Toronto-Trigon Uranium Corp. and Intercontinental Potash Corp. (ICP) said June 19 that they have entered into a non-binding letter of intent pursuant to which Trigon intends to make an offer to acquire all of the issued and outstanding common shares of ICP, a private Canadian company, by way of a share exchange. ICP is engaged in the exploration and development of potash properties. Trigon currently owns 15,000,000 common shares of ICP, approximately 37 percent of the company. Upon completing the deal, Trigon intends to change its name to Intercontinental Potash Corp. and continue to be listed on the TSXV in the mining issuer category, while ICP intends to change its name to ICP Corp. Citing the current market conditions for junior uranium exploration companies, Trigon believes it will fare better in the potash sector. ICP is seeking to commercialize polyhalite as a slow-release fertilizer from its Ochoa project in Lea County, N.M. Polyhalite is an evaporate mineral containing potassium, magnesium, sulfate, and calcium. ICP is also investigating other areas around the world for the possibility of exploring for and developing polyhalite, and plans to eventually produce and market the product as a multi-nutrient, slow-release, chloride-free fertilizer. ICP controls 100 percent of the Ochoa property, which consists of federal sub-surface potassium permits granted by the Bureau of Land Management comprising an area of 36,589 acres.
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