ISX Resources Inc., Vancouver, said Dec. 7 that its name has changed to Potash One Inc. The name change was approved at the annual and special shareholders’ meeting held in late November to better reflect the ongoing business and operational focus of the company – the development of potash deposits (GM Oct. 15, 2007).
The company also reports that it successfully secured the trading symbol “KCL” (effective Dec. 6, 2007), which accurately describes the nature of the company’s operations. KCL denotes the chemical compound “potassium chloride,” also commonly known as muriate of potash.
Potash One’s Legacy Project in Saskatchewan was previously explored by Imperial Oil Ltd. (now Exxon), and Lumsden Potash Corp. Potash One said the 43-101 report completed earlier in 2007 confirms 40 million mt in indicated resources and 390 million mt in inferred resources. The grades are consistent, ranging between 19-22 percent of K2O. The company entered the potash sector early in 2005, before the potash prices started their current uptrend.
“This is an excellent time to be in the potash industry,” said Paul Matysek, Potash One’s newly appointed president and CEO. “We are very pleased that we could secure a company defining trading symbol, ‘KCL,’ which clearly reflects our commodity focus. The new name and symbol affords Potash One the opportunity to create strong brand recognition in the fertilizer market and investment world. We are in the best potash producing area of the world with an established infrastructure that will significantly facilitate our development plans. Potash One is already conducting a number of technical and financial studies that will allow us to advance our previously explored potash project to the next development stage.”
Matysek was named to lead the company in late November. He is the former president, CEO, and co-founder of Energy Metals Corp., a NYSE Arca and Toronto Stock Exchange listed company. Energy Metals was one of only two uranium companies to be listed on New York Stock Exchange. Under his stewardship, Energy Metals Corp., a pure uranium mining and development company, was recently acquired by Uranium One Inc. in a transaction valued at over $1.2 billion.
Matysek, a professional geoscientist with more than 25 years of international experience, holds B.S. and M.S. degrees in Geology. He is a recognized entrepreneur, specializing in developing resource-based companies from conception to production, and has held senior management and/or director positions with several natural resource exploration and development companies, including First Quantum Minerals Ltd., First Majestic Silver Corp., and Dundarave Resources Ltd. In addition, Potash Cone said Matysek has been instrumental in the acquisition and development of a number of significant precious metal and base-metal properties, and has been involved in raising over $250 million for various exploration and development projects since 1999.
In his inaugural speech to shareholders, Matysek expressed his confidence that the company has a ground floor opportunity to develop one of the largest greenfield potash projects in the world. “The potash market sector is driven by solid fundamental economic factors such as world population growth, increase in the quality and quantity of food worldwide as well as the emerging demand for biofuels in the countries like the United States and Brazil. These macroeconomic developments promise strong growth in fertilizer application which in turn increases demand for potash, a key nutrient for plants.”
In other news, David Berg of Calgary has been named a company director. He has spent over 28 years of consecutive service with one of Canada’s largest publicly traded companies, Loblaw’s Group of Companies Ltd. Since 2007, he has operated a private consulting company based in Calgary, Alberta, specializing in the provision of management services, development of business models and structuring, financing, and managing of both public and private projects.
Thomas Tough, P. Eng., former president and CEO before Matysek, remains a director, as do Ken Ralfs and Glen Macdonald, both of whom are geologists.
Potash One also reports that it has relocated its corporate head office to Suite 1238, 200 Granville Street, Vancouver, B.C. V6C 1S4.