Belgravia Hartford Capital Inc C.BLGV

Analyst comments on today's press release

[orebody007]

Finalization of exploration program results in

20% resource increase

Event

IC Potash Corp. announced a 20% increase in its Measured and

Indicated resources for its Ochoa Sulphate of Potash (SOP) project in

New Mexico.

Impact

Positive. Data received from Gustavson Associates of Lakewood,

Colorado indicated 838 million tons of Measured and Indicated

mineral resources at a minimum five-foot thickness. This represents a

20% increase over the previous mineral resource estimate of

700.2 million tons.

The resources at a minimum five-foot thickness indicated grades of

80% polyhalite and a bit shy of 23% K2SO4, which translates to an

updated resource of approximately 190 million tons of K2SO4.

As previously indicated, the Company is targeting to release the

results of a pre-feasibility study in early November 2011, which will

also include metallurgical testing and process-optimization results.

The finalization of the exploration program and resource update

indicates the Company remains on track with its deliverables. We will

update our assumptions and model accordingly following the release

of the pre-feasibility study.

Valuation

We are maintaining our BUY rating and a 12- to 18-month price target

of $1.75 per share. Our $1.73 per share NAV is based on a DCF

analysis for the Ochoa project, applying a 12.5% discount rate and an

SOP price assumption of $600 per ton, and using a pro-forma dilutive

number of shares.

Investment risks

Volatility in potash prices, marketing a new supply without price

distortion, the ability to finance the Ochoa project, operational risks

associated with building and operating a mine and processing

facilities, a change in the state/government royalty or tax regime, the

ability to obtain required licences/permits, and environmental risks

are among the major investment risks.