TORONTO, Dec. 17 /CNW/ -- Trigon Uranium Corp. ("Trigon" or the "Company") (TSXV: ICP) announced today that following the previously announced acquisition of Intercontinental Potash Corp, a wholly owned subsidiary, the Company has filed articles of amendment to change its name to IC Potash Corp ("ICP"). The Company believes that its new name, IC Potash, better reflects its current vision and strategy: the development of its Ochoa Sulphate of Potash project in Lea County, New Mexico. It is anticipated that the Company will begin trading under its new name on the TSX Venture Exchange ("TSX-V"), at the open on Thursday, December 17, 2009 under the new stock symbol "ICP".
"With a robust mining project underway, we believe that ICP is well-positioned to capitalize on a significant opportunity to distribute premium priced sulphate of potash and maximize our position within the potash market. We are on track to complete our first stage of exploration in the first quarter of 2010," said Sidney Himmel, President and CEO of IC Potash Corp.
As previously announced on December 4, 2009, ICP has completed the private placement financing in the amount of approximately $7.136 million. The proceeds of the financing will be used to: complete the phase I and phase II exploration drilling programs, to finalize the prefeasibility study (expected in the third quarter of 2010) and for general working capital.
In order to expand and define the resource estimate contained in the Company's National Instrument 43-101 Compliant Technical Report, the Company recently commenced an eight hole delineation drill program on its flagship potash Ochoa project in New Mexico. The company anticipates completing the Phase I drill program by no later than February 2010. Drilling is being conducted by an experienced potash drilling company, and under the supervision of Sean C. Muller who is a Qualified Person within the meaning of National Instrument 43-101. The CUSIP number is 44930T109.
About Intercontinental Potash Corp
ICP is an emerging potassium sulphate producer with assets in southern New Mexico. The Company is currently developing its Ochoa project with current resources of nearly 400m tons of polyhalite, which will be used as a feedstock to produce Sulphate of Potash. Sulphate of Potash, also known as "SOP" or Potassium Sulphate, is a premium quality and premium priced potash. The market for SOP is approximately 4 million tonnes per year. SOP is used as a significant alternative fertilizer to sylvite (Muriate of Potash or "MOP"), particularly in those situations where the chloride in MOP is not attractive for the growth of crops. Chloride sensitive crops include fruits, vegetables, tobacco, potatoes, and horticultural plants.
SOP has further advantages over MOP. SOP has low salinity compared to MOP, and therefore is heavily used in various saline soils in the world, such as those found in China, India, the Mediterranean, and the United States. Polyhalite may also be developed as a slow release multi-nutrient fertilizer which contains the plant macronutrients Potassium, Sulphate, Magnesium and Calcium. ICP's Ochoa property consists of federal sub-surface potassium permits granted by the Bureau of Land Management ("BLM") covering more than 36,500 acres of land. All reclamation plans, environmental plans, and archeological in respect of exploration work have been approved by BLM.
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 Trigon and ICP, including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation 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.
Completion of the RTO, the Consolidation, the financing noted above, and related matters are subject to a number of conditions and the receipt of all applicable regulatory approvals, including the final approval of the TSX Venture Exchange. The RTO cannot close until all required regulatory approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Circular, any information released or received with respect to the proposed transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Trigon should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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.