Potash One has funds for greenfield project

07 October 2008 15:23  [Source: ICIS news]

TORONTO (ICIS news)--Potash One has sufficient funds as it remained committed to its greenfield potash project in Canada’s Saskatchewan province even in the ongoing global financial and credit crisis, it said on Tuesday.

 

“Despite the current challenging financial market conditions, the company has sufficient funds to meet its corporate objectives for 2008 and 2009," said CEO Paul Matysek.

 

“The company is in the due diligence phase with a number of strategic partners with the objective of structuring an operational and/or financial partnership for the rapid development of the legacy project,” he added.

 

The fundamentals for a greenfield potash solution mining opportunity in Saskatchewan continued to be strong, Matysek said.

 

Solution mining offered lower capital costs, shorter timelines to production and significantly reduced technical risk in mining when compared with conventional potash mining techniques, he added.

 

Potash One's share price was up 4.5% to Canadian dollars (C$) 1.17 in early morning trading in Toronto. This compares with a 52-week high of C$6.25 in July.

 

($1 = C$1.10)

 

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By: Stefan Baumgarten
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