SASKATOON, Canada, September 30, 2011 /PRNewswire/ --
North Atlantic Potash Inc., the Canadian subsidiary of JSC Acron, today completed the sale of eight of its potash permitted areas to the Yancoal Canada Resources Co. Ltd. of China for CAD$110 million.
The sale allows North Atlantic Potash to focus its activity on key areas of interest within its remaining potash permits in Saskatchewan. The infusion of cash means the prioritization of advanced exploration and drilling required to delineate resources can now proceed through a systematic and strategic capital expenditure program. This sale relates to North Atlantic Potash's potash permit holdings located north of Regina (see map on website: permits KP 374, 377, 392, 406, 506, 399, 378, and 507).
"North Atlantic Potash has moved quickly to prioritize and maximize the potential of its potash permits in Saskatchewan," said Arie Zuckerman, President of North Atlantic Potash. "This is another key step forward on the continuum that moves us towards developing our potash resources in the province. With the resources in place, the promising location of our focus area, and the mining experience that our mother company Acron provides, I am confident in the success of North Atlantic Potash. After a successful closure of an important JV with RioTinto, this deal positions North Atlantic as a central player in the emerging potash development arena."
"We've said from the start that we are committed to potash development. The proceeds of this sale allow us to substantially increase our exploration program in the province," added David Waugh, CEO of North Atlantic Potash. "In addition to our JV, the other area remains our Foam Lake property where we have completed an extensive seismic survey and are currently preparing drilling sites to begin a drilling campaign in November."
North Atlantic Potash
North Atlantic Potash is focused on developing potash production in Canada. It currently holds more than 2.7 million acres and 26 exploration permits in the Prairie Evaporite potash deposit in Saskatchewan. Evaluations are ongoing on their extensive holdings to prioritize exploration activities and other options to maximize their potential. http://www.northatlanticpotash.com
Acron is a fast-growing group of interrelated companies and one of the leading global mineral fertilizer producers. Key business segments include ammonia, nitrogen and complex mineral fertilizers, as well as organic and non-organic compounds. The Group includes three major production facilities, its own logistics infrastructure, an international sales network, and is investing in its own raw material base. http://www.acron.ru/en/
For further information:
David Waugh, CEO Arie Zuckerman, President North Atlantic Potash North Atlantic Potash +1-306-203-1950 email@example.com
SOURCE North Atlantic Potash Inc.