PotashCorp Declares Quarterly Dividend and Announces Potash Engineering Design Work Listed: TSX, NYSE Symbol: POT SASKATOON, SK, Nov. 17 /PRNewswire-FirstCall/ -- Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that its Board of Directors has declared a quarterly dividend of US $0.15 per share payable February 14, 2005 to shareholders of record January 24, 2005. In addition, the Board reviewed the long-term potash outlook, keeping in mind the company's commitment to match supply to market demand. With a view to having the ability to operate at full stated capacity within three years, it approved engineering design work for several alternative Saskatchewan projects which will be evaluated against an expansion in New Brunswick, with the goal of selecting an optimum mix of projects. There is already ongoing engineering work at the Picadilly potash site in New Brunswick. Picadilly was discovered while drilling for natural gas in 2001 and is adjacent to the existing New Brunswick potash mine. 3-D seismic work covering an area of approximately 43.4 square kilometres (16.8 square miles) is currently being conducted there. New Brunswick is a lower-tax jurisdiction than Saskatchewan and with its shorter sailing time is ideally situated to serve Brazil, the company's largest offshore customer and one of the fastest growing potash markets in the world. Another advantage is that distribution capability, including port infrastructure, is already in place in New Brunswick to handle an increase in capacity. "We have been very patient in bringing on our excess capacity and with our clear-cut advantage in potash, we can bring on this additional tonnage cheaper and more quickly than any other producer in the world," said Bill Doyle, President and CEO. 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 and third largest in phosphate and nitrogen; animal nutrition, with the world's largest capacity in phosphate feed ingredients; and industrial chemicals, as one of the largest global producers of industrial nitrogen and industrial phosphate products. 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 and Canadian provincial securities commissions. 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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