Potash One Completes Acquisition of Remaining Interest in KP289 Potash Permit
25 July 2008 - 2:47AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: KCL) is pleased to
announce that it has completed the acquisition of the remaining 75%
interest in Potash Permit KP289 (the "Legacy Project") through the
purchase of all of the issued and outstanding shares of Invictus
Minerals Corporation, a private company. Potash One previously
acquired its initial 25% interest in the Legacy Project pursuant to
an option agreement dated May 10, 2006, as amended May 15, 2007.
The Company paid $3,250,000 in cash for the shares of Invictus,
which is the same as the cash value of the consideration payable
under the option agreement. The shares were purchased from a group
of eleven individuals, all of whom are at arms length to the
Company.
Paul F. Matysek, President and Chief Executive Officer of Potash
One Inc., said: "This transaction combined with the previously
completed acquisitions of KP355, KP356 and KP357 gives Potash One,
one hundred per cent ownership of over 300,000 acres in the
immediate vicinity of the world's largest producing potash solution
mine, Belle Plaine in southern Saskatchewan."
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul F. Matysek, M.Sc., P.Geo., President and Chief Executive
Officer
About Potash One Inc.
Potash One Inc. is a Canadian resource company engaged in the
identification, acquisition, exploration and development of
advanced solution mine amenable potash properties. The Company owns
100% of a 97,240 acre Potash Subsurface Exploration Permit in
Saskatchewan, Canada (the "Legacy Project"). The Legacy Project was
previously explored by Imperial Oil Ltd. (now Exxon) and Lumsden
Potash Corporation and is adjacent to the largest producing
solution potash mine in the world. In addition, the Company owns
100% of three other Potash Subsurface Exploration Permits over
230,000 acres that are contiguous to the Legacy Project. The
Company has a NI 43-101 compliant resource, a solid balance sheet,
and experienced technical and corporate management to advance the
Legacy Project to the next stage.
Contacts: Potash One Inc. Paul F. Matysek, M.Sc., P.Geo.
President and Chief Executive Officer (604) 331-4431 (604) 408-4799
(FAX) Email: info@potash1.com Website: www.potash1.com
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