IC POTASH FILES 43-101 PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT FOR OCHOA PROJECT AND PROVIDES CORPORATE UPDATE
17 1월 2011 - 9:00PM
PR Newswire (Canada)
TORONTO, Jan. 17 /CNW/ -- TORONTO, Jan. 17 /CNW/ - IC Potash Corp.
("IC Potash" or the "Company") (TSXV: ICP; OTCQX:ICPTF) is filing
today on SEDAR (www.sedar.com) a Canadian National Instrument
43-101 compliant Preliminary Economic Assessment Technical Report
of the Company's 100 % - owned Ochoa Sulphate of Potash ("SOP")
Project (the "Preliminary Economic Assessment" or "PEA"). The
project is located in south east New Mexico. The PEA report,
entitled NI 43-101 Technical Report on the Polyhalite Resources and
Updated Preliminary Economic Assessment of the Ochoa Project was
prepared by Gustavson Associates of Lakewood, Colorado
("Gustavson"). Other corporate update information: --
Bulk sampling program commenced; -- Pre-feasibility study to
commence imminently; -- Environmental work to commence in first
quarter; and -- Stock options awarded. The bulk sampling program
has commenced. Metallurgical testing and optimization will commence
this January using the potash resource previously obtained.
Testing will include the optimization of calcination, leaching,
solar evaporation and crystallization procedures. Testing
will be carried out by Hazen Research, Inc. of Golden
Colorado. Hazen has completed over 10,000 projects for
clients, including pilot and demonstration plants and has expertise
in industrial minerals processing, as well as in mineral
hydrometallurgy, pyrometallurgy, inorganic chemicals, and
commercial metals. "The completion of the report, which was
announced on January 5 of this year, is a major achievement for IC
Potash," Mr. Sidney Himmel, the President and Chief Executive
Officer of the Company, stated. "We are finalizing the
assembly of the team to prepare the Pre-Feasibility Study. It
is estimated that this study will require nine months to complete
at an estimated cost of $3 million. Our mission is to develop
a long-life, low cost mine to produce SOP, the premium quality
potash of the world. We continue to move rapidly in that
direction. The recommendations of the PEA include the
completion of a pre-feasibility study, the commencement of
environmental permitting work, and the obtaining of a sufficient
bulk sample for metallurgical testing and process
optimization. We are moving rapidly in all these directions
with the goal of being one of the first junior companies to put a
potash mine into production. And in this case it is based on
SOP, the world's quality potash which is sold at a premium
price". As previously reported, 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. Summary data for the project are: --
Internal rate of Return of 25% on a pre-tax basis based on a 100%
equity case; -- Net Present Value of US $1.4 billion using a
pre-tax discount rate of 10% and no debt; -- Net Present Value of
US$2.1 billion using a pre-tax discount rate of 8% and no debt; --
Operating production cost of US$164 per ton of SOP; -- Capital cost
of $662 million which includes a general contingency of $97 million
and engineering and procurement and management costs of $48
million; -- Measured mineral resource of 239,000,000 tons at a
grade of 82.7% polyhalite equivalent to 23.4% Sulphate of Potash,
and 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. -- Underground mining at a rate
sufficient to produce 3.29 million tons of ore per year; -- Average
mining extraction rate of 85%; -- Average metallurgical recovery of
85% -- Mine life of 40 years; -- The SOP sales price forecasts were
provided by CRU, formerly known as British Sulphur Consultants. SOP
prices for 2015 were forecast at $508 per short ton and
subsequently varied upwards and downwards for projected
macroeconomic trends and anticipated changes in SOP supply and
demand. For 2025 and thereafter a price of $717 per short ton is
used in the projections. -- While the project has the potential to
produce SOP and other fertilizer minerals such as Magnesium
Sulphate, the study included only SOP as this fertilizer mineral is
readily marketable in a very robust market. The PEA contains
information on resource, proposed mining methods, mineral
processing, hydrology, and entry into the Sulphate of Potash
markets. All scientific and technical disclosures in this
press release have been prepared under the supervision of William
J. Crowl, a consultant to IC Potash who is a Qualified Person
within the meaning of National Instrument 43-101. The
Qualified Persons in respect of the Preliminary Economic Assessment
were William J. Crowl, R.G., Donald E. Hulse, P.E., Terre A. Lane,
MAusIMM, Deepak Malhotra, MAusIMM. The PEA is
preliminary in nature. Although the PEA includes measured and
indicated mineral resources, it also includes inferred mineral
resources which are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty
that the projections in the PEA will be realized. Awarding of
Stock Options: The Company granted on January 13, 2011, at a board
meeting held after close of business, 700,000 options to acquire
common shares of the Company (the "Options") pursuant to the stock
option plan of the Company and subject to regulatory
approval. The Options were granted to an officer and to a
consultant to the Company. The Options expire on January 13,
2016 and have an exercise price of $1.42, the closing price of the
stock on the TSXV prior to the grant. Forward-Looking
Statements 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. 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. About
IC Potash 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. To view
this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/17/c2878.html
pplease visit a
href="http://www.icpotash.com/"www.icpotash.com /aor contact
Sidney Himmel at 1-416-624-3781/p
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