TORONTO, Dec. 20, 2011 /PRNewswire/ - IC Potash Corp. ("ICP" or the "Company") (TSX: ICP) (OTCQX: ICPTF) is pleased to announce the appointment of Ms. Terre Lane as Senior VP of Engineering and Project Management. Ms. Lane will be responsible for the execution of the bankable feasibility study for the Company's 100%-owned Sulphate of Potash ("SOP") Ochoa Project (the "Project") in southeast New Mexico. Ms. Lane is a highly recognized mining engineer with 28 years of mining engineering experience. Ms. Lane has played lead roles in nine bankable feasibility studies and 35 pre-feasibility studies. During her career, she has been involved with the establishment of over 30 fully operational mines.
Mr. Sidney Himmel, CEO of ICP, commented: "We are delighted to have Terre Lane join us as the senior mining engineer for the Ochoa project. She is an established mine builder with proven technical and managerial capabilities. Ms. Lane will play an integral role in leading the execution of the Ochoa Project's bankable feasibility study. On behalf of the ICP staff and the Board of Directors, I personally welcome Ms. Lane to our team."
Ms. Lane has significant experience leading technical teams in mine development and construction, including surface and underground mining, mineral processing, and logistics. Her previous experience includes leading the bankable feasibility study for the Lisheen lead/zinc project for Minorco, a mine of similar scale to the one planned for the Ochoa Project, with a capital cost of over $500 million. Prior to joining ICP, Ms. Lane was a senior mining engineer with Gustavson Associates, LLC, a global mining consulting firm consisting of geologists and mining engineers. In this capacity, Ms. Lane was responsible for managing multiple teams and projects. Ms. Lane holds a Bachelor of Science in Mining Engineering from Michigan Technological University and is an MMSA Qualified Person.
About IC Potash Corp.:
ICP intends to become a primary producer of Sulphate of Potash ("SOP") and Sulphate of Potash Magnesia ("SOPM") by mining its 100%-owned Polyhalite Ochoa property in New Mexico, a highly advanced mineral deposit containing proven and probable reserves of more than 400 million tons of ore within the proposed mine plan. SOP is a non-chloride based potash fertilizer that sells at a substantial premium over the price of regular potash known as Muriate of Potash ("MOP"). MOP contains chloride and is therefore not the optimal potash for numerous crops and in situations where there is high soil salinity. ICP is focused on becoming the lowest cost producer of SOP in the world. The SOP market is towards six million tonnes per year. SOP is a significant fertilizer in the fruit, vegetable, tobacco, potato, and horticultural industries. SOP is also applicable in soils where there is substantial agricultural activity with varieties of crops and therefore where the salinity of the soil has increased, and in areas where soils are dry. SOPM is a highly desirable potash product for soils with magnesium deficiency, including those found in Europeand Southeast Asia and has a total global market size of over one million tonnes. 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.
SOURCE IC Potash Corp.
