IC Potash announces commencement of preparation of the Ochoa Project Prefeasibility Study
02 Février 2011 - 1:00PM
PR Newswire (Canada)
TORONTO, Feb. 2 /CNW/ -- TORONTO, Feb. 2 /CNW/ - IC Potash Corp.
("ICP" or the "Company") (TSXV: ICP; OTCQX: ICPTF) is pleased to
announce the commencement of the Ochoa Project Sulphate of Potash
("SOP") Pre-feasibility Study. Through this study and
concurrent environmental work, the Company will establish the
engineering basisfor the Ochoa Project for mining, processing,
and SOP marketing. This announcement complements
recent operating progress including two successful drill programs,
the establishment of substantial measured and indicated resources,
and the completion of the Preliminary Economic Assessment, which
indicated that the project has a projected Net Present Value of
$1.4 billion with a discount rate of 10% and production level of
660,000 short tons. Mr. Sidney Himmel, President and Chief
Executive Officer of IC Potash stated: "I am very pleased with the
operational progress made to date. We are on plan with our
primary strategic goal to be in production for 2014. To achieve
that, we have assembled an excellent team of accomplished
professionals to complete this study and will now move quickly to
establish the economic engineering parameters for the
Project."
Pre-Feasibility Team: -- Lead Engineering Firm and Project
Manager: The lead engineering firm will be Gustavson Associates,
LLC. of Colorado ("Gustavson"). Gustavson will provide the mining
and processing plans, and initial detailed engineering. Gustavson
is a global consulting firm consisting of mining engineers,
geologists, economists and geophysicists. -- Mineral Processing:
Process optimization and confirmation will be carried out by a team
of highly experienced potash processing chemical engineers. This
highly experienced team has worked with numerous global
corporations as consultants and represents some of the leading
authorities on the processing of potassium salts. Collectively, the
team has over 100 years of experience directly related potash salt
processing. -- Pilot Testing: Hazen Research, Inc. ("Hazen") of
Golden, Colorado, will perform bench scale and pilot process
testing, including the evaluation of prior work carried out by the
Bureau of Mines, and prior corporate pilot plant testing of
polyhalite to SOP processing. The objectives will include the
optimization of SOP recovery, including the minimization of water
usage and required acreage for solar evaporation. Hazen's
professional staff includes over 150 highly trained professionals
in the fields of chemical and metallurgical engineering. Hazen has
internationally recognized expertise in pilot plants, minerals
beneficiation, physical separations, thermal processing, and
hydrometallurgy. -- Hydrology and Environmental Work: The hydrology
work will be managed by Intera Geosciences and Engineering
("Intera") of New Mexico. Intera is highly experienced in water
resource management related to water supply, quality, rights,
transfers, and management. Intera has expertise in the
south-western United States with clients including industry and
state, federal, and municipal agencies, and has expertise in
providing models of hydrologic system conditions. -- Processing
Equipment Design and Selection: This work will be carried out by
FLSmidth, a leading supplier of equipment and services to the
global minerals industry, employing more than 10,000 people
world-wide. Product expertise includes ore feeding, sizing,
crushing, and milling, automation and control systems including mix
optimization, conveyor engineering, and expertise in emissions and
water systems. -- Rock Mechanics: This work will be carried out by
Advanced Terra Testing of Colorado ("ATT"). ATT has expertise in
the provision of physical test data for mining engineering projects
word wide, including rock mechanics and geosynthetics. -- SOP
Marketing and Pricing: This work will be carried out by CRU. CRU,
formerly known as British Sulphur Consultants, is the leading
business consultancy and publisher for the fertilizer and chemical
industries. The company forecasts fertilizer markets
internationally. CRU has established a worldwide reputation in
minerals and chemicals consulting over a period of 50 years. Randy
Foote, Chief Operating Officer of the Company stated: "With the
team of engineering, hydrological, processing, and marketing
professionals in place, I am fully confident that we are on the
right path towards the development of a major Sulphate of Potash
production facility. We believe that this study should be
completed within approximately 9 months. I am very excited to
be managing the engineering planning and design with this team of
professionals, with many of whom I have worked with in the
past in potash production." 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. About IC Potash Corp. IC Potash intends to
become a primary producer of Sulphate of Potash ("SOP") by mining
its 100%-owned Polyhalite 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 over 40% to MOP. ICP is focused on being the lowest cost
producer of SOP in the world. The SOP market is approximately six
million tonnes per year and 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, such as for
example in China, India, the Mediterranean, and the United States.
ICP's Ochoa property consists of over 100,000 acres of federal
subsurface potassium prospecting permits and State of New Mexico
Potassium mining leases. 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 ICP, 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. To view this
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pbPlease visit/ba font-weight="bold" /aa
href="http://www.icpotash.com/"
font-weight="bold"www.icpotash.com/abor contact: Sidney Himmel,
1-416-624-3781/b/p
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