PotashCorp Raises Quarterly Guidance And Announces Increase in Canpotex Forecast Listed: TSX, NYSE Symbol: POT SASKATOON, SK, Sept. 14 /PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that Canpotex Limited, the offshore sales association for Saskatchewan potash producers, has once again increased its 2004 forecast for offshore sales from a record 7.5 million tonnes to 7.65 million tonnes. This is 1.32 million tonnes above last year's sales volumes. In addition to this sales forecast increase, Canpotex expects to pull a total of 7.85 million tonnes from its members in 2004 to ensure adequate inventory levels going into 2005. PotashCorp supplies 54.2 percent of all Canpotex sales. In response to demand, PotashCorp will be bringing on a fourth shift at its Allan mine by the beginning of November. This is in addition to the fourth shift that was added at Lanigan in June of this year. These extra shifts will add approximately 1.2 million more tonnes on an annual basis. Business conditions are surpassing the company's original expectations for the quarter. As a result, earnings are now expected to be between $0.65 and $0.75 per share on a post-split basis for the third quarter rather than the most recent guidance of $0.50 to $0.60. Continuing strong potash markets and higher than anticipated nitrogen prices are the business drivers for this increase in earnings guidance. The company will update its annual guidance with its third-quarter results. "The potash markets continue to be robust, with increasing demand from Latin America and Asia," said Bill Doyle, PotashCorp President and CEO. "With the rest of the potash industry operating at or close to capacity, the world is turning to us with our excess capacity. We have the unique ability to rapidly bring up some of this capacity by adding another shift and can quickly respond to the growing demands of the tight global potash market." Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer enterprise producing the three primary plant nutrients and a leading supplier to three distinct market categories: agriculture, with the largest capacity in the world in potash, fourth largest in phosphate and third largest in nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as the largest global producer of industrial nitrogen products and one of only three North American suppliers of industrial phosphates. This release contains forward-looking statements, which involve risks and uncertainties, including those referred to in the company's annual report to shareholders for 2003 and in filings with the U.S. Securities and Exchange Commission. A number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, fluctuation in supply and demand in fertilizer, sulfur and petrochemical markets; changes in competitive pressures, including pricing pressures; risks associated with natural gas and other hedging activities; changes in capital markets; changes in currency and exchange rates; unexpected geological or environmental conditions; and government policy changes. DATASOURCE: Potash Corporation of Saskatchewan Inc. CONTACT: Betty-Ann Heggie, Senior Vice President, Corporate Relations, Phone: (306) 933-8521, Fax: (306) 933-8844, E-mail: , Web Site: http://www.potashcorp.com/

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