February 26, 2013 - Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "the Company") is pleased to announce that it has negotiated new terms to its previously announced Option and Joint Venture Agreement, dated May 16, 2012 with Western Potash Corporation (TSX: WPX; "Western") for the Amazonas Basin Potash Claims. The amended option agreement will grant Pacific Potash a 100% undivided interest in the Amazonas Basin Potash claims. To earn the 100% undivided interest the Company shall issue to Western one million shares by August 1, 2013. Upon the closing and the acquisition by the Company of 100% of Western's interest in the claims, Western will receive an ongoing 1% NSR in the claims.
The Amending Agreement also provides that; the remaining $250,000 cash payment and Western's back-in rights to earn up to 49% of the project by taking it to a bankable feasibility stage have been formally renounced.
Balbir Johal, Executive Chairman of Pacific Potash stated "Through negotiation with Western, Pacific Potash now has the ability to increase its share of the option to acquire 100% of the Amazonas Basin Claims. This will allow Pacific Potash the ability to market the project to a larger audience of strategic partners and investors. The Amazonas Basin has had a flurry of exciting exploration results over the last few months which have led to greater investment in the area and we plan to capitalize on this activity with some results of our own - the Company plans to complete a drill program by the end of summer this year."
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Amazonas Basin Project and the surrounding potash claims targeting the Middle Amazonas Potash Basin, currently the host to multiple new exploration campaigns for potash. The Company also is exploring the Provost Potash Property and the surrounding potash claims targeting the prolific Prairie Evaporite Formation, which is host to multiple conventional and solution potash mines.
On behalf of the Board,
Pacific Potash Corporation
Balbir Johal, LL.B.
Executive Chairman and Director
For further information, please visit our website at www.pacificpotash.com or contact Director & Executive Chairman, Balbir Johal:
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.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Pacific Potash in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Pacific Potash's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Pacific Potash disclaims any obligation to update or revise any forward-looking information or statements except as may be required.
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