TMX group

Listed: TSX, NYSE
Symbol: POT

SASKATOON, SK, Sept. 22 /CNW/ - Potash Corporation of Saskatchewan Inc.
(PotashCorp) today announced that its Board of Directors has approved, subject
to regulatory approval, an increase in the number of common shares sought
under the company's current open market repurchase program. This amendment
will allow PotashCorp to repurchase up to 4.0 million additional common
shares, raising the ceiling from the initial maximum of 5.5 million, or
5 percent of the total number of outstanding common shares, announced in
January 2005. The open market repurchase program, as amended, will terminate
with the completion of the purchases, or no later than February 14, 2006. The
share buyback will involve the purchase of common shares at the prevailing
market price from time to time. All common shares purchased under the program
will be cancelled.
"At PotashCorp, we believe in reinvesting our ample free cash flow into
our core potash business," said Bill Doyle, President and CEO. "The power of
our long-term 'potash-first' strategy is evident. We view our business as
undervalued and see an opportunity to buy back shares for the benefit of our
continuing shareholders."

Potash Corporation of Saskatchewan Inc. is the world's largest fertilizer
enterprise producing the three primary plant nutrients and a leading supplier
to three distinct market categories: agriculture, with the largest capacity in
the world in potash, third largest in phosphate and fourth largest in
nitrogen; animal nutrition, with the world's largest capacity in phosphate
feed ingredients; and industrial chemicals, as the largest global producer of
industrial nitrogen products and one of only three North American suppliers of
industrial phosphates.

This release contains forward-looking statements, which involve risks and
uncertainties, including those referred to in the company's annual report to
shareholders for 2004 and in filings with the U.S. Securities and Exchange
Commission and Canadian provincial securities commissions. A number of factors
could cause actual results to differ materially from those in the forward-
looking statements, including, but not limited to: fluctuation in supply and
demand in fertilizer, sulfur, transportation and petrochemical markets;
changes in competitive pressures, including pricing pressures; risks
associated with natural gas and other hedging activities; changes in capital
markets; changes in currency and exchange rates; unexpected geological or
environmental conditions; and government policy changes.

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