Potash North Resource Corporation Announces $25 Million Private Placement of Units at $2.50

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Potash North Resource Corporation (TSX VENTURE:PON) (the "Company") is pleased
to announce that further to its press release dated June 9, 2008, it has entered
into an agreement with a syndicate of agents led by Canaccord Capital Corp. and
including GMP Securities L.P., National Bank Financial Inc., Wellington West
Capital Markets Inc., Genuity Capital Markets and Salman Partners Inc.
(collectively, the "Agents") whereby the Agents agree to act as the Company's
agent on a "reasonable best efforts" basis to complete a private placement
offering of 10,000,000 units (the "Units") at a price of $2.50 per Unit for
gross proceeds of approximately $25,000,000. Each Unit is comprised of one
common share and one common share purchase warrant, with each warrant entitling
the holder to acquire one common share of the Company at $4.00 per share for a
period of 24 months. The Company has granted the Agents an over-allotment option
to solicit an additional 2,000,000 Units, for additional proceeds of up to
$5,000,000, exercisable 48 hours prior to closing. In addition, Potash One Inc.
(TSX VENTURE:KCL) has rights to subscribe for up to 20% of the Units sold under
the offering, which would entitle them to acquire up to a further 3,000,000
Units for further proceeds of up to $7,500,000.


The offering is expected to close on or about July 7, 2008 and is subject to
certain conditions, including regulatory approval.


Net proceeds from the offering will be used to fund the exploration, evaluation
and potential development of the Company's KP416 and KP417 potash permits in
Saskatchewan and for general corporate purposes.


The Agents will be paid a cash commission of 6% and warrants to purchase the
number of Units equal to 6% of the number of Units sold in the offering. In
addition, a financial advisory fee of up to $600,000 will be paid to Peninsula
Merchant Syndications Corp., a company controlled by Sam Magid, for investment
and consulting services related to the offering.


The securities being offered have not, nor will they be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S. registration
requirements. This release does not constitute an offer for sale of securities
in the United States.


ON BEHALF OF THE BOARD

Potash North Resource Corporation

David Baker, President

This news release does not constitute an offer to sell or solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press
release relative to markets about anticipated future events or results
constitute forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek", "anticipate",
"believe", "plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur or be achieved
and other similar expressions. Forward-looking statements are subject to
business and economic risks and uncertainties and other factors that could cause
actual results of operations to differ materially from those contained in the
forward-looking statements. Forward-looking statements are based on estimates
and opinions of management at the date the statements are made. The Company does
not undertake any obligation to update forward-looking statements even if
circumstances or management's estimates or opinions should change. Investors
should not place undue reliance on forward-looking statements.

Potash North Resource (Tier2) (TSXV:PON)
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