with Walsh Environmental Scientists and Engineers, LLC
("Walsh"). Walsh's services include mine permitting, NEPA
compliance, renewable energy, and oil and gas, as well as a variety
of services to government and industry including engineering,
remediation, ecological investigations, permitting and compliance,
and site assessment. Certain information set forth in this
news release may contain forward-looking statements that involve
substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of the
Company, including, but not limited to, risks associated with
mineral exploration and mining activities, the impact of general
economic conditions, industry conditions, dependence upon
regulatory approvals, and the uncertainty of obtaining additional
financing. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on forward-looking statements.
About the Ochoa Project As previously reported in the recent
Preliminary Economic Assessment ("PEA"), the Ochoa project contains
a Measured mineral resource of 239,000,000 tons at a grade of
82.7% polyhalite, equivalent to 23.4% Sulphate of Potash, and an
Indicated resource of 461,000,000 tons at a grade of 82.4%
polyhalite, equivalent to 23.4 % Sulphate of Potash, each of
which with a cut-off thickness of 5 feet. The PEA projects a base
case production level of 660,000 tons per year of SOP, a mine life
of 40 years and a capital cost of $662 million. Operating
cost is projected to be $164 per ton. All dollars are in
United States currency. Mineral resources that are not mineral
reserves do not have demonstrated economic viability. About IC
Potash Corp IC Potash intends to become a primary producer of
Sulphate of Potash ("SOP") by mining its 100%-owned potash Ochoa
property in New Mexico. SOP is a non-chloride based potash
fertilizer that sells at a substantial premium over the price of
Muriate of Potash ("MOP"), the most widely used fertilizer in the
world. Typically SOP sells at a premium of 50% to MOP. ICP is
focused on being the lowest cost producer of SOP in the world. The
SOP market is six million tonnes per year. SOP is a
significant fertilizer in the fruit, vegetable, tobacco, potato,
and horticultural industries, and for agriculture in saline and dry
soils and soils in which there is much agriculture with varieties
of crops. Much of the agricultural soil in China, India, and
the United States is salty. ICP's Ochoa property consists of over
100,000 acres of federal subsurface potassium prospecting permits
and State of New Mexico Potassium mining leases. NEITHER THE TSX
VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. To
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p please visit a
href="http://www.icpotash.com"www.icpotash.com/a or contact Sidney
Himmel at 416-624-3781 or 575-993-2758 /p
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