Vancouver, British Columbia - October 12th , 2012 - Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "the Company") is pleased to provide an update on its Amazonas Potash Project in Brazil. The Company has an option to acquire an 80% interest in Western Potash Corp. (TSX: WPX) Amazonas Basin claims, as previously announced via press release dated June 13, 2012.
Representatives from the company traveled to the property in late August and conducted a site visit, property tour and compiled historic and new information on the property and surrounding basin from various government and private sources. All information was compiled and analyzed extensively by company officials, management and Qualified Persons as defined by NI 43-101.
The Company used four basic criteria to review and prioritize its extensive land package;
Environmentally sensitive areas, natural reservations, and indigenous lands
Accessibility (including logistically challenged areas, flooded ground, etc...)
Based upon this review and prioritization, the Company has reduced its claims in the Amazonas Basin from 1,474,208 hectares to 805,834 hectares. A map outlining the updated property outline may be found at the bottom of the news release. The reduction in the size of the property will focus the Company's exploration efforts on the areas with the highest geologic potential, and significantly reduce the annual government taxes/fees required to maintain the property in good standing. The Company has also commenced an NI 43-101 qualifying report on the Amazonas Potash Property. Pacific Potash is also investigating potential commercial offers form local and international strategic partners to earn an interest on a portion of the Property.
Dean Pekeski, P.Geo and Director of Pacific Potash stated 'Our review, prioritization, and reduction in size of the Amazonas Property has allowed us to define three target areas. These areas will be further studied and poriortized, and we will develop approprite potash exploration programs accordingly. The reduction in the size of the block will save the Company significant amounts of government fees. We can now direct these funds to our exploration program. Our goal remains to identifty significant potash resources within our updated claim block."
Randy Wright of Pan American Fertilizer (CNSX: PAF), the Company's merger partner commented "The new tenement package, the large amount of work being conducted by other Potash companies in the immediate area and the indefinite moratorium on new claims being offered by the Brazilian government in the basin bode well for the future exploration and development of Pacific's Amazonas basin potash property." Further information on the proposed merger can be found in the Company's new release dated September 21st 2012.
TO VIEW MAP COPY AND PASTE URL BELOW INTO NEW BROWSER WINDOW
Dean Pekeski, P.Geol., a Director for the company and a qualified person for the purposes of NI 43-101, has approved the preparation of the technical information in this news release.
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 Provost Potash Property and the surrounding potash claims targeting the prolific Prairie Evaporite Formation, which is host to multiple conventional and solution potash mines. The Company also has an option to acquire an 80% interest in Western Potash Corporation's (TSX: WPX) Amazonas Basin claims.
About Pan American
Pan American is a Canadian company dedicated to providing fertilizer to a growing global market. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum"). To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields.
We seek safe harbour.
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 CEO Richard L. Tremblay:
Richard L. Tremblay
Toll Free (North America): 1.855.629.7095
Email: [email protected]
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.