TORONTO, ON--(Marketwired - March 05, 2014) - IC Potash Corp. (TSX: ICP) (OTCQX: ICPTF) ("ICP" or the "Company") announced today the successful conclusion of the final Environmental Impact Statement (the "FEIS") for its 100%-owned Sulphate of Potash ("SOP") Ochoa Project ("Project") located in southeast New Mexico, U.S.A.
In accordance with the procedures of the National Environmental Policy Act ("NEPA"), the U.S. Environmental Protection Agency published a Notice of Availability (the "NOA") of the FEIS in the Federal Register on February 28, 2014. Following publication of the NOA is a standard 30-day availability period. At the conclusion of this availability period, the U.S. Department of Interior Bureau of Land Management ("BLM") will publish a signed Record of Decision (the "ROD") to mark the completion of the NEPA compliance process.
"Receipt of the final Environmental Impact Statement is the latest accomplishment on our path to operations," stated Sidney Himmel, President and CEO of ICP. "We are grateful to the Bureau of Land Management for their professionalism and due diligence. It has been a pleasure to work with them."
The ROD is expected in April of this year. It will be the final step in the Environmental Impact Statement ("EIS") process, providing a public disclosure of the BLM's decision on which project alternatives will be implemented. The ROD will discuss all factors that were considered in reaching the decision, offer a summary of alternatives, and describe mitigation plans, including enforcement and monitoring commitments.
Randy Foote, COO of ICP, added, "As a resident of New Mexico for more than 30 years, I am pleased with the conscientious approach our Company has taken in the development of the Ochoa Project."
What is NEPA?
The National Environmental Policy Act of 1969 establishes a broad national framework for protecting the environment. NEPA applies to all federal agencies and assures that proper consideration is given to the environment prior to undertaking any major federal action that could significantly affect the environment.
What is an EIS?
The Project is partially located on federal lands and will extract minerals managed by the BLM. NEPA requires the BLM to analyze potential environmental consequences of the Project and study reasonable alternatives. The EIS is a disclosure document that describes the analysis of the proposed Project and alternatives that could impact the environment, and proposes mitigation measures for those possible impacts. The FEIS incorporates public comments received on the draft EIS, which was published in August 2013.
About IC Potash Corp.
ICP has demonstrated a low-cost method to produce sulphate of potash ("SOP") from its 100%-owned Ochoa polyhalite deposit in southeast New Mexico. The Company intends to become a primary, long-term producer of SOP. The global market for SOP is 5.5 million tons per year, with producers benefiting from substantial price premiums over regular potash, known as muriate of potash ("MOP"). SOP is a non-chloride potash fertilizer widely used in the horticultural industry and for high value crops, such as fruits, vegetables, tobacco and potatoes. It is applicable for soils where there are substantial agricultural activity, high soil salinity, and in arid regions. The Ochoa Project has access to excellent local labor resources, low-cost electricity and natural gas, water, rail lines, and the Port of Galveston, Texas. ICP's land holdings consist of nearly 90,000 acres of federal subsurface potassium prospecting permits and State of New Mexico potassium mining leases. For more information, please visit www.icpotash.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties and other factors which may cause the actual results, performance or achievements of ICP to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, reserve estimates, ICP's expected position as one of the lowest cost producers of SOP in the world, the timing of receipt and publication of ICP's environmental permits, the sufficiency of ICP's cash balances, the timing of production, and other statements that are not historical facts. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of ICP, including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, the uncertainty of obtaining additional financing, and risks associated with turning reserves into product. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.